An extremely strange day for Seagate

Manivest has invested in Seagate Technologies (STX) since mid 2015, which means we have followed the stock down from above 50 USD to 18 USD and back above 32 USD. We have added significantly to our portfolio over this time period. Today the company reported its 4th quarter result, beating the streets estimates and trading 3% higher when the market opened. Influenced by global turmoil however the stock traded almost 6% lower in afternoon trading.

We are still long in Seagate, and believe the latest restructuring of the company combined with continous strong dividends (0.63 USD declared for the quarter) will make the stock go higher. We also believe that storage demand especially in datacenter applications will continue to grow, and that PC sales will increase in 2017. Our target is 40 USD in 2016, and we remain bullish.