M&T Bank Corp Lowers Stock Position in Micron Technology, Inc. (NASDAQ:MU)

M&T Bank Corp decreased its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 3.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 62,928 shares of the semiconductor manufacturer's stock after selling 2,158 shares during the period. M&T Bank Corp's holdings in Micron Technology were worth $5,468,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Twin Capital Management Inc. lifted its holdings in Micron Technology by 0.5% during the 4th quarter. Twin Capital Management Inc. now owns 20,062 shares of the semiconductor manufacturer's stock valued at $1,688,000 after buying an additional 108 shares in the last quarter. Cim Investment Management Inc. lifted its holdings in Micron Technology by 0.5% during the 4th quarter. Cim Investment Management Inc. now owns 23,062 shares of the semiconductor manufacturer's stock valued at $1,941,000 after buying an additional 114 shares in the last quarter. Hazlett Burt & Watson Inc. lifted its holdings in Micron Technology by 1.1% during the 4th quarter. Hazlett Burt & Watson Inc. now owns 10,481 shares of the semiconductor manufacturer's stock valued at $883,000 after buying an additional 119 shares in the last quarter. FineMark National Bank & Trust lifted its holdings in Micron Technology by 3.9% during the 4th quarter. FineMark National Bank & Trust now owns 3,640 shares of the semiconductor manufacturer's stock valued at $306,000 after buying an additional 136 shares in the last quarter. Finally, Carson Advisory Inc. increased its position in Micron Technology by 1.6% during the 4th quarter. Carson Advisory Inc. now owns 8,592 shares of the semiconductor manufacturer's stock valued at $723,000 after purchasing an additional 139 shares during the period. Institutional investors and hedge funds own 80.84% of the company's stock.

Micron Technology Price Performance

Shares of NASDAQ MU traded up $1.42 during mid-day trading on Friday, reaching $124.53. The company's stock had a trading volume of 15,803,821 shares, compared to its average volume of 23,241,820. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.89 and a current ratio of 2.75. Micron Technology, Inc. has a 1-year low of $61.54 and a 1-year high of $135.35. The stock has a 50-day moving average of $107.16 and a two-hundred day moving average of $95.68. The stock has a market capitalization of $139.36 billion, a P/E ratio of 22.44 and a beta of 1.35.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, beating the consensus estimate of $1.57 by $0.34. The business had revenue of $9.30 billion for the quarter, compared to analyst estimates of $8.83 billion. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. During the same quarter in the prior year, the company posted $0.62 EPS. On average, equities research analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 22nd. Shareholders of record on Monday, July 7th will be issued a dividend of $0.115 per share. The ex-dividend date of this dividend is Monday, July 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.37%. Micron Technology's dividend payout ratio (DPR) is presently 8.29%.

Insider Activity at Micron Technology

In other Micron Technology news, EVP Sumit Sadana sold 92,638 shares of the stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $125.49, for a total transaction of $11,625,142.62. Following the sale, the executive vice president directly owned 201,326 shares in the company, valued at $25,264,399.74. This represents a 31.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $121.28, for a total transaction of $291,557.12. Following the completion of the sale, the director directly owned 22,550 shares in the company, valued at approximately $2,734,864. This trade represents a 9.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold 254,446 shares of company stock worth $31,154,717 over the last 90 days. 0.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Susquehanna raised their target price on shares of Micron Technology from $150.00 to $160.00 and gave the company a "positive" rating in a research report on Thursday, June 26th. Bank of America lifted their price objective on shares of Micron Technology from $84.00 to $140.00 and gave the stock a "neutral" rating in a research report on Thursday, June 26th. Mizuho lifted their price objective on shares of Micron Technology from $124.00 to $130.00 and gave the stock an "outperform" rating in a research report on Thursday, June 5th. Cantor Fitzgerald lifted their price objective on shares of Micron Technology from $145.00 to $155.00 and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Finally, Royal Bank Of Canada set a $125.00 price objective on shares of Micron Technology in a research report on Wednesday, March 19th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $146.44.

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.