Alken Asset Management Ltd. Lowers stake in Micron Technology (MU)

Micron Technology (MU) : Alken Asset Management Ltd. reduced its stake in Micron Technology by 44.11% during the most recent quarter end. The investment management company now holds a total of 8,784,879 shares of Micron Technology which is valued at $84 Million after selling 6,933,239 shares in Micron Technology , the firm said in a disclosure report filed with the SEC on May 11, 2016.Micron Technology makes up approximately 8.37% of Alken Asset Management Ltd.’s portfolio.

Other Hedge Funds, Including , Landscape Capital Management L.l.c. sold out all of its stake in MU during the most recent quarter. The investment firm sold 56,026 shares of MU which is valued $535,609.First Trust Advisors Lp boosted its stake in MU in the latest quarter, The investment management firm added 1,068,336 additional shares and now holds a total of 2,983,474 shares of Micron Technology which is valued at $28.5 Million. Micron Technology makes up approx 0.09% of First Trust Advisors Lp’s portfolio. Schooner Investment Group. added MU to its portfolio by purchasing 10,000 company shares during the most recent quarter which is valued at $99,900. Micron Technology makes up approx 0.20% of Schooner Investment Group.’s portfolio.Stoneridge Investment Partners reduced its stake in MU by selling 12,761 shares or 2.27% in the most recent quarter. The Hedge Fund company now holds 550,103 shares of MU which is valued at $5.9 Million. Micron Technology makes up approx 0.86% of Stoneridge Investment Partners’s portfolio. John G Ullman Associates Inc sold out all of its stake in MU during the most recent quarter. The investment firm sold 99,000 shares of MU which is valued $1.1 Million.

Micron Technology opened for trading at $9.61 and hit $9.69 on the upside on Monday, eventually ending the session at $9.68, with a gain of 1.26% or 0.12 points. The heightened volatility saw the trading volume jump to 1,62,47,585 shares. Company has a market cap of $10,039 M.

On the company’s financial health, Micron Technology reported $-0.05 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Mar 30, 2016. Analyst had a consensus of $-0.09. The company had revenue of $2934.00 million for the quarter, compared to analysts expectations of $3047.12 million. The company’s revenue was down -29.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.81 EPS.

Many Wall Street Analysts have commented on Micron Technology. Micron Technology was Initiated by Brean Capital to “Buy” on Apr 15, 2016. Micron Technology was Upgraded by Raymond James to ” Strong Buy” on Apr 15, 2016. Micron Technology was Downgraded by Bernstein to ” Mkt Perform” on Mar 31, 2016.

Micron Technology Inc. is a global provider of semiconductor devices. Through the Company’s global operations it manufactures and markets a full range of Dynamic Random Access Memory (DRAM) NAND Flash and NOR Flash memory as well as other memory technologies packaging solutions and semiconductor systems for use in leading-edge computing consumer networking automotive industrial embedded and mobile products. The Company operates in four segments: Compute and Networking Business Unit (CNBU) which includes DRAM and NOR Flash products; Mobile Business Unit (MBU) which includes DRAM NAND Flash and NOR Flash products; Storage Business Unit (SBU) which includes NAND Flash components and Solid-State Drives (SSDs) cloud and removable storage markets. SBU also includes NAND Flash products and Embedded Business Unit (EBU) which includes DRAM NAND Flash and NOR Flash products.

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