M&T Bank Corp Boosts Stock Position in Symbotic Inc. $SYM

M&T Bank Corp raised its position in shares of Symbotic Inc. (NASDAQ:SYM) by 1,108.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 330,882 shares of the company’s stock after buying an additional 303,510 shares during the quarter. M&T Bank Corp’s holdings in Symbotic were worth $19,687,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of SYM. MAI Capital Management grew its position in shares of Symbotic by 833.3% in the 3rd quarter. MAI Capital Management now owns 560 shares of the company’s stock worth $30,000 after buying an additional 500 shares during the last quarter. Ameriflex Group Inc. grew its stake in Symbotic by 1,500.0% during the 3rd quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock worth $38,000 after buying an additional 660 shares during the last quarter. Strategic Advocates LLC purchased a new position in Symbotic during the 3rd quarter worth $42,000. NewEdge Advisors LLC grew its stake in Symbotic by 81.5% during the 2nd quarter. NewEdge Advisors LLC now owns 1,276 shares of the company’s stock worth $50,000 after buying an additional 573 shares during the last quarter. Finally, Fifth Third Bancorp grew its stake in Symbotic by 20,000.0% during the 3rd quarter. Fifth Third Bancorp now owns 1,005 shares of the company’s stock worth $54,000 after buying an additional 1,000 shares during the last quarter.

Symbotic Price Performance

SYM opened at $62.51 on Friday. The firm has a fifty day moving average price of $54.25 and a 200 day moving average price of $61.37. Symbotic Inc. has a 1 year low of $20.50 and a 1 year high of $87.88. The stock has a market cap of $37.64 billion, a P/E ratio of -625.04, a P/E/G ratio of 6.34 and a beta of 2.10.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Wednesday, February 4th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.06). The firm had revenue of $629.99 million for the quarter, compared to analyst estimates of $622.58 million. Symbotic had a negative net margin of 0.45% and a negative return on equity of 1.88%. The firm’s quarterly revenue was up 29.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.03) EPS. Equities analysts expect that Symbotic Inc. will post 0.33 EPS for the current year.

Insider Activity

In other news, insider William M. Boyd III sold 5,115 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $55.99, for a total transaction of $286,388.85. Following the completion of the transaction, the insider directly owned 61,679 shares of the company’s stock, valued at $3,453,407.21. This represents a 7.66% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction on Monday, April 6th. The shares were sold at an average price of $53.27, for a total transaction of $106,540.00. Following the completion of the sale, the director directly owned 10,345 shares in the company, valued at $551,078.15. This represents a 16.20% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 178,492 shares of company stock worth $10,313,214. 8.16% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on SYM shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of Symbotic in a research note on Tuesday. Wall Street Zen lowered Symbotic from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Needham & Company LLC lifted their price objective on shares of Symbotic from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Northland Securities set a $73.00 price objective on shares of Symbotic in a report on Thursday, February 5th. Finally, The Goldman Sachs Group reiterated a “sell” rating and issued a $50.00 price objective on shares of Symbotic in a research note on Thursday, January 15th. Seven investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $65.62.

Symbotic Profile

Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.