Majedie Asset Management Ltd Lowers stake in Micron Technology (MU)

Micron Technology (MU) : Majedie Asset Management Ltd reduced its stake in Micron Technology by 4.86% during the most recent quarter end. The investment management company now holds a total of 2,456,141 shares of Micron Technology which is valued at $36,670,185 after selling 125,496 shares in Micron Technology , the firm said in a disclosure report filed with the SEC on Aug 12, 2016.Micron Technology makes up approximately 5.76% of Majedie Asset Management Ltd’s portfolio.

Other Hedge Funds, Including , Jefferies Group reduced its stake in MU by selling 93,174 shares or 97.48% in the most recent quarter. The Hedge Fund company now holds 2,411 shares of MU which is valued at $35,996.National Pension Service boosted its stake in MU in the latest quarter, The investment management firm added 62,242 additional shares and now holds a total of 843,092 shares of Micron Technology which is valued at $12,587,364. Micron Technology makes up approx 0.11% of National Pension Service’s portfolio. Ropes Wealth Advisors sold out all of its stake in MU during the most recent quarter. The investment firm sold 93 shares of MU which is valued $1,342.Sumitomo Mitsui Asset Management Company Ltd boosted its stake in MU in the latest quarter, The investment management firm added 598 additional shares and now holds a total of 82,578 shares of Micron Technology which is valued at $1,134,622. Micron Technology makes up approx 0.03% of Sumitomo Mitsui Asset Management Company Ltd’s portfolio. Palo Capital sold out all of its stake in MU during the most recent quarter. The investment firm sold 26,220 shares of MU which is valued $344,269.

Micron Technology opened for trading at $16.92 and hit $17.25 on the upside on Monday, eventually ending the session at $16.91, with a gain of 2.42% or 0.4 points. The heightened volatility saw the trading volume jump to 3,44,67,790 shares. Company has a market cap of $17,559 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. Company shares were Reiterated by Stifel on Aug 29, 2016 to “Buy”, Firm has raised the Price Target to $ 18 from a previous price target of $15 .Micron Technology was Downgraded by Standpoint Research to ” Hold” on Aug 29, 2016. Company shares were Reiterated by Deutsche Bank on Aug 29, 2016 to “Buy”, Firm has raised the Price Target to $ 20 from a previous price target of $15 .

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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