Insider Selling: Micron Technology (NASDAQ:MU) CEO Sells 5,137 Shares of Stock

Key Points

• Sanjay Mehrotra, CEO of Micron Technology, sold 5,137 shares of stock for approximately $978,650 on October 3rd, which decreased his holdings by 1.66%.
• Micron Technology's stock price saw a decline of 2.8%, dropping to $185.69 amid high trading volume of nearly 27.8 million shares.
• The company announced a quarterly dividend of $0.115 per share, set to be paid on October 21st, reflecting a 0.2% dividend yield.

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) CEO Sanjay Mehrotra sold 5,137 shares of Micron Technology stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $190.51, for a total value of $978,649.87. Following the sale, the chief executive officer directly owned 305,011 shares of the company's stock, valued at $58,107,645.61. This trade represents a 1.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Tuesday, October 7th, Sanjay Mehrotra sold 21,563 shares of Micron Technology stock. The shares were sold at an average price of $188.47, for a total value of $4,063,978.61.
• On Monday, October 6th, Sanjay Mehrotra sold 10,800 shares of Micron Technology stock. The stock was sold at an average price of $194.44, for a total value of $2,099,952.00.
• On Wednesday, October 1st, Sanjay Mehrotra sold 15,000 shares of Micron Technology stock. The stock was 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 shares were 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 shares were 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 Stock Down 2.8%

Shares of MU traded down $5.27 during mid-day trading on Tuesday, reaching $185.69. The company's stock had a trading volume of 27,770,744 shares, compared to its average volume of 30,715,804. The company has a quick ratio of 1.79, a current ratio of 2.52 and a debt-to-equity ratio of 0.26. Micron Technology, Inc. has a 1 year low of $61.54 and a 1 year high of $201.00. The business has a fifty day moving average of $137.96 and a 200 day moving average of $112.01. The company has a market cap of $208.43 billion, a price-to-earnings ratio of 24.47, a price-to-earnings-growth ratio of 0.42 and a beta of 1.56.

Micron Technology Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have commented on MU shares. KeyCorp lifted their target price on shares of Micron Technology from $160.00 to $215.00 and gave the stock an "overweight" rating in a report on Wednesday, September 24th. Piper Sandler boosted their price objective on shares of Micron Technology from $165.00 to $200.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 24th. Itau BBA Securities started coverage on shares of Micron Technology in a research report on Tuesday. They set an "outperform" rating and a $249.00 target price on the stock. Raymond James Financial raised their price objective on Micron Technology from $150.00 to $190.00 and gave the company an "outperform" rating in a report on Wednesday, September 24th. Finally, TD Cowen lifted their target price on shares of Micron Technology from $150.00 to $180.00 and gave the stock a "buy" rating in a research note on Friday, September 19th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $189.37.

Hedge Funds Weigh In On Micron Technology

Several institutional investors and hedge funds have recently made changes to their positions in the business. First Command Advisory Services Inc. lifted its holdings in Micron Technology by 225.0% during the second quarter. First Command Advisory Services Inc. now owns 221 shares of the semiconductor manufacturer's stock valued at $27,000 after purchasing an additional 153 shares in the last quarter. Howard Hughes Medical Institute purchased a new stake in Micron Technology during the second quarter valued at $30,000. Opal Wealth Advisors LLC purchased a new stake in Micron Technology during the first quarter valued at $33,000. AlphaQuest LLC raised its stake in shares of Micron Technology by 13,250.0% in the second quarter. AlphaQuest LLC now owns 267 shares of the semiconductor manufacturer's stock valued at $33,000 after acquiring an additional 265 shares during the period. Finally, WealthCollab LLC raised its stake in shares of Micron Technology by 4,500.0% in the second quarter. WealthCollab LLC now owns 276 shares of the semiconductor manufacturer's stock valued at $34,000 after acquiring an additional 270 shares during the period. 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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