M&T Bank Corp Purchases 1,161 Shares of Micron Technology, Inc. (NASDAQ:MU)

M&T Bank Corp lifted its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 2.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 53,445 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,161 shares during the quarter. M&T Bank Corp’s holdings in Micron Technology were worth $4,561,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in MU. Stratos Wealth Partners LTD. boosted its stake in Micron Technology by 10.2% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 14,636 shares of the semiconductor manufacturer’s stock worth $996,000 after purchasing an additional 1,355 shares during the period. Brown Advisory Inc. raised its stake in shares of Micron Technology by 32.3% during the 3rd quarter. Brown Advisory Inc. now owns 99,448 shares of the semiconductor manufacturer’s stock worth $6,765,000 after purchasing an additional 24,277 shares in the last quarter. Lindbrook Capital LLC grew its stake in shares of Micron Technology by 12.2% in the third quarter. Lindbrook Capital LLC now owns 4,150 shares of the semiconductor manufacturer’s stock valued at $282,000 after buying an additional 451 shares in the last quarter. Strs Ohio raised its position in Micron Technology by 7.2% during the third quarter. Strs Ohio now owns 679,200 shares of the semiconductor manufacturer’s stock worth $46,205,000 after acquiring an additional 45,439 shares in the last quarter. Finally, IFM Investors Pty Ltd grew its position in shares of Micron Technology by 1.5% in the 3rd quarter. IFM Investors Pty Ltd now owns 221,295 shares of the semiconductor manufacturer’s stock valued at $15,055,000 after acquiring an additional 3,312 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on MU shares. Rosenblatt Securities restated a “buy” rating and set a $140.00 price objective on shares of Micron Technology in a report on Monday, March 18th. Morgan Stanley lifted their price objective on shares of Micron Technology from $78.00 to $98.00 and gave the stock an “underweight” rating in a research note on Thursday, March 21st. Fox Advisors upgraded shares of Micron Technology from an “equal weight” rating to an “overweight” rating in a research report on Thursday, March 21st. Piper Sandler raised their target price on shares of Micron Technology from $95.00 to $130.00 and gave the company an “overweight” rating in a report on Thursday, March 21st. Finally, Robert W. Baird upgraded shares of Micron Technology from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $115.00 to $150.00 in a research report on Monday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat, Micron Technology has an average rating of “Moderate Buy” and a consensus price target of $123.60.

Micron Technology Stock Performance

Shares of MU stock opened at $120.13 on Tuesday. Micron Technology, Inc. has a 52 week low of $59.55 and a 52 week high of $130.54. The firm’s 50-day simple moving average is $109.56 and its two-hundred day simple moving average is $90.33. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.69. The business had revenue of $5.82 billion during the quarter, compared to analyst estimates of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. Micron Technology’s revenue was up 57.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($2.03) EPS. On average, equities research analysts forecast that Micron Technology, Inc. will post 0.24 earnings per share for the current year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Stockholders of record on Monday, April 1st were issued a $0.115 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.46 annualized dividend and a dividend yield of 0.38%. Micron Technology’s payout ratio is currently -13.33%.

Insider Activity at Micron Technology

In related news, CEO Sanjay Mehrotra sold 45,000 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $100.00, for a total value of $4,500,000.00. Following the sale, the chief executive officer now directly owns 773,557 shares of the company’s stock, valued at $77,355,700. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total transaction of $583,377.00. Following the transaction, the executive vice president now directly owns 148,817 shares in the company, valued at approximately $17,753,868.10. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Sanjay Mehrotra sold 45,000 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $100.00, for a total transaction of $4,500,000.00. Following the completion of the transaction, the chief executive officer now owns 773,557 shares in the company, valued at approximately $77,355,700. The disclosure for this sale can be found here. Over the last quarter, insiders sold 316,890 shares of company stock valued at $35,485,387. Company insiders own 0.32% of the company’s stock.

Micron Technology Company 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.