Short Interest in Seagate Technology PLC (STX) Declines By 7.8%

Seagate Technology PLC (NASDAQ:STX) was the target of a significant decrease in short interest during the month of December. As of December 29th, there was short interest totalling 39,125,673 shares, a decrease of 7.8% from the December 15th total of 42,446,808 shares. Currently, 13.6% of the shares of the stock are short sold. Based on an average daily volume of 2,864,806 shares, the days-to-cover ratio is currently 13.7 days.

A number of brokerages recently issued reports on STX. BidaskClub upgraded shares of Seagate Technology from a “buy” rating to a “strong-buy” rating in a research report on Friday, December 8th. Vetr lowered shares of Seagate Technology from a “buy” rating to a “hold” rating and set a $41.79 target price on the stock. in a research report on Thursday, November 23rd. BMO Capital Markets restated a “hold” rating and set a $40.00 target price on shares of Seagate Technology in a research report on Monday, October 23rd. Guggenheim restated a “hold” rating on shares of Seagate Technology in a research report on Monday, October 23rd. Finally, Argus restated a “hold” rating and set a $40.00 target price on shares of Seagate Technology in a research report on Tuesday, October 24th. Four analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $43.39.

Seagate Technology (NASDAQ:STX) opened at $52.14 on Thursday. The company has a debt-to-equity ratio of 4.03, a quick ratio of 1.55 and a current ratio of 1.96. The firm has a market cap of $15,090.00, a P/E ratio of 19.75, a price-to-earnings-growth ratio of 0.76 and a beta of 1.68. Seagate Technology has a one year low of $30.60 and a one year high of $52.42.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Monday, October 23rd. The data storage provider reported $0.96 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.10. The company had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.54 billion. Seagate Technology had a net margin of 7.41% and a return on equity of 84.50%. Seagate Technology’s revenue was down 5.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.99 earnings per share. equities analysts expect that Seagate Technology will post 4.32 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 3rd. Shareholders of record on Wednesday, December 20th were paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 4.83%. The ex-dividend date of this dividend was Tuesday, December 19th. Seagate Technology’s dividend payout ratio is currently 95.45%.

In other news, Director Dambisa F. Moyo sold 8,715 shares of the stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $39.01, for a total value of $339,972.15. Following the sale, the director now directly owns 3,316 shares in the company, valued at $129,357.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Stephen J. Luczo sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, January 8th. The stock was sold at an average price of $48.99, for a total transaction of $4,899,000.00. Following the sale, the chairman now owns 95,420 shares in the company, valued at approximately $4,674,625.80. The disclosure for this sale can be found here. Insiders sold 199,744 shares of company stock worth $9,317,320 over the last quarter. Company insiders own 0.87% of the company’s stock.

Hedge funds have recently modified their holdings of the company. WFG Advisors LP raised its stake in shares of 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 period. Pacer Advisors Inc. purchased a new position in shares of Seagate Technology in the 2nd quarter valued at $150,000. Balentine LLC raised its stake in shares of 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 period. New England Research & Management Inc. purchased a new position in shares of Seagate Technology in the 4th quarter valued at $205,000. Finally, SpiderRock Advisors LLC raised its stake in shares of Seagate Technology by 2,419.5% in the 3rd quarter. SpiderRock Advisors LLC now owns 5,568 shares of the data storage provider’s stock valued at $184,000 after acquiring an additional 5,347 shares during the period. 91.45% of the stock is currently owned by institutional investors and hedge funds.

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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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