Micron Technology (NASDAQ:MU) Trading Down 3.3% After Insider Selling

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) traded down 3.3% on Friday after an insider sold shares in the company. The company traded as low as $88.60 and last traded at $88.17. 4,406,255 shares were traded during mid-day trading, a decline of 80% from the average session volume of 22,197,486 shares. The stock had previously closed at $91.16.

Specifically, EVP April S. Arnzen sold 15,000 shares of the company's stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total value of $1,442,700.00. Following the transaction, the executive vice president now owns 164,769 shares of the company's stock, valued at $15,847,482.42. This represents a 8.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Wall Street Analyst Weigh In

A number of analysts have issued reports on MU shares. UBS Group boosted their price target on shares of Micron Technology from $125.00 to $130.00 and gave the stock a "buy" rating in a research note on Monday, March 17th. Robert W. Baird raised their price objective on shares of Micron Technology from $130.00 to $163.00 and gave the company an "outperform" rating in a report on Friday, March 21st. Piper Sandler lowered their price target on Micron Technology from $150.00 to $120.00 and set an "overweight" rating for the company in a report on Thursday, December 19th. JPMorgan Chase & Co. cut their price objective on shares of Micron Technology from $145.00 to $135.00 and set an "overweight" rating on the stock in a report on Friday, March 21st. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $130.00 target price on shares of Micron Technology in a report on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $129.76.

Remove Ads

Micron Technology Stock Performance

The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $95.81 billion, a price-to-earnings ratio of 24.74 and a beta of 1.23. The firm has a fifty day moving average of $96.00 and a 200-day moving average of $98.51.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, beating analysts' consensus estimates of $1.43 by $0.13. The firm had revenue of $8.05 billion for the quarter, compared to analysts' expectations of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The firm's revenue was up 38.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.42 EPS. As a group, sell-side analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.115 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a yield of 0.54%. Micron Technology's dividend payout ratio (DPR) is 11.03%.

Institutional Trading of Micron Technology

A number of institutional investors have recently added to or reduced their stakes in the business. Townsquare Capital LLC increased its position in shares of Micron Technology by 38.1% in the 3rd quarter. Townsquare Capital LLC now owns 20,811 shares of the semiconductor manufacturer's stock worth $2,158,000 after purchasing an additional 5,737 shares during the last quarter. CreativeOne Wealth LLC lifted its holdings in shares of Micron Technology by 12.8% during the third quarter. CreativeOne Wealth LLC now owns 7,231 shares of the semiconductor manufacturer's stock valued at $750,000 after purchasing an additional 823 shares during the last quarter. Fiduciary Trust Co raised its stake in Micron Technology by 6.3% during the 3rd quarter. Fiduciary Trust Co now owns 6,377 shares of the semiconductor manufacturer's stock valued at $661,000 after purchasing an additional 376 shares during the period. Icon Wealth Advisors LLC acquired a new position in Micron Technology during the third quarter valued at $186,000. Finally, ARGA Investment Management LP boosted its position in Micron Technology by 4.4% during the 3rd quarter. ARGA Investment Management LP now owns 22,405 shares of the semiconductor manufacturer's stock worth $2,324,000 after acquiring an additional 945 shares during the period. 80.84% of the stock is owned by hedge funds and other institutional investors.

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.