Korea Investment Corp Decreased Stake in Micron Technology Inc (NASDAQ:MU) by $13.45 Million as Shares Declined

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Korea Investment Corp decreased its stake in Micron Technology Inc (NASDAQ:MU) by 92.25% based on its latest Q3 2015 regulatory filing with the SEC. Korea Investment Corp sold 960,500 shares as the company’s stock declined 20.23% while stock markets rallied. The institutional investor held 80,700 shares of the technology company at the end of Q3, valued at $1.21 million, down from 1.04M at the end of the previous reported quarter. Korea Investment Corp who had been investing in Micron Technology Inc since many months, could be less bullish the $16.83B market cap company. The stock is down 1.29% or $0.2 after the negative news, hitting $15.3 per share. About 2,110 shares traded hands. Micron Technology, Inc. (NASDAQ:MU) has declined 44.68% since April 10, 2015 and is downtrending. It has underperformed by 43.40% the S&P500.

Korea Investment Corp, which manages about $12.56B US Long portfolio, upped its stake in Netflix Inc (NASDAQ:NFLX) by 157,216 shares to 181,316 shares, valued at $18.72 million in Q3, according to the filing. It also increased its holding in Merck & Co Inc (NYSE:MRK) by 257,017 shares in the quarter, for total 1.67 million shares, and risen its stake in Equity Residential (NYSE:EQR).

The institutional sentiment decreased to 0.86 in Q2 2015. Its down 0.11, from 0.97 in 2015Q1. The ratio is negative, as 127 funds sold all MU shares owned while 237 reduced positions. 77 funds bought stakes while 236 increased positions. They now own 928.62 million shares or 6.13% less from 989.22 million shares in 2015Q1.

Cadian Capital Management Lp holds 7.95% of its portfolio in MU for 14.33 million shares. Donald Smith & Co. Inc. owns 15.26 million shares or 6.37% of their US portfolio. Moreover, Baupost Group Llc Ma has 6.19% invested in the company for 19.71 million shares. The New York-based Karamaan Group Llc has invested 5.31% in the stock. T2 Partners Management Lp, a New York-based fund reported 137,130 shares.

Since April 20, 2015, the stock had 0 insider buys, and 3 sales for $1.17 million net activity. Bailey Robert L sold 4,000 shares worth $80,002. Deboer Scott J sold 39,087 shares worth $977,437. Shirley Brian sold 89,750 shares worth $2.58M. Johnson Mercedes sold 18,250 shares worth $509,540.

Out of 22 analysts covering Micron Technology Inc. (NASDAQ:MU), 13 rate it “Buy”, 1 “Sell”, while 8 “Hold”. This means 59% are positive. $33 is the highest target while $15.0 is the lowest. The $22.75 average target is 48.69% above today’s ($15.3) stock price. Micron Technology Inc. was the topic in 38 analyst reports since July 29, 2015 according to StockzIntelligence Inc. Needham downgraded the stock on October 21 to “Hold” rating. Morgan Stanley maintained it with “Equal-Weight” rating and $16 target price in an October 2 report. Mizuho maintained the shares of MU in a report on October 9 with “Neutral” rating. Finally, Wedbush maintained the stock with “Neutral” rating in an October 2 report.

Micron Technology, Inc. is a global well-known provider of semiconductor devices. The company has a market cap of $16.83 billion. Through the Company’s global operations, it makes and markets a full range of Dynamic Random Access Memory , 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. It has 6.29 P/E ratio. The Firm operates in four divisions: 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.

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