Canaccord Genuity Morning Coffee on Seagate Technology (STX): I Sea Green
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Price: $851.28 +2.25%
Rating Summary:
30 Buy, 18 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 12 | New: 20
Rating Summary:
30 Buy, 18 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 12 | New: 20
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Canaccord Genuity Morning Coffee on Seagate Technology (NASDAQ: STX): I sea green.
Shares of Seagate Technology got a lift (yesterday) after Greenlight Capital, the hedge fund run by David Einhorn unveiled a big boost in its position in the computer hardware maker, riding on gains his funds made from Seagate in Q1. In a regulatory filing, Greenlight reported owning 23.1 million shares, or 5.4%, of Seagate's outstanding common stock, as of June 1. That's up from 14.5 million shares, or 3.4%, as of March 31. The move wasn't exactly unexpected as Einhorn praised Seagate in Greenlight's annual investor letter released last month, saying the company was expecting increased revenue because it would be able to charge higher prices on its hardware sales due to a recent shortage in the industry, and that an imminent stock repurchasing program would increase earnings per share in the future. Greenlight said it expects Seagate's earnings to reach $10 to $15 a share in 2012 and also argued that Seagate's share price remained at a very low multiple of both near-term and long-term earnings.
This morning, shares are trading up again, currently at $23.88, up $0.69 (+2.98%).
Shares of Seagate Technology got a lift (yesterday) after Greenlight Capital, the hedge fund run by David Einhorn unveiled a big boost in its position in the computer hardware maker, riding on gains his funds made from Seagate in Q1. In a regulatory filing, Greenlight reported owning 23.1 million shares, or 5.4%, of Seagate's outstanding common stock, as of June 1. That's up from 14.5 million shares, or 3.4%, as of March 31. The move wasn't exactly unexpected as Einhorn praised Seagate in Greenlight's annual investor letter released last month, saying the company was expecting increased revenue because it would be able to charge higher prices on its hardware sales due to a recent shortage in the industry, and that an imminent stock repurchasing program would increase earnings per share in the future. Greenlight said it expects Seagate's earnings to reach $10 to $15 a share in 2012 and also argued that Seagate's share price remained at a very low multiple of both near-term and long-term earnings.
This morning, shares are trading up again, currently at $23.88, up $0.69 (+2.98%).
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