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

Seagate Technology PLC (NASDAQ:STX) saw a significant drop in short interest in the month of 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. Based on an average daily volume of 2,940,212 shares, the short-interest ratio is presently 6.4 days. Currently, 6.7% of the shares of the stock are sold short.

STX has been the topic of several research reports. BidaskClub downgraded Seagate Technology from a “buy” rating to a “hold” rating in a research report on Friday. BMO Capital Markets decreased their target price on Seagate Technology to $41.00 and set a “market perform” rating on the stock in a research report on Tuesday, February 5th. Craig Hallum decreased their target price on Seagate Technology from $47.00 to $41.00 and set a “hold” rating on the stock in a research report on Tuesday, February 5th. Wells Fargo & Co decreased their target price on Seagate Technology from $50.00 to $45.00 and set a “market perform” rating on the stock in a research report on Tuesday, February 5th. Finally, Maxim Group restated a “hold” rating and issued a $49.00 target price (down previously from $51.00) on shares of Seagate Technology in a research report on Tuesday, February 5th. Six analysts have rated the stock with a sell rating, seventeen have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $45.50.

Shares of Seagate Technology stock opened at $47.19 on Friday. Seagate Technology has a one year low of $35.38 and a one year high of $62.70. The company has a market cap of $13.31 billion, a P/E ratio of 8.56, a P/E/G ratio of 5.16 and a beta of 1.65. The company has a current ratio of 1.60, a quick ratio of 1.12 and a debt-to-equity ratio of 2.24.

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

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 3rd. Investors of record on Wednesday, March 20th will be given a dividend of $0.63 per share. The ex-dividend date is Tuesday, March 19th. This represents a $2.52 dividend on an annualized basis and a yield of 5.34%. Seagate Technology’s payout ratio is 45.74%.

In other Seagate Technology news, Director Holdings L.P. Valueact acquired 725,000 shares of the company’s stock in a transaction on Friday, February 8th. The shares were bought at an average cost of $44.60 per share, with a total value of $32,335,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP James J. Murphy sold 20,832 shares of the firm’s stock in a transaction that occurred on Thursday, February 14th. The shares were sold at an average price of $45.75, for a total value of $953,064.00. The disclosure for this sale can be found here. Over the last three months, insiders acquired 3,700,000 shares of company stock worth $166,497,500 and sold 120,832 shares worth $5,541,064. 1.00% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in STX. Waratah Capital Advisors Ltd. purchased a new position in Seagate Technology during the fourth quarter worth approximately $60,000. Oregon Public Employees Retirement Fund raised its position in Seagate Technology by 4,150.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 5,394,728 shares of the data storage provider’s stock valued at $140,000 after purchasing an additional 5,267,808 shares during the period. ValueAct Holdings L.P. raised its position in Seagate Technology by 17.8% in the third quarter. ValueAct Holdings L.P. now owns 26,396,565 shares of the data storage provider’s stock valued at $1,249,877,000 after purchasing an additional 3,991,865 shares during the period. Norges Bank purchased a new stake in Seagate Technology in the fourth quarter valued at $110,985,000. Finally, AQR Capital Management LLC raised its position in Seagate Technology by 139.5% in the third quarter. AQR Capital Management LLC now owns 4,181,391 shares of the data storage provider’s stock valued at $197,989,000 after purchasing an additional 2,435,580 shares during the period. Hedge funds and other institutional investors own 94.39% of the company’s stock.

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Seagate Technology Company Profile

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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