Micron Technology (NASDAQ:MU) Shares Down 1.6% After Insider Selling

Shares of Micron Technology, Inc. (NASDAQ:MU) fell 1.6% during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $87.58 and last traded at $88.37. 4,909,996 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 21,897,129 shares. The stock had previously closed at $89.82.

Specifically, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $85.21, for a total value of $416,676.90. Following the completion of the transaction, the executive vice president now owns 181,223 shares of the company’s stock, valued at $15,442,011.83. This represents a 2.63 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MU. Robert W. Baird decreased their target price on shares of Micron Technology from $150.00 to $130.00 and set an “outperform” rating on the stock in a research report on Thursday, December 19th. China Renaissance started coverage on shares of Micron Technology in a research note on Monday, October 28th. They set a “buy” rating and a $148.00 price target for the company. JPMorgan Chase & Co. lowered their price objective on Micron Technology from $180.00 to $145.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. UBS Group cut their target price on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Finally, Wedbush reiterated an “outperform” rating and issued a $140.00 price target on shares of Micron Technology in a research report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat, Micron Technology has an average rating of “Moderate Buy” and an average price target of $135.24.

Micron Technology Trading Down 1.3 %

The business has a 50-day moving average price of $101.17 and a two-hundred day moving average price of $107.22. The company has a market cap of $98.75 billion, a P/E ratio of 130.34 and a beta of 1.16. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.19. The company had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.71 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The company’s revenue for the quarter was up 84.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.95) EPS. On average, analysts predict that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th will be paid a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.52%. The ex-dividend date is Monday, December 30th. Micron Technology’s payout ratio is 13.26%.

Hedge Funds Weigh In On Micron Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Highline Wealth Partners LLC acquired a new position in shares of Micron Technology in the 3rd quarter valued at $26,000. Davis Capital Management acquired a new position in Micron Technology in the third quarter valued at about $30,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Micron Technology in the second quarter worth about $39,000. Cranbrook Wealth Management LLC acquired a new stake in shares of Micron Technology during the second quarter worth about $42,000. Finally, Stone House Investment Management LLC lifted its holdings in shares of Micron Technology by 602.2% during the 3rd quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 277 shares in the last quarter. Institutional investors own 80.84% of the company’s stock.

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.