Insider Selling: Micron Technology (NASDAQ:MU) CEO Sells 21,563 Shares of Stock

Key Points

• Micron Technology CEO Sanjay Mehrotra sold 21,563 shares of stock on October 7th for a total of $4,063,978.61, decreasing his position by 7.33%.
• The company recently declared a quarterly dividend of $0.115 per share, with the ex-dividend date set for October 3rd.
• Analysts have shown confidence in Micron, with price targets upgraded by several firms, including Wolfe Research raising it from $160.00 to $180.00 and Wedbush from $200.00 to $220.00.

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) CEO Sanjay Mehrotra sold 21,563 shares of the firm's stock in a transaction on Tuesday, October 7th. The shares were sold at an average price of $188.47, for a total value of $4,063,978.61. Following the completion of the sale, the chief executive officer directly owned 272,648 shares of the company's stock, valued at approximately $51,385,968.56. This trade represents a 7.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Sanjay Mehrotra also recently made the following trade(s):

• On Monday, October 6th, Sanjay Mehrotra sold 10,800 shares of Micron Technology stock. The shares were sold at an average price of $194.44, for a total transaction of $2,099,952.00.
• On Friday, October 3rd, Sanjay Mehrotra sold 5,137 shares of Micron Technology stock. The shares were sold at an average price of $190.51, for a total transaction of $978,649.87.
• On Wednesday, October 1st, Sanjay Mehrotra sold 15,000 shares of Micron Technology stock. The shares were sold at an average price of $180.86, for a total value of $2,712,900.00.
• On Friday, September 19th, Sanjay Mehrotra sold 13,798 shares of Micron Technology stock. The stock was sold at an average price of $162.20, for a total value of $2,238,035.60.
• On Thursday, September 18th, Sanjay Mehrotra sold 1,202 shares of Micron Technology stock. The stock was sold at an average price of $170.18, for a total value of $204,556.36.
• On Tuesday, September 16th, Sanjay Mehrotra sold 7,319 shares of Micron Technology stock. The shares were sold at an average price of $158.29, for a total value of $1,158,524.51.
• On Monday, September 15th, Sanjay Mehrotra sold 181 shares of Micron Technology stock. The shares were sold at an average price of $160.04, for a total value of $28,967.24.
• On Wednesday, September 10th, Sanjay Mehrotra sold 7,500 shares of Micron Technology stock. The stock was sold at an average price of $140.58, for a total value of $1,054,350.00.
• On Friday, September 5th, Sanjay Mehrotra sold 7,500 shares of Micron Technology stock. The stock was sold at an average price of $130.83, for a total value of $981,225.00.

Micron Technology Price Performance

MU stock traded down $5.27 during trading hours on Tuesday, hitting $185.69. 27,770,744 shares of the stock traded hands, compared to its average volume of 30,715,804. The company has a current ratio of 2.52, a quick ratio of 1.79 and a debt-to-equity ratio of 0.26. Micron Technology, Inc. has a one year low of $61.54 and a one year high of $201.00. The company has a market cap of $208.43 billion, a P/E ratio of 24.47, a P/E/G ratio of 0.42 and a beta of 1.56. The stock has a 50-day simple moving average of $137.96 and a 200 day simple moving average of $112.01.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Friday, October 3rd will be paid a dividend of $0.115 per share. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.2%. Micron Technology's dividend payout ratio (DPR) is 6.06%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on MU shares. Wolfe Research increased their price objective on Micron Technology from $160.00 to $180.00 and gave the company an "outperform" rating in a report on Wednesday, September 17th. Wedbush raised their target price on Micron Technology from $200.00 to $220.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 24th. KeyCorp lifted their price objective on Micron Technology from $160.00 to $215.00 and gave the company an "overweight" rating in a research report on Wednesday, September 24th. Erste Group Bank assumed coverage on Micron Technology in a research note on Thursday, August 14th. They set a "buy" rating for the company. Finally, Robert W. Baird lifted their price objective on Micron Technology from $163.00 to $200.00 and gave the stock an "outperform" rating in a research note on Friday, June 27th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Micron Technology currently has a consensus rating of "Buy" and an average price target of $189.37.

Institutional Investors Weigh In On Micron Technology

A number of institutional investors have recently made changes to their positions in MU. Norges Bank purchased a new stake in Micron Technology in the second quarter worth $1,980,700,000. Nuveen LLC purchased a new stake in Micron Technology in the first quarter worth $369,191,000. Slate Path Capital LP purchased a new stake in Micron Technology in the second quarter worth $317,751,000. Vanguard Group Inc. increased its position in Micron Technology by 2.1% in the first quarter. Vanguard Group Inc. now owns 101,906,368 shares of the semiconductor manufacturer's stock worth $8,854,644,000 after buying an additional 2,049,163 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of Micron Technology by 23.8% in the first quarter. Goldman Sachs Group Inc. now owns 10,616,488 shares of the semiconductor manufacturer's stock valued at $922,467,000 after purchasing an additional 2,038,641 shares in the last quarter. Institutional investors own 80.84% of the company's stock.

About Micron Technology

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.

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