Insider Selling: Micron Technology, Inc. (NASDAQ:MU) EVP Sells 53,317 Shares of Stock

Micron Technology, Inc. (NASDAQ:MU) EVP Manish H. Bhatia sold 53,317 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the transaction, the executive vice president now directly owns 319,119 shares in the company, valued at approximately $38,032,602.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Micron Technology Stock Up 0.1 %

Shares of MU traded up $0.11 during midday trading on Wednesday, hitting $119.32. The company had a trading volume of 10,840,362 shares, compared to its average volume of 20,094,646. The stock has a market cap of $131.73 billion, a price-to-earnings ratio of -34.59 and a beta of 1.27. The company’s 50 day moving average price is $110.11 and its 200 day moving average price is $90.70. 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, Inc. has a 52 week low of $59.55 and a 52 week high of $130.54.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.69. The firm had revenue of $5.82 billion for the quarter, compared to analysts’ expectations of $5.35 billion. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. Micron Technology’s revenue for the quarter was up 57.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($2.03) earnings per share. On average, equities research analysts predict that Micron Technology, Inc. will post 0.24 EPS for the current year.

Micron Technology Dividend Announcement

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

Hedge Funds Weigh In On Micron Technology

Large investors have recently bought and sold shares of the business. Revolve Wealth Partners LLC grew its stake 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 in the last quarter. Retirement Group LLC lifted its position in Micron Technology by 37.3% in the 1st quarter. Retirement Group LLC now owns 368 shares of the semiconductor manufacturer’s stock worth $43,000 after buying an additional 100 shares in the last quarter. AIA Group Ltd boosted its stake in shares of Micron Technology by 2.1% during the 1st quarter. AIA Group Ltd now owns 4,821 shares of the semiconductor manufacturer’s stock valued at $568,000 after buying an additional 101 shares during the period. Manchester Capital Management LLC grew its holdings in shares of Micron Technology by 5.2% during the 1st quarter. Manchester Capital Management LLC now owns 2,119 shares of the semiconductor manufacturer’s stock valued at $250,000 after acquiring an additional 104 shares in the last quarter. Finally, Premier Path Wealth Partners LLC increased its stake in shares of Micron Technology by 3.1% in the first quarter. Premier Path Wealth Partners LLC now owns 4,183 shares of the semiconductor manufacturer’s stock worth $493,000 after acquiring an additional 124 shares during the last quarter. Institutional investors own 80.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on MU shares. KeyCorp raised their price objective on Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Piper Sandler lifted their price target on Micron Technology from $95.00 to $130.00 and gave the company an “overweight” rating in a report on Thursday, March 21st. Bank of America increased their price objective on shares of Micron Technology from $120.00 to $144.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Wedbush boosted their target price on shares of Micron Technology from $103.00 to $130.00 and gave the company an “outperform” rating in a report on Thursday, March 21st. Finally, Barclays lifted their price target on shares of Micron Technology from $95.00 to $120.00 and gave the company an “overweight” rating in a report on Monday, March 18th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat, Micron Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $123.60.

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.