Seagate Technology PLC (STX) Short Interest Down 8.6% in January

Seagate Technology PLC (NASDAQ:STX) saw a large decline in short interest in January. As of January 31st, there was short interest totalling 32,665,856 shares, a decline of 8.6% from the January 12th total of 35,738,790 shares. Based on an average daily volume of 5,327,639 shares, the days-to-cover ratio is presently 6.1 days. Currently, 11.4% of the shares of the company are short sold.

In other Seagate Technology news, insider Philip G. Brace sold 12,000 shares of Seagate Technology stock in a transaction that occurred on Tuesday, January 9th. The stock was sold at an average price of $46.44, for a total value of $557,280.00. Following the sale, the insider now owns 27,069 shares of the company’s stock, valued at approximately $1,257,084.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Chong Sup Park sold 4,026 shares of Seagate Technology stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $54.22, for a total value of $218,289.72. Following the completion of the sale, the director now directly owns 8,715 shares in the company, valued at approximately $472,527.30. The disclosure for this sale can be found here. Insiders sold a total of 779,394 shares of company stock worth $41,495,557 in the last ninety days. 0.87% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. WFG Advisors LP raised its holdings in Seagate Technology by 16,536.4% in the 2nd quarter. WFG Advisors LP now owns 3,660 shares of the data storage provider’s stock valued at $142,000 after acquiring an additional 3,638 shares during the last quarter. Balentine LLC raised its holdings in Seagate Technology by 56.8% in the 3rd quarter. Balentine LLC now owns 4,471 shares of the data storage provider’s stock valued at $148,000 after acquiring an additional 1,619 shares during the last quarter. SeaCrest Wealth Management LLC acquired a new position in Seagate Technology in the 4th quarter valued at $174,000. SpiderRock Advisors LLC increased its holdings in shares of Seagate Technology by 2,419.5% during the 3rd quarter. SpiderRock Advisors LLC now owns 5,568 shares of the data storage provider’s stock worth $184,000 after buying an additional 5,347 shares during the last quarter. Finally, Brave Asset Management Inc. acquired a new stake in shares of Seagate Technology during the 4th quarter worth $203,000. Institutional investors own 92.72% of the company’s stock.

Seagate Technology (NASDAQ STX) opened at $47.82 on Friday. The company has a debt-to-equity ratio of 4.07, a quick ratio of 1.25 and a current ratio of 1.58. Seagate Technology has a 12-month low of $30.60 and a 12-month high of $56.45. The stock has a market capitalization of $13,840.00, a P/E ratio of 21.84, a P/E/G ratio of 0.65 and a beta of 1.88.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Monday, January 29th. The data storage provider reported $1.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.39 by $0.09. Seagate Technology had a return on equity of 93.35% and a net margin of 6.10%. The firm had revenue of $2.91 billion during the quarter, compared to the consensus estimate of $2.86 billion. During the same period in the previous year, the firm posted $1.38 EPS. The company’s quarterly revenue was up .7% compared to the same quarter last year. analysts predict that Seagate Technology will post 4.86 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 4th. Shareholders of record on Wednesday, March 21st will be issued a $0.63 dividend. The ex-dividend date is Tuesday, March 20th. This represents a $2.52 annualized dividend and a yield of 5.27%. Seagate Technology’s dividend payout ratio (DPR) is presently 115.07%.

A number of brokerages have weighed in on STX. Guggenheim reaffirmed a “hold” rating on shares of Seagate Technology in a report on Monday, January 29th. Mizuho reaffirmed a “neutral” rating and issued a $53.00 price objective (up previously from $39.00) on shares of Seagate Technology in a report on Monday, January 29th. Cowen set a $53.00 price objective on Seagate Technology and gave the company a “hold” rating in a report on Monday, January 29th. Loop Capital lifted their price objective on Seagate Technology to $65.00 and gave the company a “buy” rating in a report on Tuesday, January 30th. Finally, Maxim Group boosted their price target on Seagate Technology to $52.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 30th. Four research analysts have rated the stock with a sell rating, twenty have given a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $49.76.

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About Seagate Technology

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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