In a recent transaction, Sanjay Mehrotra, the CEO and President of Micron Technology Inc (NASDAQ:MU), sold a portion of his company shares, generating significant investor interest. On May 14, 2024, Mehrotra parted with a total of 7,000 shares at an average price of $122.59, and another batch of 3,198 shares at an average price of $123.24. The combined sales amounted to over $860,208, according to the latest SEC filings.
In addition to the sales, the Micron executive also exercised options to acquire 7,000 shares of common stock at a price of $28.20 per share, totaling $197,400. It's worth noting that these transactions were executed automatically under a Rule 10b5-1 trading plan, which Mehrotra had adopted on May 15, 2023. This plan allows company insiders to set up a predetermined schedule for buying and selling securities to avoid accusations of insider trading.
The sales took place in multiple transactions with prices ranging from $121.98 to $123.72 for the shares sold. Detailed information on the number of shares sold at each price within the range can be provided upon request to the issuer, any security holder of the issuer, or the SEC staff.
Following these transactions, Mehrotra's direct holdings in Micron stand at 719,049 shares of common stock. Additionally, he holds an indirect interest in 371,629 shares through grantor retained annuity trusts, benefiting himself and his family.
Micron Technology, a leader in the semiconductor and related devices industry, continues to be closely watched by investors for its performance and the strategic moves of its top executives. The recent transactions by CEO Sanjay Mehrotra have brought fresh attention to the company's stock, which is publicly traded under the ticker symbol MU on the NASDAQ.
InvestingPro Insights
Micron Technology Inc (NASDAQ:MU) remains a focal point for investors, especially following the CEO's recent share transactions. As of the last twelve months ending Q2 2024, Micron has a market capitalization of $141.62 billion, underscoring its significant presence in the semiconductor industry. The company's recent financial performance has shown some challenges, with a revenue decline of -20.6% during this period. Despite this, analysts anticipate sales growth in the current year, which could signal a turnaround for the company.
InvestingPro Tips highlight Micron's ability to raise its dividend for three consecutive years and its liquid assets exceeding short-term obligations, suggesting financial resilience. Additionally, with a robust return of 101.84% over the last year and a price that is currently near its 52-week high at 97.97% of the peak, Micron's stock performance has been noteworthy. These metrics indicate that while the company faces some headwinds, there is optimism for its future profitability, as analysts predict Micron will be profitable this year.
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