Micron Technology (NASDAQ:MU) Stock Price Down 3.2% on Insider Selling

Shares of Micron Technology, Inc. (NASDAQ:MU) were down 3.2% on Tuesday after an insider sold shares in the company. The company traded as low as $99.44 and last traded at $100.42. Approximately 10,750,180 shares were traded 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 the stock in a transaction that occurred 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 approximately $15,348,790. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on MU. TD Cowen raised their price target on Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Wedbush reaffirmed an “outperform” rating and set a $140.00 target price on shares of Micron Technology in a report on Thursday, September 26th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $150.00 price objective on shares of Micron Technology in a research report on Tuesday. Robert W. Baird decreased their price target on shares of Micron Technology from $172.00 to $150.00 and set an “outperform” rating on the stock in a report on Friday. Finally, Wells Fargo & Company cut their target price on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a research report on Wednesday, September 18th. 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. Based on data from MarketBeat.com, Micron Technology presently has a consensus rating of “Moderate Buy” and an average target price of $143.23.

Micron Technology Price Performance

The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. The business has a 50-day simple moving average of $97.40 and a 200 day simple moving average of $115.05. The firm has a market cap of $111.35 billion, a P/E ratio of -70.72, a price-to-earnings-growth ratio of 0.20 and a beta of 1.17.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. The company had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The firm’s revenue for the quarter was up 93.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.21) earnings per share. On average, analysts anticipate that Micron Technology, Inc. will post 0.61 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

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

Institutional Trading of Micron Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. Focus Financial Network Inc. ADV bought a new stake in shares of Micron Technology during the fourth quarter valued at approximately $362,000. J. W. Coons Advisors LLC purchased a new stake in shares of Micron Technology in the 4th quarter worth about $213,000. Rathbones Group PLC increased its stake in shares of Micron Technology by 7.1% in the 4th quarter. Rathbones Group PLC now owns 5,254 shares of the semiconductor manufacturer’s stock worth $448,000 after acquiring an additional 350 shares in the last quarter. CIBC Asset Management Inc lifted its position in Micron Technology by 0.7% during the 4th quarter. CIBC Asset Management Inc now owns 307,338 shares of the semiconductor manufacturer’s stock valued at $26,228,000 after acquiring an additional 2,001 shares during the period. Finally, Belpointe Asset Management LLC boosted its stake in Micron Technology by 62.3% during the fourth quarter. Belpointe Asset Management LLC now owns 6,363 shares of the semiconductor manufacturer’s stock worth $543,000 after acquiring an additional 2,442 shares in the last quarter. 80.84% of the stock is currently owned by hedge funds and other 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.