Short Interest in Seagate Technology PLC (STX) Decreases By 7.3%
Seagate Technology PLC (NASDAQ:STX) saw a significant decrease in short interest during the month of September. As of September 15th, there was short interest totalling 32,512,373 shares, a decrease of 7.3% from the August 31st total of 35,057,142 shares. Approximately 11.0% of the shares of the company are sold short. Based on an average daily volume of 5,236,562 shares, the days-to-cover ratio is currently 6.2 days.
Several equities analysts have recently commented on STX shares. Maxim Group upped their target price on Seagate Technology PLC from $25.00 to $35.00 and gave the company a “hold” rating in a research report on Tuesday, July 12th. Jefferies Group increased their price target on Seagate Technology PLC from $32.00 to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, September 6th. RBC Capital Markets reissued a “sector perform” rating and set a $31.00 price target (up previously from $27.00) on shares of Seagate Technology PLC in a research report on Tuesday, August 2nd. Susquehanna reissued a “neutral” rating and set a $32.00 price target (up previously from $30.00) on shares of Seagate Technology PLC in a research report on Friday, August 19th. Finally, Brean Capital reissued a “buy” rating on shares of Seagate Technology PLC in a research report on Wednesday, June 15th. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. Seagate Technology PLC currently has a consensus rating of “Hold” and a consensus price target of $33.90.
In other news, CFO David H. Morton, Jr. sold 1,716 shares of the company’s stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $36.16, for a total value of $62,050.56. Following the transaction, the chief financial officer now owns 20,782 shares of the company’s stock, valued at $751,477.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frank Biondi sold 1,251 shares of the company’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $32.45, for a total value of $40,594.95. Following the completion of the transaction, the director now directly owns 6,433 shares in the company, valued at approximately $208,750.85. The disclosure for this sale can be found here. 1.50% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Seagate Technology PLC during the second quarter worth approximately $294,000. Kentucky Retirement Systems bought a new position in shares of Seagate Technology PLC during the second quarter valued at about $618,000. Mason Street Advisors LLC bought a new position in shares of Seagate Technology PLC during the second quarter valued at about $979,000. Northwestern Mutual Wealth Management Co. raised its position in shares of Seagate Technology PLC by 255.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,595 shares of the data storage provider’s stock valued at $209,000 after buying an additional 6,174 shares during the period. Finally, IFP Advisors Inc raised its position in shares of Seagate Technology PLC by 6.5% in the second quarter. IFP Advisors Inc now owns 12,095 shares of the data storage provider’s stock valued at $295,000 after buying an additional 739 shares during the period. Hedge funds and other institutional investors own 83.86% of the company’s stock.
Seagate Technology PLC (NASDAQ:STX) opened at 38.21 on Thursday. The stock has a 50 day moving average price of $34.43 and a 200 day moving average price of $28.82. The company has a market capitalization of $11.47 billion, a price-to-earnings ratio of 46.60 and a beta of 2.46. Seagate Technology PLC has a 52-week low of $18.42 and a 52-week high of $49.50.
Seagate Technology PLC (NASDAQ:STX) last released its quarterly earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.09. The firm earned $2.65 billion during the quarter, compared to analyst estimates of $2.32 billion. Seagate Technology PLC had a net margin of 2.22% and a return on equity of 38.98%. The business’s revenue for the quarter was down 9.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.77 EPS. Equities research analysts forecast that Seagate Technology PLC will post $3.02 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Wednesday, September 21st will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Monday, September 19th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 6.60%. Seagate Technology PLC’s dividend payout ratio (DPR) is currently 307.32%.
Seagate Technology PLC Company Profile
Seagate Technology public limited company is a provider of electronic data storage technology and solutions. The Company’s principal products are hard disk drives (HDDs). In addition to HDDs, it produces a range of electronic data storage products, including solid state hybrid drives, solid state drives, peripheral component interconnect express (PCIe) cards and serial advanced technology architecture (SATA) controllers.
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