Seagate Technology PLC (NASDAQ:STX) Short Interest Up 6.3% in July

Seagate Technology PLC (NASDAQ:STX) saw a significant increase in short interest in July. As of July 14th, there was short interest totalling 36,448,699 shares, an increase of 6.3% from the June 30th total of 34,274,497 shares. Based on an average trading volume of 5,693,335 shares, the short-interest ratio is currently 6.4 days. Approximately 12.4% of the company’s stock are sold short.

Several research firms recently weighed in on STX. Needham & Company LLC boosted their price target on shares of Seagate Technology PLC from $55.00 to $57.00 and gave the stock a “strong-buy” rating in a report on Thursday, April 27th. Craig Hallum cut shares of Seagate Technology PLC from a “buy” rating to a “hold” rating in a report on Wednesday, July 26th. BMO Capital Markets restated a “market perform” rating and set a $35.00 price target (down from $42.00) on shares of Seagate Technology PLC in a report on Wednesday, July 26th. Stifel Nicolaus restated a “hold” rating and set a $45.00 price target on shares of Seagate Technology PLC in a report on Friday, July 14th. Finally, Cowen and Company dropped their target price on shares of Seagate Technology PLC from $45.00 to $36.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 26th. Four research analysts have rated the stock with a sell rating, twenty have given a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. Seagate Technology PLC presently has an average rating of “Hold” and a consensus price target of $42.12.

In related news, CFO David H. Morton, Jr. sold 3,040 shares of the business’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $43.26, for a total transaction of $131,510.40. Following the transaction, the chief financial officer now directly owns 9,063 shares in the company, valued at $392,065.38. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Philip G. Brace purchased 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The shares were purchased at an average price of $33.34 per share, for a total transaction of $33,340.00. Following the completion of the acquisition, the insider now owns 62,855 shares of the company’s stock, valued at approximately $2,095,585.70. The disclosure for this purchase can be found here. Insiders own 1.50% of the company’s stock.

A number of large investors have recently made changes to their positions in STX. Meridian Wealth Management LLC boosted its stake in shares of Seagate Technology PLC by 7.9% in the second quarter. Meridian Wealth Management LLC now owns 8,284 shares of the data storage provider’s stock valued at $321,000 after buying an additional 604 shares in the last quarter. Ledyard National Bank boosted its stake in shares of Seagate Technology PLC by 1,318.3% in the first quarter. Ledyard National Bank now owns 4,255 shares of the data storage provider’s stock valued at $195,000 after buying an additional 3,955 shares in the last quarter. Sii Investments Inc. WI boosted its stake in shares of Seagate Technology PLC by 4.3% in the first quarter. Sii Investments Inc. WI now owns 6,465 shares of the data storage provider’s stock valued at $295,000 after buying an additional 269 shares in the last quarter. Global X Management Co. LLC boosted its stake in shares of Seagate Technology PLC by 29.2% in the first quarter. Global X Management Co. LLC now owns 3,490 shares of the data storage provider’s stock valued at $160,000 after buying an additional 789 shares in the last quarter. Finally, Suntrust Banks Inc. boosted its stake in shares of Seagate Technology PLC by 124.8% in the first quarter. Suntrust Banks Inc. now owns 55,237 shares of the data storage provider’s stock valued at $2,535,000 after buying an additional 30,668 shares in the last quarter. Institutional investors own 87.27% of the company’s stock.

Shares of Seagate Technology PLC (STX) traded down 0.44% during trading on Friday, hitting $31.37. 2,901,029 shares of the stock were exchanged. The stock has a market cap of $9.15 billion, a PE ratio of 12.16 and a beta of 1.69. Seagate Technology PLC has a 52-week low of $31.04 and a 52-week high of $50.96. The firm has a 50 day moving average of $35.51 and a 200-day moving average of $42.62.

Seagate Technology PLC (NASDAQ:STX) last released its quarterly earnings data on Tuesday, July 25th. The data storage provider reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by $0.34. Seagate Technology PLC had a net margin of 7.17% and a return on equity of 81.87%. The company had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter in the previous year, the business earned $0.69 EPS. The company’s quarterly revenue was down 9.3% on a year-over-year basis. Equities research analysts anticipate that Seagate Technology PLC will post $3.69 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 20th will be given a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 8.03%. The ex-dividend date is Tuesday, September 19th. Seagate Technology PLC’s dividend payout ratio is presently 97.67%.

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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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