Micron Technology (NASDAQ:MU) Shares Down 0.8% on Insider Selling

Micron Technology, Inc. (NASDAQ:MU)’s share price dropped 0.8% on Thursday after an insider sold shares in the company. The company traded as low as $108.07 and last traded at $110.90. Approximately 5,466,604 shares were traded during trading, a decline of 73% from the average daily volume of 20,393,424 shares. The stock had previously closed at $111.78.

Specifically, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total transaction of $583,377.00. Following the completion of the transaction, the executive vice president now directly owns 148,817 shares in the company, valued at approximately $17,753,868.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total value of $583,377.00. Following the completion of the transaction, the executive vice president now directly owns 148,817 shares of the company’s stock, valued at $17,753,868.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $111.93, for a total transaction of $783,510.00. Following the sale, the chief executive officer now directly owns 719,049 shares in the company, valued at $80,483,154.57. The disclosure for this sale can be found here. Insiders have sold a total of 268,890 shares of company stock valued at $29,738,667 over the last 90 days. 0.32% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on MU shares. Needham & Company LLC lifted their target price on shares of Micron Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Bank of America increased their target price on Micron Technology from $120.00 to $144.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Barclays boosted their price target on Micron Technology from $95.00 to $120.00 and gave the company an “overweight” rating in a research note on Monday, March 18th. Robert W. Baird lifted their target price on Micron Technology from $78.00 to $115.00 and gave the stock a “neutral” rating in a report on Tuesday, March 19th. Finally, Wells Fargo & Company upped their price target on shares of Micron Technology from $125.00 to $135.00 and gave the company an “overweight” rating in a research note on Thursday, March 21st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat, Micron Technology presently has an average rating of “Moderate Buy” and a consensus price target of $122.20.

Micron Technology Price Performance

The stock has a fifty day moving average of $105.94 and a two-hundred day moving average of $88.17. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.69. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The company had revenue of $5.82 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same period in the previous year, the firm earned ($2.03) earnings per share. The firm’s quarterly revenue was up 57.7% on a year-over-year basis. On average, sell-side analysts anticipate that Micron Technology, Inc. will post 0.24 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st were issued a dividend of $0.115 per share. The ex-dividend date was Thursday, March 28th. This represents a $0.46 dividend on an annualized basis and a yield of 0.40%. Micron Technology’s payout ratio is currently -13.33%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Revolve Wealth Partners LLC raised its holdings in Micron Technology by 1.5% during the 1st quarter. Revolve Wealth Partners LLC now owns 6,582 shares of the semiconductor manufacturer’s stock valued at $776,000 after acquiring an additional 98 shares during the period. Premier Path Wealth Partners LLC raised its stake in shares of Micron Technology by 3.1% during the 1st quarter. Premier Path Wealth Partners LLC now owns 4,183 shares of the semiconductor manufacturer’s stock valued at $493,000 after purchasing an additional 124 shares during the period. Sandy Spring Bank lifted its holdings in Micron Technology by 11.1% during the 4th quarter. Sandy Spring Bank now owns 1,305 shares of the semiconductor manufacturer’s stock worth $111,000 after purchasing an additional 130 shares in the last quarter. First Affirmative Financial Network grew its holdings in Micron Technology by 4.7% during the 1st quarter. First Affirmative Financial Network now owns 2,946 shares of the semiconductor manufacturer’s stock valued at $347,000 after buying an additional 131 shares in the last quarter. Finally, HMS Capital Management LLC increased its position in shares of 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 buying an additional 138 shares during the period. 80.84% of the stock is owned by institutional investors and hedge funds.

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.