Boston, MA 11/05/2013 (wallstreetpr) – As disclosed in the legal filing with the Securities & Exchange Commission,the director of Micron Technology, Inc (NYSE:MU), Robert Bailey has sold 4,000 shares of the company’s shares in a transaction which took place on Friday, November 1. The total value of the transaction is $70,360 wherein the average price of the share is $17.59. After the transaction, the ownership of the company’s director has come down to 137,751 shares, valued at around $2,423,040.
Recently,the company’s director had sold the same number of shares on November 1, at an average price of $17.4 which had brought down his stake to 1,27,608 shares. Later on, Micron Technology had released its earnings on October 10, wherein it had strongly surpassed the market estimate of 24 cents per share by $1.27, posting $1.51 earnings per share. The company had also been able to surprise analysts after it reported a 44% increase in its revenues from that of the previous year which was 2.84 billion. During the current fiscal year, the company is expected to deliver $2.04 earnings per share.
In the meanwhile,the company’s stock has seen some rating revisions and up-gradations as the analysts from TheStreet have revised the rating from ‘hold’ to ‘buy’ for it, so as the analysts from Drexel Hamilton too. As per the market consensus, the company has a ‘hold’ rating and the price target is set at $18.60.
Micron Technology, Inc, is a producerand vendorof semiconductor devices, which primarily includes DRAM and NOR and NAND Flash memory. It also deals with other memory technologies, semiconductor systems and packaging solutions which caters to the field of computing, networking,industrial, automotiveand other products.During the previous trading day, the company’s stock inched up higher posting a gain of 31 cents which translates into a 1.79 percent gain. The stocks closed at a price of $17.89.