Boston, MA 06/10/2014 (wallstreetpr) – Manufacturer of semiconductor devices Micron Technology, Inc. (NASDAQ:MU) has witnessed an insider selling his shares possibly taking advantage of the price, which is close to a yearly high price.
Insider Trading
The company’s director Lawrence Mondry has resorted to selling 10K shares on June 5 at an average price of $29.10. It has enabled him to realize the amount of $291K, as per the company’s disclosure to Securities Exchange Commission, which is a mandatory whenever a senior management executive sells shares.
As a result of the latest sale, Lawrence Mondry’s holding in Micron Technology, Inc. (NASDAQ:MU) has reduced to a little over 165K shares. His holding is worth about $4.82 million. Significantly, shares reached a high of $29.72 and a low of $12.31 in the last one year period.
On a technical barometer, shares of the company are currently trading above 52-day as well as 200-day moving averages of $27.08 and $24.11 respectively. It could very well mean that the stock has the potential to extend its bull run on any favorable catalyst.
Rating
The consensus rating among analysts is buying with an average price tag of $26.72. While 17 analysts have rated the stock as a Buy with two analysts preferring a Strong Buy, eight analysts have kept the rating of Hold. Only two analysts have kept the rating of Sell for Micron Technology, Inc. (NASDAQ:MU) shares.
Interestingly, RBC Capital has upgraded the company’s stock to outperform rating from Sector Perform a few weeks ago. They have also lifted their price tag to $34.00 from $27.00. Similarly, ING Group analyst has also upgraded Micron Technology shares to Outperform from Sector Perform rating.
Expectations on 3Q
The company will release its third quarter results on June 23 after the market closes. Street analysts expect the semiconductor device maker to earn 68 cents a share on revenues of $3.87 billion for the third quarter. In the last two quarters, Micron Technology, Inc. (NASDAQ:MU)’s earnings topped analysts’ expectations.
