Short Interest in Seagate Technology PLC (STX) Expands By 14.3%
Seagate Technology PLC (NASDAQ:STX) saw a significant increase in short interest in the month of May. As of May 15th, there was short interest totalling 26,959,620 shares, an increase of 14.3% from the April 28th total of 23,587,727 shares. Based on an average daily trading volume, of 4,691,982 shares, the short-interest ratio is currently 5.7 days. Currently, 9.2% of the company’s shares are sold short.
Shares of Seagate Technology PLC (NASDAQ:STX) opened at 43.11 on Friday. Seagate Technology PLC has a 52-week low of $20.77 and a 52-week high of $50.96. The stock has a market capitalization of $12.79 billion, a P/E ratio of 17.74 and a beta of 1.93. The firm has a 50-day moving average price of $44.81 and a 200-day moving average price of $42.95.
Seagate Technology PLC (NASDAQ:STX) last released its quarterly earnings results on Wednesday, April 26th. The data storage provider reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.04. The firm had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.71 billion. Seagate Technology PLC had a return on equity of 62.25% and a net margin of 4.69%. The company’s revenue was up 3.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.22 EPS. On average, analysts predict that Seagate Technology PLC will post $4.45 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 5th. Stockholders of record on Wednesday, June 21st will be paid a $0.63 dividend. The ex-dividend date of this dividend is Monday, June 19th. This represents a $2.52 annualized dividend and a dividend yield of 5.85%. Seagate Technology PLC’s dividend payout ratio (DPR) is 147.37%.
In related news, Director Chong Sup Park sold 3,809 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $43.63, for a total transaction of $166,186.67. Following the completion of the sale, the director now owns 11,753 shares of the company’s stock, valued at $512,783.39. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Mark Re sold 9,607 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $43.47, for a total value of $417,616.29. Following the sale, the senior vice president now directly owns 40,470 shares of the company’s stock, valued at approximately $1,759,230.90. The disclosure for this sale can be found here. In the last three months, insiders sold 113,416 shares of company stock valued at $5,583,803. Insiders own 1.50% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Cleararc Capital Inc. raised its stake in Seagate Technology PLC by 0.7% in the first quarter. Cleararc Capital Inc. now owns 7,195 shares of the data storage provider’s stock valued at $330,000 after buying an additional 51 shares during the period. Allianz Asset Management AG raised its stake in Seagate Technology PLC by 0.6% in the fourth quarter. Allianz Asset Management AG now owns 17,326 shares of the data storage provider’s stock valued at $661,000 after buying an additional 100 shares during the period. Cornerstone Investment Partners LLC raised its stake in Seagate Technology PLC by 0.3% in the first quarter. Cornerstone Investment Partners LLC now owns 39,580 shares of the data storage provider’s stock valued at $1,818,000 after buying an additional 110 shares during the period. Mn Services Vermogensbeheer B.V. raised its stake in Seagate Technology PLC by 1.5% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 7,766 shares of the data storage provider’s stock valued at $333,000 after buying an additional 115 shares during the period. Finally, Dumont & Blake Investment Advisors LLC raised its stake in Seagate Technology PLC by 0.7% in the first quarter. Dumont & Blake Investment Advisors LLC now owns 16,163 shares of the data storage provider’s stock valued at $742,000 after buying an additional 115 shares during the period. Hedge funds and other institutional investors own 90.47% of the company’s stock.
STX has been the subject of several recent analyst reports. Vetr raised Seagate Technology PLC from a “buy” rating to a “strong-buy” rating and set a $50.83 target price for the company in a research note on Tuesday, March 21st. Jefferies Group LLC decreased their target price on Seagate Technology PLC from $55.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, April 28th. Cowen and Company reaffirmed a “market perform” rating and set a $45.00 target price (down previously from $46.00) on shares of Seagate Technology PLC in a research note on Wednesday, April 26th. Longbow Research raised Seagate Technology PLC from a “neutral” rating to a “buy” rating and raised their target price for the stock from $18.42 to $55.00 in a research note on Tuesday, April 11th. Finally, Susquehanna Bancshares Inc reaffirmed a “neutral” rating on shares of Seagate Technology PLC in a research note on Wednesday, April 12th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. Seagate Technology PLC currently has a consensus rating of “Hold” and an average target price of $42.38.
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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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