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

Seagate Technology PLC (NASDAQ:STX) was the target of a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 23,167,168 shares, a drop of 8.7% from the January 15th total of 25,377,314 shares. Currently, 8.2% of the company’s shares are sold short. Based on an average trading volume of 4,122,153 shares, the days-to-cover ratio is presently 5.6 days.

In other Seagate Technology news, Director Holdings L.P. Valueact acquired 725,000 shares of the business’s stock in a transaction dated Friday, February 8th. The shares were purchased at an average cost of $44.60 per share, for a total transaction of $32,335,000.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Valueact Capital Master Fund, acquired 371,086 shares of the business’s stock in a transaction dated Friday, November 23rd. The stock was acquired at an average price of $41.84 per share, for a total transaction of $15,526,238.24. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 5,219,295 shares of company stock worth $229,489,191. 1.00% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc lifted its stake in shares of Seagate Technology by 1.3% in the 3rd quarter. Vanguard Group Inc now owns 31,122,744 shares of the data storage provider’s stock valued at $1,473,662,000 after purchasing an additional 400,201 shares during the period. ValueAct Holdings L.P. raised its stake in Seagate Technology by 17.8% during 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 buying an additional 3,991,865 shares during the last quarter. BlackRock Inc. raised its stake in Seagate Technology by 0.7% during the fourth quarter. BlackRock Inc. now owns 19,513,940 shares of the data storage provider’s stock valued at $753,044,000 after buying an additional 142,543 shares during the last quarter. Waratah Capital Advisors Ltd. purchased a new position in Seagate Technology during the fourth quarter valued at $60,000. Finally, LSV Asset Management raised its stake in Seagate Technology by 0.5% during the third quarter. LSV Asset Management now owns 6,282,889 shares of the data storage provider’s stock valued at $297,494,000 after buying an additional 32,200 shares during the last quarter. Institutional investors own 92.82% of the company’s stock.

A number of equities research analysts have recently weighed in on STX shares. Zacks Investment Research reiterated a “hold” rating on shares of Seagate Technology in a research report on Friday, November 16th. Royal Bank of Canada reiterated a “hold” rating and issued a $42.00 price objective on shares of Seagate Technology in a research report on Wednesday, January 2nd. Mizuho reiterated a “neutral” rating on shares of Seagate Technology in a research report on Tuesday, February 5th. ValuEngine lowered Seagate Technology from a “sell” rating to a “strong sell” rating in a research report on Thursday, January 17th. Finally, Wells Fargo & Co cut their price objective 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. Six analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $47.01.

STX opened at $45.74 on Thursday. The company has a market capitalization of $12.90 billion, a PE ratio of 8.30, a PEG ratio of 0.78 and a beta of 1.61. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.60 and a quick ratio of 1.12. Seagate Technology has a 52 week low of $35.38 and a 52 week high of $62.70.

Seagate Technology (NASDAQ:STX) last released its earnings results on Monday, February 4th. The data storage provider reported $1.41 EPS for the quarter, beating the Zacks’ consensus estimate of $1.27 by $0.14. The company 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%. The firm’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.48 EPS. As a group, research analysts expect that Seagate Technology will post 4.66 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 3rd. Stockholders of record on Wednesday, March 20th will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 5.51%. The ex-dividend date of this dividend is Tuesday, March 19th. Seagate Technology’s payout ratio is presently 45.74%.

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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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