Micron Technology Inc. (NASDAQ:MU) CEO and President Sanjay Mehrotra has sold a significant portion of his company stock, according to recent filings. On March 19 and 21, Mehrotra engaged in multiple transactions involving the sale and acquisition of the company's common stock.
The sales, conducted automatically under a prearranged trading plan, resulted in the disposal of 45,000 shares at an average price of $113.38, 3,559 shares at prices ranging from $93.83 to $94.02, 1,903 shares at prices from $91.45 to $92.41, and 1,538 shares at prices between $92.45 and $93.07. The total proceeds from these sales amounted to over $5.75 million.
In addition to the stock sales, the CEO also acquired 37,000 shares of Micron Technology stock through the exercise of options at a set price of $28.20 per share, totaling approximately $1.04 million.
The transactions were executed in accordance with a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan for buying or selling stocks at a time when they are not in possession of material non-public information.
Following these transactions, Mehrotra's direct holdings in Micron Technology have changed, but he maintains a substantial stake in the company. The CEO's actions are routinely disclosed as part of the company's commitment to transparency with its shareholders and compliance with SEC regulations.
Investors and followers of Micron Technology can view these transactions as part of the normal course of business for executives managing their personal investment portfolios. The company continues to operate as a leading player in the semiconductor and related devices industry.
InvestingPro Insights
Micron Technology Inc. (NASDAQ:MU) has been navigating a challenging market environment, reflected in some of the latest data from InvestingPro. The company's market capitalization stands at $121.26 billion, despite a significant revenue decline of 40.41% over the last twelve months as of Q1 2024. However, the recent quarter showed a more promising revenue growth of 15.69%.
Investors looking at the company's profitability metrics will note that Micron Technology is currently trading with a negative P/E ratio of -17.66, which further dipped to -18.39 when adjusted for the last twelve months as of Q1 2024. This indicates that the company has not been profitable over the past year. On the upside, Micron's dividend yield stands at 0.42%, and the company has raised its dividend for three consecutive years, showcasing its commitment to returning value to shareholders.
From a performance standpoint, Micron Technology has experienced a notable price increase, with a one-week total return of 17.8% and a one-month total return of 27.87%. This short-term performance may catch the eye of momentum investors, although it's important to consider the volatility and risks associated with such rapid price movements.
For those interested in deeper insights, there are additional InvestingPro Tips available on InvestingPro. For instance, analysts have revised their earnings upwards for the upcoming period, and the stock is considered to be a prominent player in the Semiconductors & Semiconductor Equipment industry. To explore these insights and more, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are 19 additional InvestingPro Tips available that could provide a more comprehensive understanding of Micron's financial health and market position.
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