Seagate Technology PLC (NASDAQ:STX) was the recipient of a significant decline in short interest during the month of September. As of September 15th, there was short interest totalling 32,512,373 shares, a decline of 7.3% from the August 31st total of 35,057,142 shares. Based on an average trading volume of 5,236,562 shares, the days-to-cover ratio is currently 6.2 days. Approximately 11.0% of the shares of the stock are sold short.
Seagate Technology PLC (NASDAQ:STX) opened at 38.54 on Thursday. The firm’s 50-day moving average is $35.36 and its 200-day moving average is $28.93. The stock has a market cap of $11.57 billion, a P/E ratio of 47.00 and a beta of 2.50. Seagate Technology PLC has a 12 month low of $18.42 and a 12 month high of $49.50.
Seagate Technology PLC (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.09. The company had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.32 billion. Seagate Technology PLC had a net margin of 2.22% and a return on equity of 38.98%. The business’s quarterly revenue was down 9.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.77 earnings per share. On average, equities analysts forecast that Seagate Technology PLC will post $3.03 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Saturday, October 15th. Investors of record on Wednesday, September 21st will be paid a $0.63 dividend. The ex-dividend date of this dividend is Monday, September 19th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 6.54%. Seagate Technology PLC’s dividend payout ratio (DPR) is presently 307.32%.
In other Seagate Technology PLC news, CFO David H. Morton, Jr. sold 1,716 shares of Seagate Technology PLC stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $36.16, for a total transaction of $62,050.56. Following the transaction, the chief financial officer now directly owns 20,782 shares of the company’s stock, valued at $751,477.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Mark Re sold 3,082 shares of Seagate Technology PLC stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $32.50, for a total transaction of $100,165.00. Following the transaction, the senior vice president now directly owns 56,623 shares in the company, valued at $1,840,247.50. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.
Hedge funds have recently modified their holdings of the company. BNP Paribas Arbitrage SA raised its stake in shares of Seagate Technology PLC by 7.9% in the third quarter. BNP Paribas Arbitrage SA now owns 378,910 shares of the data storage provider’s stock worth $14,607,000 after buying an additional 27,813 shares during the period. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Seagate Technology PLC during the second quarter worth about $294,000. Kentucky Retirement Systems bought a new stake in shares of Seagate Technology PLC during the second quarter worth about $618,000. Mason Street Advisors LLC bought a new stake in shares of Seagate Technology PLC during the second quarter worth about $979,000. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Seagate Technology PLC by 255.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,595 shares of the data storage provider’s stock worth $209,000 after buying an additional 6,174 shares during the period. Institutional investors and hedge funds own 83.86% of the company’s stock.
A number of equities analysts have commented on STX shares. Maxim Group lifted their target price on shares of Seagate Technology PLC from $25.00 to $35.00 and gave the stock a “hold” rating in a research note on Tuesday, July 12th. Jefferies Group lifted their target price on shares of Seagate Technology PLC from $32.00 to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, September 6th. RBC Capital Markets reaffirmed a “sector perform” rating and set a $31.00 target price (up from $27.00) on shares of Seagate Technology PLC in a research note on Tuesday, August 2nd. Susquehanna reaffirmed a “neutral” rating and set a $32.00 target price (up from $30.00) on shares of Seagate Technology PLC in a research note on Friday, August 19th. Finally, Brean Capital reaffirmed a “buy” rating on shares of Seagate Technology PLC in a research note on Wednesday, June 15th. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $34.72.
Seagate Technology PLC Company Profile
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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