Wright Investors Service Inc. increased its stake in Seagate Technology PLC (NASDAQ:STX) by 6.4% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,862 shares of the data storage provider’s stock after acquiring an additional 411 shares during the quarter. Wright Investors Service Inc.’s holdings in Seagate Technology were worth $323,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Sigma Planning Corp grew its stake in Seagate Technology by 9.1% in the second quarter. Sigma Planning Corp now owns 4,646 shares of the data storage provider’s stock valued at $219,000 after purchasing an additional 388 shares in the last quarter. TRUE Private Wealth Advisors purchased a new position in Seagate Technology in the second quarter valued at about $176,000. Advisory Services Network LLC grew its stake in Seagate Technology by 13.5% in the second quarter. Advisory Services Network LLC now owns 16,021 shares of the data storage provider’s stock valued at $755,000 after purchasing an additional 1,903 shares in the last quarter. Coastal Investment Advisors Inc. grew its stake in Seagate Technology by 75.9% in the second quarter. Coastal Investment Advisors Inc. now owns 2,934 shares of the data storage provider’s stock valued at $139,000 after purchasing an additional 1,266 shares in the last quarter. Finally, Wedbush Securities Inc. grew its stake in Seagate Technology by 3.7% in the second quarter. Wedbush Securities Inc. now owns 9,945 shares of the data storage provider’s stock valued at $469,000 after purchasing an additional 359 shares in the last quarter. Institutional investors and hedge funds own 87.90% of the company’s stock.
A number of analysts have weighed in on the company. Barclays assumed coverage on Seagate Technology in a research report on Wednesday, August 7th. They issued an “underweight” rating and a $37.00 price target for the company. Goldman Sachs Group set a $37.00 price target on Seagate Technology and gave the stock a “sell” rating in a research report on Sunday, July 21st. Wedbush assumed coverage on Seagate Technology in a research report on Wednesday, June 26th. They issued a “neutral” rating and a $35.00 price target for the company. They noted that the move was a valuation call. Argus raised Seagate Technology from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a research report on Friday, May 3rd. Finally, Benchmark reaffirmed a “buy” rating and issued a $55.00 price target (down previously from $57.00) on shares of Seagate Technology in a research report on Monday, August 5th. Six equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have assigned a buy rating to the company’s stock. Seagate Technology currently has an average rating of “Hold” and a consensus price target of $44.95.
In related news, Director Stephen J. Luczo sold 5,000 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $47.45, for a total transaction of $237,250.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Stephen J. Luczo sold 10,000 shares of the firm’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $47.00, for a total value of $470,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 25,000 shares of company stock worth $1,180,150 in the last ninety days. 1.00% of the stock is currently owned by company insiders.
Shares of STX stock traded up $1.48 during trading hours on Friday, reaching $46.06. The company had a trading volume of 153,624 shares, compared to its average volume of 2,639,157. The company has a 50 day moving average of $46.69 and a 200 day moving average of $46.49. The company has a debt-to-equity ratio of 1.97, a current ratio of 1.95 and a quick ratio of 1.52. The firm has a market cap of $12.25 billion, a price-to-earnings ratio of 9.55, a P/E/G ratio of 8.38 and a beta of 1.70. Seagate Technology PLC has a 1-year low of $35.38 and a 1-year high of $57.20.
Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Friday, August 2nd. The data storage provider reported $0.86 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.83 by $0.03. The company had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.33 billion. Seagate Technology had a return on equity of 72.07% and a net margin of 19.36%. The firm’s quarterly revenue was down 16.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.62 EPS. As a group, sell-side analysts forecast that Seagate Technology PLC will post 4.52 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 9th. Investors of record on Wednesday, September 25th will be paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 5.47%. The ex-dividend date is Tuesday, September 24th. Seagate Technology’s payout ratio is presently 52.28%.
Seagate Technology Company Profile
Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It manufactures and distributes hard disk drives; solid state drives (SSDs), including serial attached small computer system interface and non-volatile memory express SSDs; solid state hybrid drives; and storage subsystems.
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