Seagate Technology PLC (STX) Short Interest Update
Seagate Technology PLC (NASDAQ:STX) was the target of a significant increase in short interest in September. As of September 14th, there was short interest totalling 28,035,624 shares, an increase of 17.7% from the August 31st total of 23,811,881 shares. Currently, 9.8% of the shares of the company are sold short. Based on an average daily trading volume, of 5,470,753 shares, the days-to-cover ratio is presently 5.1 days.
In related news, EVP James J. Murphy sold 509 shares of Seagate Technology stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $56.60, for a total transaction of $28,809.40. Following the sale, the executive vice president now directly owns 37,693 shares of the company’s stock, valued at $2,133,423.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Valueact Capital Master Fund, bought 946,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 2nd. The shares were purchased at an average cost of $52.78 per share, for a total transaction of $49,929,880.00. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 6,207,648 shares of company stock worth $322,103,805 and have sold 46,086 shares worth $2,529,660. 1.00% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Quad Cities Investment Group LLC acquired a new position in shares of Seagate Technology in the 2nd quarter worth approximately $124,000. Partners Capital Investment Group LLP acquired a new position in shares of Seagate Technology in the 2nd quarter worth approximately $136,000. Qube Research & Technologies Ltd acquired a new position in shares of Seagate Technology in the 2nd quarter worth approximately $146,000. Mariner LLC acquired a new position in shares of Seagate Technology in the 1st quarter worth approximately $204,000. Finally, Zacks Investment Management acquired a new position in shares of Seagate Technology in the 2nd quarter worth approximately $211,000. 83.13% of the stock is currently owned by institutional investors and hedge funds.
Seagate Technology (NASDAQ:STX) last announced its earnings results on Monday, July 30th. The data storage provider reported $1.62 EPS for the quarter, topping the consensus estimate of $1.45 by $0.17. The business had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.80 billion. Seagate Technology had a return on equity of 120.71% and a net margin of 10.57%. Seagate Technology’s revenue was up 17.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.65 EPS. sell-side analysts expect that Seagate Technology will post 6.3 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 3rd. Stockholders of record on Wednesday, September 19th will be issued a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 5.35%. The ex-dividend date is Tuesday, September 18th. Seagate Technology’s payout ratio is currently 45.74%.
STX has been the topic of a number of recent research reports. ValuEngine downgraded Seagate Technology from a “buy” rating to a “hold” rating in a research report on Thursday, June 7th. Zacks Investment Research downgraded Seagate Technology from a “buy” rating to a “hold” rating in a report on Monday, July 16th. BidaskClub downgraded Seagate Technology from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 25th. Royal Bank of Canada reaffirmed a “hold” rating and set a $62.00 price objective on shares of Seagate Technology in a report on Monday, July 30th. Finally, Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a report on Tuesday, July 31st. Four investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $53.14.
About Seagate Technology
Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It manufactures and distributes hard disk drives; solid state drives (SSDs), including serial attached small computer system interface and non-volatile memory express SSDs; solid state hybrid drives; and storage subsystems.
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