Amerigo Asset Management buys $238,970,546 stake in Micron Technology (MU)

Micron Technology (MU) : Amerigo Asset Management scooped up 1,212,741 additional shares in Micron Technology during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Jul 15, 2016. The investment management firm now holds a total of 17,913,834 shares of Micron Technology which is valued at $238,970,546.Micron Technology makes up approximately 25.60% of Amerigo Asset Management’s portfolio.

Other Hedge Funds, Including , Eastern Bank reduced its stake in MU by selling 6,183 shares or 28.34% in the most recent quarter. The Hedge Fund company now holds 15,635 shares of MU which is valued at $208,571. Micron Technology makes up approx 0.02% of Eastern Bank’s portfolio. River Mercantile Asset Management Llp added MU to its portfolio by purchasing 250,400 company shares during the most recent quarter which is valued at $3,327,816. Micron Technology makes up approx 1.34% of River Mercantile Asset Management Llp’s portfolio.Cutler Group Lp reduced its stake in MU by selling 16,625 shares or 32.88% in the most recent quarter. The Hedge Fund company now holds 33,936 shares of MU which is valued at $451,009. Micron Technology makes up approx 0.03% of Cutler Group Lp’s portfolio.Gulf International Bank (uk) Ltd reduced its stake in MU by selling 1,400 shares or 0.44% in the most recent quarter. The Hedge Fund company now holds 315,079 shares of MU which is valued at $4,187,400. Micron Technology makes up approx 0.07% of Gulf International Bank (uk) Ltd’s portfolio.

Micron Technology opened for trading at $13.25 and hit $13.36 on the upside on Monday, eventually ending the session at $13.34, with a gain of 1.60% or 0.21 points. The heightened volatility saw the trading volume jump to 1,71,80,502 shares. Company has a market cap of $13,852 M.

On the company’s financial health, Micron Technology reported $-0.08 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Jun 30, 2016. Analyst had a consensus of $-0.10. The company had revenue of $2898.00 million for the quarter, compared to analysts expectations of $2955.50 million. The company’s revenue was down -24.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.54 EPS.

Many Wall Street Analysts have commented on Micron Technology. Shares were Reiterated by Stifel on Jul 1, 2016 to “Buy” and Lowered the Price Target to $ 15 from a previous price target of $16 .Company shares were Upgraded by Nomura on Jun 23, 2016 to ” Buy”, Firm has raised the Price Target to $ 18 from a previous price target of $8 .Micron Technology was Upgraded by Susquehanna to ” Positive” on Jun 23, 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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