Traders Sell Shares of Micron Technology (MU) on Strength After Insider Selling

Investors sold shares of Micron Technology, Inc. (NASDAQ:MU) on strength during trading on Monday following insider selling activity. $383.35 million flowed into the stock on the tick-up and $466.22 million flowed out of the stock on the tick-down, for a money net flow of $82.87 million out of the stock. Of all companies tracked, Micron Technology had the 20th highest net out-flow for the day. Micron Technology traded up $0.71 for the day and closed at $44.21Specifically, Director Robert L. Bailey sold 3,000 shares of the stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $41.38, for a total value of $124,140.00. Following the transaction, the director now directly owns 116,699 shares in the company, valued at $4,829,004.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Steven L. Thorsen, Jr. sold 60,921 shares of the stock in a transaction that occurred on Thursday, December 28th. The stock was sold at an average price of $42.40, for a total transaction of $2,583,050.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 174,692 shares of company stock worth $7,473,967. 0.53% of the stock is owned by insiders.

Several analysts have recently commented on the stock. UBS Group raised their price objective on shares of Micron Technology from $75.00 to $85.00 in a research report on Wednesday, December 20th. Vetr upgraded shares of Micron Technology from a “hold” rating to a “buy” rating and set a $47.30 price objective on the stock in a research report on Wednesday, November 15th. Deutsche Bank restated a “buy” rating and set a $50.00 price objective on shares of Micron Technology in a research report on Tuesday, November 7th. Cowen restated a “buy” rating and set a $50.00 price objective on shares of Micron Technology in a research report on Wednesday, November 1st. Finally, Citigroup restated a “buy” rating on shares of Micron Technology in a research report on Monday, October 23rd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Micron Technology currently has an average rating of “Buy” and an average price target of $55.80.

The company has a market cap of $51,120.00, a P/E ratio of 6.96, a price-to-earnings-growth ratio of 0.44 and a beta of 1.62. The company has a current ratio of 2.39, a quick ratio of 1.83 and a debt-to-equity ratio of 0.33.

Micron Technology (NASDAQ:MU) last posted its earnings results on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.85 by $0.60. The company had revenue of $6.80 billion during the quarter, compared to analysts’ expectations of $6.43 billion. Micron Technology had a net margin of 32.77% and a return on equity of 41.87%. Micron Technology’s quarterly revenue was up 71.4% on a year-over-year basis. During the same period last year, the company posted $0.32 earnings per share. research analysts anticipate that Micron Technology, Inc. will post 10.12 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. SevenBridge Financial Group LLC grew its stake in shares of Micron Technology by 87.5% in the 3rd quarter. SevenBridge Financial Group LLC now owns 2,550 shares of the semiconductor manufacturer’s stock worth $100,000 after buying an additional 1,190 shares in the last quarter. Salem Investment Counselors Inc. grew its stake in shares of Micron Technology by 76.0% in the 3rd quarter. Salem Investment Counselors Inc. now owns 2,900 shares of the semiconductor manufacturer’s stock worth $115,000 after buying an additional 1,252 shares in the last quarter. Intrust Bank NA grew its stake in shares of Micron Technology by 9.0% in the 4th quarter. Intrust Bank NA now owns 15,287 shares of the semiconductor manufacturer’s stock worth $629,000 after buying an additional 1,264 shares in the last quarter. First Republic Investment Management Inc. grew its stake in shares of Micron Technology by 12.5% in the 3rd quarter. First Republic Investment Management Inc. now owns 11,960 shares of the semiconductor manufacturer’s stock worth $470,000 after buying an additional 1,329 shares in the last quarter. Finally, Buffington Mohr McNeal grew its stake in shares of Micron Technology by 2.2% in the 3rd quarter. Buffington Mohr McNeal now owns 63,648 shares of the semiconductor manufacturer’s stock worth $2,600,000 after buying an additional 1,400 shares in the last quarter. 81.34% of the stock is owned by institutional investors.

COPYRIGHT VIOLATION WARNING: This piece was reported by The Ledger Gazette and is owned by of The Ledger Gazette. If you are viewing this piece on another publication, it was illegally stolen and republished in violation of U.S. and international copyright & trademark laws. The legal version of this piece can be read at https://ledgergazette.com/2018/02/19/traders-sell-shares-of-micron-technology-mu-on-strength-after-insider-selling.html.

About Micron Technology

Micron Technology, Inc is engaged in semiconductor systems. The Company’s portfolio of memory technologies, including dynamic random-access memory (DRAM), negative-AND (NAND) Flash and NOR Flash are the basis for solid-state drives, modules, multi-chip packages and other system solutions. Its business segments include Compute and Networking Business Unit (CNBU), which includes memory products sold into compute, networking, graphics and cloud server markets; Mobile Business Unit (MBU), which includes memory products sold into smartphone, tablet and other mobile-device markets; Storage Business Unit (SBU), which includes memory products sold into enterprise, client, cloud and removable storage markets, and SBU also includes products sold to Intel through its Intel/Micron Flash Technology (IMFT) joint venture, and Embedded Business Unit (EBU), which includes memory products sold into automotive, industrial, connected home and consumer electronics markets.

Receive News & Ratings for Micron Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Micron Technology and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply