Photo: Screenshot from CNBC
David Einhorn’s Greenlight Capital unveiled a big boost in its position in computer hardware maker Seagate Technology, and as expected with Einhorn’s magic touch—the stock is rallying.Greenlight’s latest 13-F from May reported that he owned 14.5 million shares of the company, but Seagate just revealed in a new filing that Greenlight has increased their position to 23 million shares [h/t MarketWatch]. That’s about 5.4% of the company.
Although Seagate’s stock closed down for the day, the new filing has sent shares up in after-market trading. It is now up 2.5%.
The move wasn’t exactly unexpected, 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.