Short Interest in Seagate Technology PLC (STX) Rises By 8.6%

Seagate Technology PLC (NASDAQ:STX) saw a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 32,146,426 shares, a growth of 8.6% from the May 31st total of 29,602,537 shares. Approximately 10.9% of the company’s stock are sold short. Based on an average daily volume of 3,762,200 shares, the short-interest ratio is currently 8.5 days.

In other Seagate Technology PLC news, SVP Mark Re sold 9,607 shares of the stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $43.47, for a total value of $417,616.29. Following the transaction, the senior vice president now directly owns 40,470 shares in the company, valued at $1,759,230.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO David H. Morton, Jr. sold 3,040 shares of the stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $43.26, for a total value of $131,510.40. Following the completion of the sale, the chief financial officer now directly owns 9,063 shares of the company’s stock, valued at $392,065.38. The disclosure for this sale can be found here. Insiders sold 16,456 shares of company stock worth $715,313 over the last quarter. 1.50% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. raised its position in Seagate Technology PLC by 3,179.5% in the first quarter. BlackRock Inc. now owns 18,336,509 shares of the data storage provider’s stock valued at $842,196,000 after buying an additional 17,777,387 shares during the last quarter. Norges Bank acquired a new position in Seagate Technology PLC during the fourth quarter valued at $122,042,000. Prudential Financial Inc. raised its position in Seagate Technology PLC by 355.8% in the first quarter. Prudential Financial Inc. now owns 2,603,387 shares of the data storage provider’s stock valued at $119,573,000 after buying an additional 2,032,271 shares during the last quarter. Renaissance Technologies LLC raised its position in Seagate Technology PLC by 1,387.8% in the first quarter. Renaissance Technologies LLC now owns 1,292,893 shares of the data storage provider’s stock valued at $59,383,000 after buying an additional 1,205,993 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in Seagate Technology PLC by 3.8% in the first quarter. Vanguard Group Inc. now owns 31,119,928 shares of the data storage provider’s stock valued at $1,429,338,000 after buying an additional 1,132,336 shares during the last quarter. 86.75% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts have recently weighed in on STX shares. BTIG Research reissued a “buy” rating and issued a $55.00 price objective on shares of Seagate Technology PLC in a report on Thursday, April 6th. Longbow Research raised Seagate Technology PLC from a “neutral” rating to a “buy” rating and increased their price target for the stock from $18.42 to $55.00 in a report on Tuesday, April 11th. Susquehanna Bancshares Inc reaffirmed a “neutral” rating on shares of Seagate Technology PLC in a report on Wednesday, April 12th. Cowen and Company reaffirmed a “market perform” rating and set a $45.00 price target (down from $46.00) on shares of Seagate Technology PLC in a report on Wednesday, April 26th. Finally, Royal Bank Of Canada decreased their price target on Seagate Technology PLC from $50.00 to $45.00 and set a “sector perform” rating for the company in a report on Thursday, April 27th. Four equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $42.12.

Shares of Seagate Technology PLC (NASDAQ:STX) traded up 0.15% during mid-day trading on Friday, reaching $32.61. The company’s stock had a trading volume of 7,865,473 shares. The company has a market capitalization of $9.52 billion, a PE ratio of 12.64 and a beta of 1.73. Seagate Technology PLC has a 52-week low of $30.09 and a 52-week high of $50.96. The firm’s 50 day moving average is $39.26 and its 200-day moving average is $43.32.

Seagate Technology PLC (NASDAQ:STX) last announced its earnings results on Tuesday, July 25th. The data storage provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by $0.34. The company had revenue of $2.41 billion for the quarter, compared to analyst estimates of $2.56 billion. Seagate Technology PLC had a return on equity of 81.87% and a net margin of 7.17%. The firm’s revenue for the quarter was down 9.3% on a year-over-year basis. During the same period last year, the firm earned $0.69 earnings per share. Analysts forecast that Seagate Technology PLC will post $3.70 EPS for the current 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 dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 7.73%. The ex-dividend date is Tuesday, September 19th. Seagate Technology PLC’s payout ratio is 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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