🔮 Better than the Oracle? Our Fair Value found this +42% bagger 5 months before Buffett bought itRead More

Micron Technology CEO sells over $850k in company stock

Published 04/11/2024, 07:06 PM
© Reuters

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.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.