Micron Technology Inc's (NASDAQ:MU) CEO and President, Sanjay Mehrotra, has recently engaged in a series of stock transactions involving the company's shares. According to the latest filings, Mehrotra sold a total of 402 shares at an average price of $110.11 and 3,433 shares at a weighted average price of $111.70. Additionally, he sold 3,165 shares at an average price of $112.42. Collectively, these sales amount to over $783,000.
The transactions took place on April 23, 2024, and were executed automatically under a Rule 10b5-1 trading plan, which Mehrotra had adopted on May 15, 2023. Such plans allow company insiders to sell shares at predetermined times to avoid accusations of insider trading.
The sales were made at varying prices within certain ranges. For the 402 shares, the price ranged from $109.71 to $110.43. The 3,433 shares were sold within a price range of $111.15 to $112.10, and the 3,165 shares were sold at prices between $112.15 and $112.79.
In addition to the sales, the Micron CEO also acquired 7,000 shares of common stock through the exercise of non-qualified stock options at a price of $28.20 per share. The total value of these transactions amounted to $197,400.
These financial moves come at a time when Micron Technology, a leader in the semiconductor industry, continues to innovate and drive growth in the sector. Investors and stakeholders of Micron Technology often monitor such transactions as indicators of executives' confidence in the company's future performance.
After the reported transactions, CEO Sanjay Mehrotra directly owns 726,049 shares of the company, reflecting his significant stake and ongoing commitment to Micron Technology's success.
The details of these transactions were disclosed in accordance with the Securities and Exchange Commission's regulations, which require insiders to report their trading activities. Interested parties can obtain full information about the specific number of shares sold at each price upon request.
InvestingPro Insights
Amid the recent stock transactions by Micron Technology Inc's (NASDAQ:MU) CEO Sanjay Mehrotra, it's essential for investors to consider the company's broader financial health and market performance. Micron has been recognized as a prominent player in the Semiconductors & Semiconductor Equipment industry, and despite a challenging market, analysts have revised their earnings upwards for the upcoming period, signaling potential optimism in the company's future performance.
InvestingPro Data indicates that Micron has experienced a strong return over the last year, with a Year-To-Date Price Total Return of 30.87% and a significant 93.04% return over the past year. This performance is reflected in the stock's current price being at 85.47% of its 52-week high, with a previous close at 111.78 USD.
Moreover, Micron has consistently raised its dividend for three consecutive years, showcasing a commitment to returning value to shareholders. The current dividend yield stands at 0.41%, with the last dividend having an ex-date of March 28, 2024. This aligns with the InvestingPro Tip that Micron operates with a moderate level of debt, which can be a reassuring sign for investors looking for stability in their investments.
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