Micron Technology (NASDAQ:MU) Shares Down 2.9% After Insider Selling

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s stock price was down 2.9% on Tuesday following insider selling activity. The company traded as low as $120.44 and last traded at $119.62. Approximately 7,984,133 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 23,252,455 shares. The stock had previously closed at $123.25.

Specifically, Director Steven J. Gomo sold 7,000 shares of the firm's stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $125.15, for a total value of $876,050.00. Following the completion of the sale, the director owned 22,762 shares in the company, valued at $2,848,664.30. This trade represents a 23.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Sumit Sadana sold 92,638 shares of the firm's stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $125.49, for a total value of $11,625,142.62. Following the completion of the sale, the executive vice president directly owned 201,326 shares of the company's stock, valued at $25,264,399.74. This represents a 31.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, EVP April S. Arnzen sold 15,000 shares of the company's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $125.12, for a total transaction of $1,876,800.00. Following the transaction, the executive vice president owned 148,167 shares of the company's stock, valued at $18,538,655.04. This represents a 9.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Morgan Stanley lifted their price objective on Micron Technology from $98.00 to $135.00 and gave the stock an "equal weight" rating in a report on Thursday, June 26th. Robert W. Baird upped their target price on Micron Technology from $163.00 to $200.00 and gave the company an "outperform" rating in a research note on Friday, June 27th. Royal Bank Of Canada set a $125.00 price target on Micron Technology in a research report on Wednesday, March 19th. Cantor Fitzgerald boosted their price target on Micron Technology from $145.00 to $155.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. Finally, Bank of America increased their target price on Micron Technology from $84.00 to $140.00 and gave the stock a "neutral" rating in a research report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $146.21.

Micron Technology Stock Performance

The business has a fifty day simple moving average of $101.83 and a 200-day simple moving average of $94.67. The firm has a market cap of $136.56 billion, a P/E ratio of 21.99 and a beta of 1.35. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.34. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. The firm had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. During the same quarter last year, the firm posted $0.62 EPS. On average, sell-side analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 22nd. Investors of record on Monday, July 7th will be issued a dividend of $0.115 per share. The ex-dividend date is Monday, July 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.38%. Micron Technology's payout ratio is 11.03%.

Institutional Trading of Micron Technology

Hedge funds have recently modified their holdings of the company. Sage Capital Advisors llc lifted its position in Micron Technology by 17.9% during the second quarter. Sage Capital Advisors llc now owns 2,890 shares of the semiconductor manufacturer's stock valued at $356,000 after purchasing an additional 438 shares during the period. Fiduciary Financial Group LLC raised its position in Micron Technology by 84.5% during the second quarter. Fiduciary Financial Group LLC now owns 5,378 shares of the semiconductor manufacturer's stock valued at $650,000 after acquiring an additional 2,463 shares in the last quarter. Howard Financial Services LTD. acquired a new position in Micron Technology in the second quarter valued at approximately $232,000. Doliver Advisors LP grew its stake in shares of Micron Technology by 2.4% during the 2nd quarter. Doliver Advisors LP now owns 7,046 shares of the semiconductor manufacturer's stock worth $868,000 after purchasing an additional 163 shares during the period. Finally, Kera Capital Partners Inc. acquired a new position in shares of Micron Technology in the 2nd quarter valued at $211,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

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.