ValueAct Holdings L.P. lifted its holdings in shares of Seagate Technology PLC (NASDAQ:STX) by 6.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,554,360 shares of the data storage provider’s stock after acquiring an additional 2,034,200 shares during the quarter. Seagate Technology accounts for about 15.5% of ValueAct Holdings L.P.’s holdings, making the stock its 2nd largest position. ValueAct Holdings L.P. owned about 11.73% of Seagate Technology worth $1,486,841,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of the stock. Front Row Advisors LLC increased its position in Seagate Technology by 91.0% in the first quarter. Front Row Advisors LLC now owns 573 shares of the data storage provider’s stock worth $28,000 after buying an additional 273 shares during the last quarter. CWM LLC boosted its stake in Seagate Technology by 61.3% during the second quarter. CWM LLC now owns 789 shares of the data storage provider’s stock valued at $37,000 after buying an additional 300 shares during the period. Quantamental Technologies LLC bought a new stake in Seagate Technology during the second quarter valued at $39,000. Ibex Wealth Advisors bought a new stake in Seagate Technology during the second quarter valued at $61,000. Finally, Meridian Wealth Management LLC bought a new stake in Seagate Technology during the first quarter valued at $62,000. 83.61% of the stock is owned by institutional investors.
STX has been the subject of several research analyst reports. BidaskClub raised Seagate Technology from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. KeyCorp set a $58.00 price objective on Seagate Technology and gave the company a “hold” rating in a research note on Tuesday, September 10th. Cowen reissued a “market perform” rating and set a $40.00 price objective (down previously from $47.00) on shares of Seagate Technology in a research note on Monday, August 5th. Wells Fargo & Co lifted their price objective on Seagate Technology from $45.00 to $48.00 and gave the company a “market perform” rating in a research note on Friday, September 13th. Finally, Barclays initiated coverage on Seagate Technology in a research note on Wednesday, August 7th. They set an “underweight” rating and a $37.00 price objective for the company. Five investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $45.75.
Shares of STX traded down $3.82 during mid-day trading on Thursday, reaching $52.93. The company had a trading volume of 653,729 shares, compared to its average volume of 2,788,118. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.52 and a current ratio of 1.95. The firm has a 50-day moving average price of $48.97 and a 200 day moving average price of $47.32. Seagate Technology PLC has a 52 week low of $35.38 and a 52 week high of $57.20. The company has a market capitalization of $14.71 billion, a price-to-earnings ratio of 10.98, a price-to-earnings-growth ratio of 10.70 and a beta of 1.65.
Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Friday, August 2nd. The data storage provider reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.03. Seagate Technology had a return on equity of 72.07% and a net margin of 19.36%. The firm had revenue of $2.37 billion for the quarter, compared to analysts’ expectations of $2.33 billion. During the same period in the previous year, the firm posted $1.62 EPS. The business’s revenue for the quarter was down 16.4% compared to the same quarter last year. As a group, research analysts forecast that Seagate Technology PLC will post 4.3 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 9th. Stockholders of record on Wednesday, September 25th will be given a $0.63 dividend. The ex-dividend date is Tuesday, September 24th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 4.76%. Seagate Technology’s dividend payout ratio is currently 52.28%.
In related news, CEO William D. Mosley sold 90,000 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $54.31, for a total value of $4,887,900.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Stephen J. Luczo sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $47.45, for a total value of $237,250.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 130,000 shares of company stock worth $6,814,500. Insiders own 1.12% of the company’s stock.
About Seagate Technology
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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