Amerigo Asset Management Lowers stake in Micron Technology (MU)

Micron Technology (MU) : Amerigo Asset Management reduced its stake in Micron Technology by 22.29% during the most recent quarter end. The investment management company now holds a total of 13,920,225 shares of Micron Technology which is valued at $234,555,791 after selling 3,993,609 shares in Micron Technology , the firm said in a disclosure report filed with the SEC on Oct 13, 2016.Micron Technology makes up approximately 30.68% of Amerigo Asset Management’s portfolio.

Other Hedge Funds, Including , Highland Capital Management boosted its stake in MU in the latest quarter, The investment management firm added 4,315 additional shares and now holds a total of 147,691 shares of Micron Technology which is valued at $2,488,593. Micron Technology makes up approx 0.21% of Highland Capital Management’s portfolio.Advisory Services Network boosted its stake in MU in the latest quarter, The investment management firm added 402 additional shares and now holds a total of 1,967 shares of Micron Technology which is valued at $34,639. Micron Technology makes up approx 0.01% of Advisory Services Network’s portfolio. Simplex Trading sold out all of its stake in MU during the most recent quarter. The investment firm sold 171,555 shares of MU which is valued $3,021,084.Washington Trust Bank boosted its stake in MU in the latest quarter, The investment management firm added 289 additional shares and now holds a total of 8,744 shares of Micron Technology which is valued at $154,769. Micron Technology makes up approx 0.04% of Washington Trust Bank’s portfolio.

Micron Technology closed down -0.64 points or -3.66% at $16.86 with 3,80,70,237 shares getting traded on Tuesday. Post opening the session at $17.4, the shares hit an intraday low of $16.53 and an intraday high of $17.47 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, Micron Technology reported $-0.05 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Oct 4, 2016. Analyst had a consensus of $-0.11. The company had revenue of $3217.00 million for the quarter, compared to analysts expectations of $3192.19 million. The company’s revenue was down -10.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.37 EPS.

Many Wall Street Analysts have commented on Micron Technology. Company shares were Initiated by Cowen on Oct 12, 2016 to “Buy”, Firm has raised the Price Target to $ 21 from a previous price target of $19 .Company shares were Reiterated by Mizuho on Oct 5, 2016 to “Buy”, Firm has raised the Price Target to $ 22 from a previous price target of $20 .Company shares were Reiterated by Stifel on Oct 5, 2016 to “Buy”, Firm has raised the Price Target to $ 22 from a previous price target of $20 .

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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