Short Interest in Seagate Technology PLC (STX) Grows By 13.8%
Seagate Technology PLC (NASDAQ:STX) was the target of a large increase in short interest in August. As of August 15th, there was short interest totalling 44,717,595 shares, an increase of 13.8% from the July 31st total of 39,290,083 shares. Based on an average trading volume of 5,316,023 shares, the short-interest ratio is currently 8.4 days. Approximately 15.5% of the company’s stock are sold short.
A number of equities research analysts have recently commented on the company. BidaskClub cut Seagate Technology PLC from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Robert W. Baird reiterated a “neutral” rating and set a $38.00 target price (down from $45.00) on shares of Seagate Technology PLC in a research note on Wednesday, July 26th. Morgan Stanley reiterated an “equal weight” rating and set a $37.00 target price (down from $40.00) on shares of Seagate Technology PLC in a research note on Thursday, July 13th. Mizuho lowered their target price on Seagate Technology PLC from $41.00 to $36.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 25th. Finally, Cleveland Research cut Seagate Technology PLC from a “neutral” rating to an “underperform” rating in a research note on Wednesday. Five equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $42.12.
Seagate Technology PLC (STX) opened at 31.25 on Friday. Seagate Technology PLC has a one year low of $30.60 and a one year high of $50.96. The stock’s 50 day moving average price is $34.62 and its 200 day moving average price is $42.12. The stock has a market cap of $9.12 billion, a price-to-earnings ratio of 12.11 and a beta of 1.69.
Seagate Technology PLC (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, July 25th. The data storage provider reported $0.65 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.99 by $0.34. Seagate Technology PLC had a return on equity of 81.87% and a net margin of 7.17%. The firm had revenue of $2.41 billion for the quarter, compared to analysts’ expectations of $2.56 billion. During the same quarter last year, the firm posted $0.69 earnings per share. Seagate Technology PLC’s quarterly revenue was down 9.3% on a year-over-year basis. Equities analysts predict that Seagate Technology PLC will post $3.69 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 4th. Shareholders of record on Wednesday, September 20th will be paid a dividend of $0.63 per share. The ex-dividend date is Tuesday, September 19th. This represents a $2.52 annualized dividend and a yield of 8.06%. Seagate Technology PLC’s dividend payout ratio (DPR) is currently 97.67%.
In other Seagate Technology PLC news, insider Philip G. Brace bought 1,000 shares of the stock in a transaction dated Tuesday, August 1st. The shares were bought at an average cost of $33.34 per share, for a total transaction of $33,340.00. Following the purchase, the insider now directly owns 62,855 shares of the company’s stock, valued at approximately $2,095,585.70. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO David H. Morton, Jr. sold 3,040 shares of Seagate Technology PLC stock in a transaction on Friday, June 9th. The stock was sold at an average price of $43.26, for a total value of $131,510.40. Following the sale, the chief financial officer now owns 9,063 shares in the company, valued at $392,065.38. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the company. Teachers Advisors LLC raised its stake in Seagate Technology PLC by 7.5% in the fourth quarter. Teachers Advisors LLC now owns 56,428 shares of the data storage provider’s stock valued at $2,154,000 after buying an additional 3,936 shares during the period. Nisa Investment Advisors LLC raised its stake in Seagate Technology PLC by 27.1% in the first quarter. Nisa Investment Advisors LLC now owns 45,050 shares of the data storage provider’s stock valued at $2,069,000 after buying an additional 9,608 shares during the period. Retirement Systems of Alabama raised its stake in Seagate Technology PLC by 2.2% in the first quarter. Retirement Systems of Alabama now owns 142,681 shares of the data storage provider’s stock valued at $6,553,000 after buying an additional 3,085 shares during the period. James Investment Research Inc. purchased a new stake in Seagate Technology PLC during the first quarter valued at approximately $259,000. Finally, Nationwide Fund Advisors raised its stake in Seagate Technology PLC by 1.5% in the first quarter. Nationwide Fund Advisors now owns 261,401 shares of the data storage provider’s stock valued at $12,006,000 after buying an additional 3,783 shares during the period. Institutional investors own 87.27% of the company’s stock.
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About Seagate Technology PLC
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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