Seagate Technology PLC (STX) Sees Significant Decline in Short Interest

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Seagate Technology PLC (NASDAQ:STX) was the recipient of a large drop in short interest in February. As of February 28th, there was short interest totalling 18,841,331 shares, a drop of 7.8% from the February 15th total of 20,431,499 shares. Approximately 6.7% of the shares of the stock are short sold. Based on an average daily volume of 2,940,212 shares, the days-to-cover ratio is currently 6.4 days.

In related news, Director Stephen J. Luczo sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, February 20th. The stock was sold at an average price of $46.09, for a total transaction of $2,304,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Holdings L.P. Valueact bought 750,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 6th. The shares were purchased at an average cost of $45.68 per share, with a total value of $34,260,000.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 3,700,000 shares of company stock valued at $166,497,500 and have sold 120,832 shares valued at $5,541,064. Company insiders own 1.00% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Waratah Capital Advisors Ltd. acquired a new stake in shares of Seagate Technology during the 4th quarter valued at $60,000. Essex Savings Bank acquired a new stake in Seagate Technology during the fourth quarter valued at $70,000. Financial Gravity Companies Inc. acquired a new stake in Seagate Technology during the fourth quarter valued at $75,000. Certified Advisory Corp boosted its position in Seagate Technology by 17.5% during the fourth quarter. Certified Advisory Corp now owns 2,028 shares of the data storage provider’s stock valued at $78,000 after purchasing an additional 302 shares during the last quarter. Finally, Girard Partners LTD. acquired a new stake in Seagate Technology during the third quarter valued at $108,000. 94.39% of the stock is owned by institutional investors and hedge funds.

Seagate Technology stock opened at $47.68 on Friday. Seagate Technology has a 52 week low of $35.38 and a 52 week high of $62.70. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.60 and a quick ratio of 1.12. The company has a market capitalization of $13.31 billion, a P/E ratio of 8.65, a PEG ratio of 5.16 and a beta of 1.65.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Monday, February 4th. The data storage provider reported $1.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.27 by $0.14. The business had revenue of $2.72 billion during the quarter, compared to analysts’ expectations of $2.71 billion. Seagate Technology had a return on equity of 105.74% and a net margin of 14.77%. Seagate Technology’s revenue was down 6.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.48 earnings per share. Equities analysts forecast that Seagate Technology will post 4.66 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 3rd. Stockholders of record on Wednesday, March 20th will be given a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, March 19th. This represents a $2.52 annualized dividend and a dividend yield of 5.29%. Seagate Technology’s dividend payout ratio (DPR) is presently 45.74%.

Several equities analysts have recently weighed in on the stock. Zacks Investment Research restated a “hold” rating on shares of Seagate Technology in a research report on Friday, November 16th. BidaskClub lowered shares of Seagate Technology from a “buy” rating to a “hold” rating in a research report on Friday. ValuEngine upgraded shares of Seagate Technology from a “sell” rating to a “hold” rating in a report on Monday, February 4th. Maxim Group restated a “hold” rating and set a $49.00 target price (down from $51.00) on shares of Seagate Technology in a report on Tuesday, February 5th. Finally, Benchmark restated a “hold” rating on shares of Seagate Technology in a report on Tuesday, February 5th. Six equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and four have assigned a buy rating to the company. Seagate Technology has a consensus rating of “Hold” and an average price target of $45.50.

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About Seagate Technology

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It manufactures and distributes hard disk drives; solid state drives (SSDs), including serial attached small computer system interface and non-volatile memory express SSDs; solid state hybrid drives; and storage subsystems.

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