Symantec Co. (SYMC) Sees Significant Increase in Short Interest

Symantec Co. (NASDAQ:SYMC) was the target of a large growth in short interest in the month of September. As of September 14th, there was short interest totalling 17,642,921 shares, a growth of 26.8% from the August 31st total of 13,909,039 shares. Approximately 2.9% of the company’s shares are short sold. Based on an average daily trading volume, of 5,111,792 shares, the days-to-cover ratio is presently 3.5 days.

Several hedge funds and other institutional investors have recently made changes to their positions in SYMC. Morgan Stanley grew its holdings in shares of Symantec by 154.9% in the 2nd quarter. Morgan Stanley now owns 9,064,682 shares of the technology company’s stock valued at $187,185,000 after acquiring an additional 5,508,428 shares in the last quarter. CI Global Investments Inc. grew its holdings in shares of Symantec by 21.6% in the 1st quarter. CI Global Investments Inc. now owns 16,695,036 shares of the technology company’s stock valued at $431,567,000 after acquiring an additional 2,962,563 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of Symantec by 2,196.5% in the 2nd quarter. SG Americas Securities LLC now owns 2,705,441 shares of the technology company’s stock valued at $55,867,000 after acquiring an additional 2,587,635 shares in the last quarter. Select Equity Group L.P. grew its holdings in shares of Symantec by 235.4% in the 1st quarter. Select Equity Group L.P. now owns 3,419,940 shares of the technology company’s stock valued at $88,405,000 after acquiring an additional 2,400,183 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Symantec by 59.0% in the 2nd quarter. First Trust Advisors LP now owns 6,116,614 shares of the technology company’s stock valued at $126,308,000 after acquiring an additional 2,268,620 shares in the last quarter. Institutional investors own 92.08% of the company’s stock.

SYMC stock opened at $21.26 on Friday. The stock has a market cap of $13.18 billion, a price-to-earnings ratio of 22.11, a PEG ratio of 2.98 and a beta of 0.65. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.16 and a quick ratio of 1.15. Symantec has a 1 year low of $17.81 and a 1 year high of $33.92.

Symantec (NASDAQ:SYMC) last released its earnings results on Thursday, August 2nd. The technology company reported $0.34 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.01. The firm had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Symantec had a return on equity of 14.54% and a net margin of 25.52%. The company’s revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.33 EPS. sell-side analysts forecast that Symantec will post 0.9 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 12th. Shareholders of record on Monday, August 20th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date of this dividend was Friday, August 17th. Symantec’s dividend payout ratio (DPR) is presently 31.58%.

SYMC has been the topic of several research analyst reports. BidaskClub downgraded Symantec from a “hold” rating to a “sell” rating in a research note on Thursday, August 2nd. Barclays dropped their price objective on Symantec from $23.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Monday, August 6th. Susquehanna Bancshares raised Symantec from a “neutral” rating to a “positive” rating and raised their price objective for the stock from $21.00 to $23.00 in a research note on Tuesday, August 21st. Evercore ISI reaffirmed a “hold” rating and set a $22.00 price objective on shares of Symantec in a research note on Monday, September 17th. Finally, UBS Group raised Symantec from a “neutral” rating to a “positive” rating in a research note on Tuesday, August 21st. Three investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $24.71.

Symantec Company Profile

Symantec Corporation, together with its subsidiaries, provides cybersecurity solutions worldwide. It operates through two segments, Consumer Digital Safety and Enterprise Security. The Consumer Digital Safety segment provides Norton-branded services that provide multi-layer security services across desktop and mobile operating systems, public Wi-Fi connections, and home networks to defend against online threats to individuals, families, and small businesses.

Featured Story: What Is An Exchange-Traded Fund (ETF)?

Receive News & Ratings for Symantec Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Symantec and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply