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

Shares of Micron Technology, Inc. (NASDAQ:MU) dropped 3.2% during mid-day trading on Tuesday following insider selling activity. The stock 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 the stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the transaction, the executive vice president now owns 135,830 shares of the company’s stock, valued at $15,348,790. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Wall Street Analyst Weigh In

MU has been the topic of several analyst reports. Susquehanna cut their target price on Micron Technology from $175.00 to $165.00 and set a “positive” rating on the stock in a research note on Thursday, September 26th. TD Cowen raised their price target on Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Robert W. Baird dropped their price target on Micron Technology from $172.00 to $150.00 and set an “outperform” rating on the stock in a research report on Friday, September 27th. Wolfe Research raised their price target on Micron Technology from $150.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, June 21st. Finally, Citigroup dropped their price target on Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, Micron Technology presently has an average rating of “Moderate Buy” and an average target price of $143.23.

Micron Technology Stock Performance

The stock has a market capitalization of $111.23 billion, a P/E ratio of -70.64, a P/E/G ratio of 0.20 and a beta of 1.17. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. The stock has a 50 day simple moving average of $97.12 and a two-hundred day simple moving average of $115.10.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results 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. The business had revenue of $7.75 billion for 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 period in the prior year, the business earned ($1.21) EPS. On average, equities analysts forecast that Micron Technology, Inc. will post 0.61 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.46%. The ex-dividend date is Monday, October 7th. Micron Technology’s dividend payout ratio (DPR) is -32.39%.

Hedge Funds Weigh In On Micron Technology

Large investors have recently made changes to their positions in the stock. Hobbs Group Advisors LLC bought a new position in shares of Micron Technology in the second quarter worth $28,000. DecisionPoint Financial LLC purchased a new stake in shares of Micron Technology in the first quarter worth $25,000. Valued Wealth Advisors LLC raised its position in shares of Micron Technology by 230.7% in the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after buying an additional 173 shares in the last quarter. Richard W. Paul & Associates LLC raised its position in shares of Micron Technology by 128.6% in the second quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock worth $34,000 after buying an additional 144 shares in the last quarter. Finally, LRI Investments LLC raised its position in shares of Micron Technology by 57.2% in 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 in the last quarter. 80.84% of the stock is owned by 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.