Micron Technology (NASDAQ:MU) Shares Down 3.2% Following Insider Selling

Micron Technology, Inc. (NASDAQ:MU)’s share price dropped 3.2% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $99.44 and last traded at $100.42. Approximately 10,750,180 shares traded hands during trading, a decline of 52% from the average daily volume of 22,220,428 shares. The stock had previously closed at $103.71.

Specifically, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the transaction, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at $15,348,790. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Wall Street Analyst Weigh In

Several analysts have weighed in on MU shares. Wolfe Research lifted their price objective on shares of Micron Technology from $150.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, June 21st. UBS Group decreased their price objective on shares of Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $150.00 target price on shares of Micron Technology in a research report on Tuesday. BNP Paribas cut shares of Micron Technology from an “outperform” rating to an “underperform” rating and lowered their price objective for the stock from $140.00 to $67.00 in a research report on Thursday, September 12th. Finally, Bank of America upped their price target on shares of Micron Technology from $110.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $143.23.

Micron Technology Stock Down 0.5 %

The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. The stock has a 50 day simple moving average of $96.91 and a 200 day simple moving average of $114.99. The firm has a market capitalization of $110.72 billion, a PE ratio of -70.32, a PEG ratio of 0.20 and a beta of 1.17.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The firm had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. During the same period last year, the company earned ($1.21) EPS. The business’s quarterly revenue was up 93.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Micron Technology, Inc. will post 0.61 earnings per share for the current year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th will be paid a $0.115 dividend. The ex-dividend date is Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.46%. Micron Technology’s dividend payout ratio is currently -32.39%.

Institutional Trading of Micron Technology

A number of institutional investors and hedge funds have recently bought and sold shares of MU. Hobbs Group Advisors LLC purchased a new stake in shares of Micron Technology during the 2nd quarter valued at about $28,000. DecisionPoint Financial LLC bought a new stake in shares of Micron Technology in the 1st quarter worth about $25,000. Valued Wealth Advisors LLC raised its position in Micron Technology by 230.7% during the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after purchasing an additional 173 shares during the period. Richard W. Paul & Associates LLC increased its position in shares of Micron Technology by 128.6% during the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 144 shares during the last quarter. Finally, LRI Investments LLC boosted its stake in Micron Technology by 57.2% during the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after buying an additional 99 shares during the period. 80.84% of the stock is currently owned by 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.