Insider Selling: Micron Technology, Inc. (NASDAQ:MU) CFO Sells 34,000 Shares of Stock

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) CFO Mark J. Murphy sold 34,000 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the sale, the chief financial officer directly owned 264,036 shares of the company's stock, valued at approximately $28,864,415.52. The trade was a 11.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Micron Technology Trading Down 0.4%

Shares of Micron Technology stock traded down $0.48 during mid-day trading on Friday, hitting $111.25. 11,591,648 shares of the stock were exchanged, compared to its average volume of 23,404,668. Micron Technology, Inc. has a twelve month low of $61.54 and a twelve month high of $129.85. The stock has a market capitalization of $124.50 billion, a price-to-earnings ratio of 20.03 and a beta of 1.35. The company has a 50-day simple moving average of $112.68 and a 200 day simple moving average of $97.50. The company has a current ratio of 2.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.34. The business had revenue of $9.30 billion for the quarter, compared to analyst estimates of $8.83 billion. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. During the same period in the prior year, the firm posted $0.62 EPS. Research analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 22nd. Shareholders of record on Monday, July 7th were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date of this dividend was Monday, July 7th. Micron Technology's dividend payout ratio is presently 8.29%.

Institutional Trading of Micron Technology

A number of hedge funds and other institutional investors have recently modified their holdings of MU. CIBC Private Wealth Group LLC increased its holdings in shares of Micron Technology by 43.0% in the 4th quarter. CIBC Private Wealth Group LLC now owns 14,178 shares of the semiconductor manufacturer's stock valued at $1,193,000 after acquiring an additional 4,264 shares during the last quarter. Landscape Capital Management L.L.C. increased its holdings in shares of Micron Technology by 167.0% in the 4th quarter. Landscape Capital Management L.L.C. now owns 45,758 shares of the semiconductor manufacturer's stock valued at $3,851,000 after acquiring an additional 28,621 shares during the last quarter. Duquesne Family Office LLC bought a new stake in shares of Micron Technology in the 4th quarter valued at approximately $34,412,000. Janus Henderson Group PLC increased its holdings in shares of Micron Technology by 74.6% in the 4th quarter. Janus Henderson Group PLC now owns 2,646,936 shares of the semiconductor manufacturer's stock valued at $222,779,000 after acquiring an additional 1,130,680 shares during the last quarter. Finally, Mission Wealth Management LP increased its holdings in shares of Micron Technology by 195.2% in the 1st quarter. Mission Wealth Management LP now owns 15,650 shares of the semiconductor manufacturer's stock valued at $1,360,000 after acquiring an additional 10,348 shares during the last quarter. 80.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on MU shares. Arete Research raised shares of Micron Technology to a "strong-buy" rating in a report on Friday, July 18th. The Goldman Sachs Group initiated coverage on Micron Technology in a research note on Thursday, July 10th. They issued a "neutral" rating and a $130.00 price target for the company. Cantor Fitzgerald boosted their price objective on Micron Technology from $145.00 to $155.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. Bank of America increased their target price on Micron Technology from $84.00 to $140.00 and gave the company a "neutral" rating in a research report on Thursday, June 26th. Finally, Mizuho boosted their price target on shares of Micron Technology from $124.00 to $130.00 and gave the stock an "outperform" rating in a report on Thursday, June 5th. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $146.44.

Micron Technology Company Profile

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.