Symantec Corporation (SYMC) Short Interest Up 12.1% in July
Symantec Corporation (NASDAQ:SYMC) saw a significant increase in short interest in the month of July. As of July 31st, there was short interest totalling 19,762,839 shares, an increase of 12.1% from the July 14th total of 17,633,501 shares. Based on an average trading volume of 6,115,770 shares, the days-to-cover ratio is currently 3.2 days. Approximately 3.3% of the shares of the company are sold short.
In other news, Director Suzanne M. Vautrinot sold 2,500 shares of the business’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $28.45, for a total value of $71,125.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Nicholas R. Noviello sold 27,741 shares of the business’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $32.45, for a total transaction of $900,195.45. Following the completion of the sale, the chief financial officer now directly owns 184,928 shares of the company’s stock, valued at approximately $6,000,913.60. The disclosure for this sale can be found here. In the last three months, insiders sold 1,537,774 shares of company stock valued at $44,666,616. 0.76% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in SYMC. Northwestern Mutual Wealth Management Co. increased its stake in Symantec Corporation by 7.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,982 shares of the technology company’s stock worth $112,000 after buying an additional 292 shares during the last quarter. Advisory Services Network LLC purchased a new stake in Symantec Corporation during the first quarter worth $142,000. Johnson Financial Group Inc. increased its stake in Symantec Corporation by 6.2% in the second quarter. Johnson Financial Group Inc. now owns 5,596 shares of the technology company’s stock worth $158,000 after buying an additional 325 shares during the last quarter. IFP Advisors Inc increased its stake in Symantec Corporation by 0.3% in the first quarter. IFP Advisors Inc now owns 6,283 shares of the technology company’s stock worth $193,000 after buying an additional 19 shares during the last quarter. Finally, American Asset Management Inc. purchased a new stake in Symantec Corporation during the first quarter worth $207,000. Institutional investors own 93.82% of the company’s stock.
A number of equities research analysts have recently issued reports on the stock. First Analysis raised shares of Symantec Corporation from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $28.00 to $40.00 in a research report on Thursday, May 11th. Robert W. Baird reissued a “hold” rating on shares of Symantec Corporation in a research report on Thursday, May 11th. Zacks Investment Research raised shares of Symantec Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, May 9th. MKM Partners reaffirmed a “neutral” rating and set a $30.00 price objective (up previously from $26.00) on shares of Symantec Corporation in a research report on Monday, May 15th. Finally, Jefferies Group LLC upped their price objective on shares of Symantec Corporation from $29.00 to $31.00 and gave the stock a “hold” rating in a research report on Thursday, May 11th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $31.00.
Symantec Corporation (NASDAQ:SYMC) opened at 27.84 on Friday. The firm’s market cap is $17.06 billion. Symantec Corporation has a 1-year low of $21.98 and a 1-year high of $33.22. The stock has a 50 day moving average price of $29.60 and a 200 day moving average price of $29.78.
Symantec Corporation (NASDAQ:SYMC) last released its earnings results on Wednesday, August 2nd. The technology company reported $0.15 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.03. The company had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.20 billion. Symantec Corporation had a positive return on equity of 10.73% and a negative net margin of 8.68%. Symantec Corporation’s quarterly revenue was up 38.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.29 EPS. On average, analysts anticipate that Symantec Corporation will post $1.80 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 13th. Investors of record on Monday, August 21st will be given a $0.075 dividend. The ex-dividend date is Thursday, August 17th. This represents a $0.30 dividend on an annualized basis and a yield of 1.08%. Symantec Corporation’s payout ratio is -49.18%.
About Symantec Corporation
Symantec Corporation is a United States-based cyber security company. The Company offers products under categories, such as threat protection, information protection, cyber security services and Website security. Under threat protection, it offers Advanced Threat Protection, Endpoint Protection, Endpoint Protection Cloud, IT Management Suite, Email Security.Cloud, Data Center Security and Cloud Workload Protection products.
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