According to recent filings, the CEO and President of Micron Technology Inc. (NASDAQ:) Sanjay Mehrotra has sold a significant portion of his company’s shares. On March 19 and 21, Mehrotra made several transactions to sell and acquire common shares of the company.
The sales, carried out automatically in accordance with a predetermined trading plan, resulted in the sale of 45,000 shares at an average price of $113.38, 3,559 shares at prices between $93.83 and $94.02, 1,903 shares at prices between 91 .45 to $92.41 and 1,538 shares at prices between $91.45 and $92.41. $92.45 and $93.07. The total proceeds from these sales were more than $5.75 million.
In addition to the stock sale, the CEO also acquired 37,000 shares of Micron Technology stock through the exercise of options at the target price of $28.20 per share, for a total value of approximately $1.04 million.
The trades were made pursuant to a Rule 10b5-1 trading plan, which allows company insiders to establish a predetermined plan to buy or sell shares at a time when they do not have material non-public information.
Following these transactions, Mehrotra’s direct ownership in Micron Technology changed, but he retained a significant stake in the company. The CEO’s actions are regularly disclosed as part of the company’s commitment to transparency with shareholders and compliance with SEC rules.
Investors and followers of Micron Technology may consider these transactions to be part of the normal activities of executives managing their personal investment portfolios. The company continues to be a leading player in the semiconductor and related devices industry.
InvestingAbout Insights
Micron Technology Inc. (NASDAQ:MU) is navigating a challenging market environment, as reflected in some of the latest data from InvestingPro. The company has a market capitalization of $121.26 billion despite a significant revenue decline of 40.41% over the trailing twelve months as of Q1 2024. However, the latest quarter showed more promising revenue growth of 15.69%.
Investors examining the company’s earnings performance will note that Micron Technology is currently trading at a negative P/E ratio of -17.66, which has since fallen to -18.39 on a trailing-twelve-month adjusted basis as of the first quarter of 2024. This indicates that the company was not profitable last year. On the other hand, Micron has a dividend yield of 0.42% and the company has raised its dividend for three years in a row, demonstrating its commitment to returning value to shareholders.
In terms of performance, Micron Technology saw notable price gains with a total weekly return of 17.8% and a total monthly return of 27.87%. These short-term results may attract investors’ attention, although it is important to consider the volatility and risks associated with such rapid price movements.
For those interested in a deeper understanding, there are additional Investment Tips available on InvestingPro. For example, analysts have had earnings revisions upward for the upcoming period, and the stock is considered a standout player in the semiconductor and semiconductor equipment industry. To explore this and more, consider using a coupon code. PRONEWS24 to receive an additional 10% discount on annual or biennial Pro and Pro+ subscriptions. There are 19 additional InvestingPro tips available that can provide greater insight into Micron’s financial health and market position.
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