Micron Technology Inc. (NASDAQ:MU) CEO and President Sanjay Mehrotra has engaged in significant stock transactions, according to a recent SEC filing. The executive sold a total of $858,171 worth of company stock, with individual sales prices ranging from $121.95 to $125.04.
The transactions, which occurred on April 9, 2024, involved the sale of 3,961 shares at an average price of $121.95, 2,329 shares at an average price of $123.05, 690 shares at an average price of $124.70, and a smaller lot of 20 shares at $125.04. These sales were conducted under a preset trading plan established in May 2023, known as a Rule 10b5-1 trading plan, which allows company insiders to sell shares at predetermined times to avoid accusations of insider trading.
In addition to the sales, Mehrotra exercised options to acquire 7,000 shares of Micron Technology stock at a price of $28.20 per share, totaling $197,400. This transaction was also part of the automated trading plan.
The SEC filing further reveals that following these transactions, Mehrotra still holds a sizable amount of Micron stock directly, with 728,557 shares in his possession. Additionally, he has an indirect ownership interest in 371,629 shares held in grantor retained annuity trusts for the benefit of his family.
Micron Technology, headquartered in Boise, Idaho, is a leading provider in the semiconductor industry. The company's stock performance and executive transactions are closely watched by investors for insights into the company's health and executive confidence. The recent activity by the CEO is part of the normal course of stock ownership and portfolio management for corporate insiders.
InvestingPro Insights
Amidst the recent executive stock transactions at Micron Technology Inc. (NASDAQ:MU), it's important for investors to consider the overall financial health and market performance of the company. According to InvestingPro data, Micron has experienced a significant price total return of 94.54% over the last year, reflecting strong investor confidence and a robust market presence. Despite the company's revenue decreasing by 20.6% over the last twelve months as of Q2 2024, there has been a substantial quarterly revenue growth of 57.7% in Q2 2024, indicating potential recovery and growth prospects ahead.
The company's P/E ratio stands at -36.90, suggesting that the market may be expecting future earnings growth, especially since InvestingPro Tips highlight that analysts have revised their earnings estimates upwards for the upcoming period. Additionally, Micron has been identified as a prominent player in the Semiconductors & Semiconductor Equipment industry, which may further bolster investor confidence in the company's strategic positioning.
Investors looking for dividend-paying stocks may note that Micron has raised its dividend for three consecutive years, with a current dividend yield of 0.37%. Moreover, the company's strong performance is also reflected in its price being near its 52-week high, at 94.18% of this benchmark. This could be a sign of market optimism regarding Micron's future performance.
For those seeking more in-depth analysis and additional InvestingPro Tips, there are 27 more tips available, which can provide further insights into Micron's financials and market forecasts. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and unlock the full potential of InvestingPro insights for your investment decisions.
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