Hutchinson Technology Inc. (HTCH) Sees Significant Drop in Short Interest
Hutchinson Technology Inc. (NASDAQ:HTCH) was the recipient of a significant drop in short interest during the month of September. As of September 15th, there was short interest totalling 1,175,948 shares, a drop of 20.9% from the August 31st total of 1,486,839 shares. Currently, 3.6% of the shares of the company are short sold. Based on an average trading volume of 135,974 shares, the short-interest ratio is presently 8.6 days.
Separately, Zacks Investment Research upgraded shares of Hutchinson Technology from a “sell” rating to a “hold” rating in a research report on Thursday, June 9th.
Several large investors have recently bought and sold shares of HTCH. Spark Investment Management LLC boosted its stake in Hutchinson Technology by 73.2% in the first quarter. Spark Investment Management LLC now owns 36,200 shares of the company’s stock valued at $132,000 after buying an additional 15,300 shares in the last quarter. BlackRock Fund Advisors boosted its stake in Hutchinson Technology by 8.8% in the second quarter. BlackRock Fund Advisors now owns 86,106 shares of the company’s stock valued at $292,000 after buying an additional 6,987 shares in the last quarter. BOKF NA boosted its position in shares of Hutchinson Technology by 9.3% in the second quarter. BOKF NA now owns 102,558 shares of the company’s stock worth $348,000 after buying an additional 8,725 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Hutchinson Technology by 112.6% in the second quarter. Ameriprise Financial Inc. now owns 142,700 shares of the company’s stock worth $484,000 after buying an additional 75,585 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Hutchinson Technology by 10.3% in the first quarter. Geode Capital Management LLC now owns 177,378 shares of the company’s stock worth $649,000 after buying an additional 16,491 shares during the period. 31.60% of the stock is owned by hedge funds and other institutional investors.
Shares of Hutchinson Technology (NASDAQ:HTCH) opened at 3.98 on Friday. Hutchinson Technology has a 52-week low of $1.32 and a 52-week high of $3.99. The firm’s market capitalization is $135.01 million. The stock has a 50 day moving average of $1.99 and a 200-day moving average of $3.01.
Hutchinson Technology (NASDAQ:HTCH) last posted its earnings results on Friday, July 29th. The company reported ($0.18) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.25) by $0.07. Hutchinson Technology had a negative net margin of 13.26% and a negative return on equity of 37.76%. The firm earned $53.20 million during the quarter, compared to analysts’ expectations of $54.65 million. During the same period last year, the company posted ($0.26) EPS. The company’s quarterly revenue was down 17.8% compared to the same quarter last year. Equities analysts expect that Hutchinson Technology will post ($0.71) earnings per share for the current fiscal year.
About Hutchinson Technology
Hutchinson Technology Incorporated is a global supplier of critical precision component technologies. The Company is engaged in manufacturing suspension assemblies for all sizes and types of hard disk drives. Suspension assemblies are components of disk drives that hold the read/write heads in position above the spinning magnetic disks.
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