M&T Bank Corp Trims Stake in Micron Technology, Inc. (NASDAQ:MU)

M&T Bank Corp lowered its holdings in Micron Technology, Inc. (NASDAQ:MU) by 1.2% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 67,493 shares of the semiconductor manufacturer’s stock after selling 806 shares during the period. M&T Bank Corp’s holdings in Micron Technology were worth $7,000,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Allspring Global Investments Holdings LLC lifted its position in Micron Technology by 2.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 495,006 shares of the semiconductor manufacturer’s stock valued at $65,108,000 after purchasing an additional 12,975 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Micron Technology by 8.4% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 179,754 shares of the semiconductor manufacturer’s stock worth $23,643,000 after acquiring an additional 13,950 shares during the last quarter. Atomi Financial Group Inc. lifted its holdings in shares of Micron Technology by 77.0% during the 2nd quarter. Atomi Financial Group Inc. now owns 10,786 shares of the semiconductor manufacturer’s stock worth $1,419,000 after acquiring an additional 4,693 shares during the last quarter. Patriot Financial Group Insurance Agency LLC increased its stake in Micron Technology by 28.4% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 3,792 shares of the semiconductor manufacturer’s stock valued at $499,000 after acquiring an additional 839 shares during the last quarter. Finally, Klein Pavlis & Peasley Financial Inc. bought a new position in Micron Technology in the second quarter valued at $232,000. Institutional investors own 80.84% of the company’s stock.

Analyst Upgrades and Downgrades

MU has been the topic of several recent research reports. Raymond James increased their price objective on Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Thursday, September 26th. TD Cowen reduced their price target on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a research report on Thursday. Bank of America lowered shares of Micron Technology from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $125.00 to $110.00 in a report on Thursday. The Goldman Sachs Group reduced their target price on shares of Micron Technology from $145.00 to $128.00 and set a “buy” rating on the stock in a report on Thursday. Finally, KeyCorp cut their price target on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $135.24.

Micron Technology Stock Up 3.5 %

Shares of NASDAQ:MU opened at $90.12 on Monday. The firm has a market capitalization of $100.40 billion, a P/E ratio of 132.53 and a beta of 1.16. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64. The stock has a 50 day moving average price of $103.14 and a 200-day moving average price of $108.54. Micron Technology, Inc. has a 52-week low of $79.15 and a 52-week high of $157.54.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The business had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.71 billion. During the same quarter in the prior year, the company earned ($0.95) earnings per share. The firm’s quarterly revenue was up 84.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th will be issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date is Monday, December 30th. Micron Technology’s dividend payout ratio (DPR) is presently 13.26%.

Insider Activity

In related news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the sale, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This represents a 3.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.30% of the company’s stock.

Micron Technology Profile

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.