Stocks: Short Interest in Seagate Technology PLC (STX) Decreases By 3.7%

Stocks: Short Interest in Seagate Technology PLC (STX) Decreases By 3.7%

Seagate Technology PLC (NASDAQ:STX) saw a significant drop in short interest during the month of December. As of December 15th, there was short interest totalling 37,000,301 shares, a drop of 3.7% from the November 30th total of 38,428,693 shares. Based on an average daily volume of 4,476,078 shares, the short-interest ratio is presently 8.3 days. Approximately 12.7% of the shares of the company are short sold.

Seagate Technology PLC (NASDAQ:STX) opened at 38.17 on Friday. The stock’s 50 day moving average price is $39.09 and its 200 day moving average price is $33.79. Seagate Technology PLC has a 12-month low of $18.42 and a 12-month high of $41.45. The company has a market cap of $11.24 billion, a PE ratio of 30.22 and a beta of 2.05.

Seagate Technology PLC (NASDAQ:STX) last posted its earnings results on Wednesday, October 19th. The data storage provider reported $0.99 EPS for the quarter, beating the consensus estimate of $0.79 by $0.20. The firm earned $2.80 billion during the quarter, compared to the consensus estimate of $2.79 billion. Seagate Technology PLC had a return on equity of 49.42% and a net margin of 3.45%. The business’s quarterly revenue was down 4.4% on a year-over-year basis. During the same period last year, the company earned $0.54 earnings per share. Equities research analysts anticipate that Seagate Technology PLC will post $3.77 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 4th. Shareholders of record on Wednesday, December 21st will be given a $0.63 dividend. The ex-dividend date is Monday, December 19th. This represents a $2.52 annualized dividend and a yield of 6.60%. Seagate Technology PLC’s dividend payout ratio is presently 200.00%.

A number of institutional investors have recently bought and sold shares of the stock. Spirit of America Management Corp NY purchased a new position in Seagate Technology PLC during the third quarter valued at approximately $104,000. Seven Bridges Advisors LLC purchased a new position in Seagate Technology PLC during the third quarter valued at approximately $107,000. Ropes Wealth Advisors LLC increased its position in Seagate Technology PLC by 448.6% in the third quarter. Ropes Wealth Advisors LLC now owns 2,787 shares of the data storage provider’s stock valued at $107,000 after buying an additional 2,279 shares in the last quarter. Balentine LLC purchased a new position in Seagate Technology PLC during the third quarter valued at approximately $110,000. Finally, Glenmede Trust Co. NA increased its position in Seagate Technology PLC by 30.2% in the second quarter. Glenmede Trust Co. NA now owns 4,650 shares of the data storage provider’s stock valued at $113,000 after buying an additional 1,079 shares in the last quarter. Hedge funds and other institutional investors own 94.47% of the company’s stock.

Several brokerages have commented on STX. Stifel Nicolaus reiterated a “hold” rating and set a $35.00 price target on shares of Seagate Technology PLC in a report on Tuesday, September 13th. Needham & Company LLC reissued a “buy” rating on shares of Seagate Technology PLC in a research report on Thursday, October 20th. Morgan Stanley reissued an “equal weight” rating and issued a $36.00 price objective (up from $30.00) on shares of Seagate Technology PLC in a research report on Wednesday, October 12th. Bank of America Corporation reissued a “sell” rating and issued a $28.00 price objective on shares of Seagate Technology PLC in a research report on Tuesday, September 13th. Finally, Susquehanna reissued a “neutral” rating and issued a $38.00 price objective (up from $35.00) on shares of Seagate Technology PLC in a research report on Saturday, October 22nd. One analyst has 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 stock. The company currently has a consensus rating of “Hold” and a consensus price target of $38.77.

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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