David Einhorn Positive On Seagate Technology (STX), Establishes "Medium Sized Long"
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Shares of Seagate Technology PLC (NYSE: STX) are slightly higher after Greenlight Capital's David Einhorn told investors of his "medium sized long position" in the stock.
Einhron noted that following 2 transactions in the sector the industry will have 3 versus the current 5 major players, which will increase operating stability. He also notes management has a large equity interest in the company and is focused on shareholder returns. The company has repurchased $710 billion in stock in the last two quarters and has $1.6 billion remaining in its buyback authorization. The company also initiated a $0.18 qtr dividend, suggesting a 4.5% yield. Einhorn estimates $3 per share in earnings power.
Einhorn didn't' disclose the size of the potion, which was new at 3,268,957 shares at the end of the first quarter, according to data at StreetInsider.com's Hedge Fund Insider.
Einhorn Q2 letter was posted at Zerohedge.com
Einhron noted that following 2 transactions in the sector the industry will have 3 versus the current 5 major players, which will increase operating stability. He also notes management has a large equity interest in the company and is focused on shareholder returns. The company has repurchased $710 billion in stock in the last two quarters and has $1.6 billion remaining in its buyback authorization. The company also initiated a $0.18 qtr dividend, suggesting a 4.5% yield. Einhorn estimates $3 per share in earnings power.
Einhorn didn't' disclose the size of the potion, which was new at 3,268,957 shares at the end of the first quarter, according to data at StreetInsider.com's Hedge Fund Insider.
Einhorn Q2 letter was posted at Zerohedge.com
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