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

Micron Technology, Inc. (NASDAQ:MU) shares were down 3.3% during trading on Friday after an insider sold shares in the company. The stock traded as low as $88.60 and last traded at $88.17. Approximately 4,406,255 shares changed hands during mid-day trading, a decline of 80% from the average daily 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 business’s stock in a transaction on Tuesday, March 25th. The stock was 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 approximately $15,847,482.42. The trade was a 8.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Royal Bank of Canada set a $125.00 price target on shares of Micron Technology in a report on Wednesday, March 19th. Wedbush reissued an “outperform” rating and set a $125.00 target price on shares of Micron Technology in a research report on Monday, March 17th. Rosenblatt Securities lowered their price target on shares of Micron Technology from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Friday, March 21st. UBS Group boosted their target price on Micron Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, March 17th. Finally, KGI Securities upgraded Micron Technology to a “strong-buy” rating in a research note on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $129.76.

Micron Technology Trading Down 3.2 %

The stock has a 50 day moving average of $96.35 and a 200 day moving average of $98.36. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. The firm has a market cap of $98.64 billion, a P/E ratio of 25.41 and a beta of 1.23.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.13. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company had revenue of $8.05 billion for the quarter, compared to analysts’ expectations of $7.93 billion. During the same period last year, the firm posted $0.42 EPS. Micron Technology’s revenue for the quarter was up 38.2% compared to the same quarter last year. As a group, equities research analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.52%. The ex-dividend date of this dividend is Monday, March 31st. Micron Technology’s dividend payout ratio (DPR) is currently 11.03%.

Hedge Funds Weigh In On Micron Technology

A number of institutional investors have recently bought and sold shares of MU. Norges Bank purchased a new position in shares of Micron Technology in the 4th quarter valued at approximately $1,470,875,000. Capital World Investors grew its position in Micron Technology by 63.7% during the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer’s stock valued at $3,458,673,000 after buying an additional 15,993,036 shares during the period. FMR LLC grew its position in shares of Micron Technology by 34.6% during the 4th quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer’s stock valued at $4,012,114,000 after acquiring an additional 12,249,341 shares during the period. Capital Research Global Investors grew its stake in shares of Micron Technology by 139.7% during the 4th quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer’s stock valued at $1,370,280,000 after acquiring an additional 9,489,579 shares during the period. Finally, Capital International Investors boosted its position in shares of Micron Technology by 36.3% in the fourth quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer’s stock worth $1,383,442,000 after purchasing an additional 4,375,232 shares during the period. 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.