Seagate Technology PLC (NASDAQ:STX) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totalling 14,692,200 shares, a drop of 13.3% from the July 31st total of 16,954,000 shares. Approximately 5.5% of the company’s stock are short sold. Based on an average daily volume of 2,690,000 shares, the short-interest ratio is presently 5.5 days.
A number of equities analysts have commented on STX shares. Wells Fargo & Co lifted their target price on Seagate Technology from $45.00 to $48.00 and gave the company a “market perform” rating in a research note on Friday. Wedbush began coverage on Seagate Technology in a report on Wednesday, June 26th. They issued a “neutral” rating and a $35.00 price target on the stock. They noted that the move was a valuation call. Cleveland Research assumed coverage on shares of Seagate Technology in a research report on Friday, June 7th. They set a “hold” rating on the stock. Barclays assumed coverage on shares of Seagate Technology in a report on Wednesday, August 7th. They set an “underweight” rating and a $37.00 price target on the stock. Finally, Benchmark restated a “buy” rating and set a $55.00 price target (down from $57.00) on shares of Seagate Technology in a report on Monday, August 5th. Five investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have issued a buy rating to the company. Seagate Technology has an average rating of “Hold” and an average target price of $45.75.
Shares of NASDAQ:STX traded down $0.27 during midday trading on Friday, hitting $56.03. The stock had a trading volume of 236,305 shares, compared to its average volume of 2,732,524. The company has a market capitalization of $14.89 billion, a P/E ratio of 11.62, a price-to-earnings-growth ratio of 10.63 and a beta of 1.65. The company has a quick ratio of 1.52, a current ratio of 1.95 and a debt-to-equity ratio of 1.97. The company’s 50-day moving average price is $47.99 and its 200-day moving average price is $47.05. Seagate Technology has a fifty-two week low of $35.38 and a fifty-two week high of $57.01.
Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Friday, August 2nd. The data storage provider reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.03. The company had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.33 billion. Seagate Technology had a net margin of 19.36% and a return on equity of 72.07%. The firm’s revenue was down 16.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.62 EPS. Research analysts expect that Seagate Technology will post 4.3 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 9th. Investors of record on Wednesday, September 25th will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 4.50%. The ex-dividend date of this dividend is Tuesday, September 24th. Seagate Technology’s dividend payout ratio (DPR) is presently 52.28%.
In related news, CEO William D. Mosley sold 90,000 shares of Seagate Technology stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $54.31, for a total value of $4,887,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephen J. Luczo sold 5,000 shares of Seagate Technology stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $47.45, for a total value of $237,250.00. The disclosure for this sale can be found here. Insiders sold 125,000 shares of company stock valued at $6,538,050 over the last quarter. Insiders own 1.00% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. Covington Capital Management bought a new stake in Seagate Technology during the 2nd quarter worth approximately $26,000. Front Row Advisors LLC grew its holdings in Seagate Technology by 91.0% during the 1st quarter. Front Row Advisors LLC now owns 573 shares of the data storage provider’s stock worth $28,000 after acquiring an additional 273 shares during the last quarter. CWM LLC grew its holdings in Seagate Technology by 61.3% during the 2nd quarter. CWM LLC now owns 789 shares of the data storage provider’s stock worth $37,000 after acquiring an additional 300 shares during the last quarter. HM Payson & Co. bought a new stake in Seagate Technology during the 2nd quarter worth approximately $38,000. Finally, Quantamental Technologies LLC bought a new stake in Seagate Technology during the 2nd quarter worth approximately $39,000. 83.74% of the stock is currently owned by institutional investors.
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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