Murphy Capital Management Inc. Decreases Stake in Seagate Technology PLC (STX)

Murphy Capital Management Inc. cut its stake in Seagate Technology PLC (NASDAQ:STX) by 3.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,925 shares of the data storage provider’s stock after selling 200 shares during the period. Murphy Capital Management Inc.’s holdings in Seagate Technology PLC were worth $229,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Wright Investors Service Inc. acquired a new stake in Seagate Technology PLC during the second quarter worth about $233,000. Rothschild Investment Corp IL acquired a new stake in Seagate Technology PLC during the second quarter worth about $873,000. Guardian Investment Management acquired a new stake in Seagate Technology PLC during the second quarter worth about $388,000. Cornerstone Financial Partners LLC raised its stake in Seagate Technology PLC by 4.2% in the second quarter. Cornerstone Financial Partners LLC now owns 49,294 shares of the data storage provider’s stock worth $1,914,000 after buying an additional 2,003 shares during the last quarter. Finally, Juncture Wealth Strategies LLC raised its stake in Seagate Technology PLC by 8.2% in the second quarter. Juncture Wealth Strategies LLC now owns 15,900 shares of the data storage provider’s stock worth $616,000 after buying an additional 1,200 shares during the last quarter. 87.99% of the stock is owned by institutional investors.

Seagate Technology PLC (NASDAQ STX) traded up 2.35% during trading on Friday, reaching $32.29. 5,647,213 shares of the company were exchanged. The stock has a market capitalization of $9.42 billion, a PE ratio of 12.52 and a beta of 1.69. The firm’s 50 day moving average is $36.75 and its 200 day moving average is $43.00. Seagate Technology PLC has a 52-week low of $31.35 and a 52-week high of $50.96.

Seagate Technology PLC (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, July 25th. The data storage provider reported $0.65 EPS for the quarter, missing the Zacks’ consensus estimate of $0.99 by $0.34. The company had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.56 billion. Seagate Technology PLC had a return on equity of 81.87% and a net margin of 7.17%. Seagate Technology PLC’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.69 earnings per share. Analysts expect that Seagate Technology PLC will post $3.70 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 20th will be paid a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, September 19th. This represents a $2.52 dividend on an annualized basis and a yield of 7.80%. Seagate Technology PLC’s payout ratio is currently 97.67%.

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A number of research firms have recently issued reports on STX. Zacks Investment Research raised shares of Seagate Technology PLC from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Robert W. Baird reaffirmed a “neutral” rating and set a $38.00 target price (down previously from $45.00) on shares of Seagate Technology PLC in a report on Wednesday, July 26th. Mizuho dropped their target price on shares of Seagate Technology PLC from $41.00 to $36.00 and set a “neutral” rating for the company in a report on Tuesday, July 25th. Morgan Stanley reaffirmed an “equal weight” rating and set a $32.00 target price (down previously from $37.00) on shares of Seagate Technology PLC in a report on Wednesday, July 26th. Finally, UBS AG reaffirmed a “sell” rating and set a $28.00 target price (down previously from $34.00) on shares of Seagate Technology PLC in a report on Wednesday, July 26th. Four analysts have rated the stock with a sell rating, twenty-one have given a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. Seagate Technology PLC currently has an average rating of “Hold” and a consensus price target of $42.12.

In other news, Director Chong Sup Park sold 3,809 shares of the stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $43.63, for a total value of $166,186.67. Following the completion of the transaction, the director now owns 11,753 shares of the company’s stock, valued at $512,783.39. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO David H. Morton, Jr. sold 3,040 shares of the stock in a transaction on Friday, June 9th. The stock was sold at an average price of $43.26, for a total value of $131,510.40. Following the completion of the transaction, the chief financial officer now directly owns 9,063 shares of the company’s stock, valued at approximately $392,065.38. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,456 shares of company stock valued at $715,313. 1.50% of the stock is owned by company insiders.

About Seagate Technology PLC

Seagate Technology public limited company is a provider of electronic data storage technology and solutions. The Company’s principal products are hard disk drives (HDDs). In addition to HDDs, it produces a range of electronic data storage products, including solid state hybrid drives, solid state drives, peripheral component interconnect express (PCIe) cards and serial advanced technology architecture (SATA) controllers.

Institutional Ownership by Quarter for Seagate Technology PLC (NASDAQ:STX)

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