Micron Technology (NASDAQ:MU) Shares Down 0.7% After Insider Selling

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s stock price fell 0.7% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $117.35 and last traded at $118.36. 7,260,953 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 18,724,857 shares. The stock had previously closed at $119.14.

Specifically, CEO Sanjay Mehrotra sold 45,000 shares of the business's stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $90.00, for a total value of $4,050,000.00. Following the transaction, the chief executive officer now owns 788,557 shares in the company, valued at approximately $70,970,130. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 264,000 shares of company stock worth $26,368,640 over the last 90 days. Company insiders own 0.32% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Piper Sandler boosted their target price on shares of Micron Technology from $95.00 to $130.00 and gave the company an "overweight" rating in a research note on Thursday, March 21st. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Micron Technology from $85.00 to $90.00 and gave the company a "buy" rating in a research report on Thursday, December 21st. Raymond James raised their target price on shares of Micron Technology from $90.00 to $100.00 and gave the stock an "outperform" rating in a report on Friday, January 19th. Cantor Fitzgerald upped their price objective on Micron Technology from $100.00 to $120.00 and gave the stock an "overweight" rating in a research note on Monday, March 18th. Finally, Bank of America raised their target price on Micron Technology from $100.00 to $120.00 and gave the company a "buy" rating in a research note on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $118.69.

Micron Technology Trading Down 1.1 %

The firm has a market capitalization of $130.55 billion, a P/E ratio of -34.17 and a beta of 1.24. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30. The firm has a 50 day moving average of $91.35 and a 200-day moving average of $80.65.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, beating the consensus estimate of ($0.27) by $0.69. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The company had revenue of $5.82 billion during the quarter, compared to analysts' expectations of $5.35 billion. During the same period in the previous year, the company earned ($2.03) EPS. The business's revenue for the quarter was up 57.7% compared to the same quarter last year. On average, equities research analysts predict that Micron Technology, Inc. will post 0.01 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 16th. Stockholders of record on Monday, April 1st will be issued a dividend of $0.115 per share. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $0.46 annualized dividend and a dividend yield of 0.39%. Micron Technology's dividend payout ratio (DPR) is presently -13.33%.

Institutional Investors Weigh In On Micron Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of MU. Sandy Spring Bank grew its position in shares of Micron Technology by 11.1% during the 4th quarter. Sandy Spring Bank now owns 1,305 shares of the semiconductor manufacturer's stock valued at $111,000 after acquiring an additional 130 shares during the period. HMS Capital Management LLC grew its holdings in Micron Technology by 0.7% during the fourth quarter. HMS Capital Management LLC now owns 19,842 shares of the semiconductor manufacturer's stock valued at $1,693,000 after purchasing an additional 138 shares during the period. JFS Wealth Advisors LLC increased its position in Micron Technology by 11.0% in the fourth quarter. JFS Wealth Advisors LLC now owns 1,417 shares of the semiconductor manufacturer's stock worth $121,000 after buying an additional 140 shares during the last quarter. Huntington National Bank raised its stake in shares of Micron Technology by 6.0% in the third quarter. Huntington National Bank now owns 2,652 shares of the semiconductor manufacturer's stock valued at $180,000 after buying an additional 149 shares during the period. Finally, Allworth Financial LP lifted its position in shares of Micron Technology by 3.0% during the 4th quarter. Allworth Financial LP now owns 5,125 shares of the semiconductor manufacturer's stock valued at $437,000 after buying an additional 150 shares during 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.