Stoneridge Investment Partners LLC Boosts Position in Seagate Technology PLC (STX)
Stoneridge Investment Partners LLC raised its position in Seagate Technology PLC (NASDAQ:STX) by 106.6% during the second quarter, Holdings Channel reports. The institutional investor owned 115,302 shares of the data storage provider’s stock after buying an additional 59,499 shares during the period. Stoneridge Investment Partners LLC’s holdings in Seagate Technology PLC were worth $2,809,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of STX. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in shares of Seagate Technology PLC during the first quarter worth $214,000. CIBC World Markets Inc. raised its stake in shares of Seagate Technology PLC by 6.8% in the first quarter. CIBC World Markets Inc. now owns 34,916 shares of the data storage provider’s stock worth $1,203,000 after buying an additional 2,223 shares during the period. IFP Advisors Inc raised its stake in shares of Seagate Technology PLC by 76.8% in the first quarter. IFP Advisors Inc now owns 11,356 shares of the data storage provider’s stock worth $391,000 after buying an additional 4,932 shares during the period. Virginia Retirement System purchased a new stake in shares of Seagate Technology PLC during the first quarter worth $3,333,000. Finally, Nisa Investment Advisors L.L.C. raised its stake in shares of Seagate Technology PLC by 6.8% in the first quarter. Nisa Investment Advisors L.L.C. now owns 20,350 shares of the data storage provider’s stock worth $701,000 after buying an additional 1,300 shares during the period. 83.96% of the stock is owned by hedge funds and other institutional investors.
Shares of Seagate Technology PLC (NASDAQ:STX) traded down 1.17% during trading on Tuesday, hitting $35.53. The company’s stock had a trading volume of 2,624,883 shares. The company has a 50-day moving average price of $33.48 and a 200-day moving average price of $28.68. Seagate Technology PLC has a one year low of $18.42 and a one year high of $49.50. The stock has a market cap of $10.66 billion, a PE ratio of 43.33 and a beta of 2.46.
Seagate Technology PLC (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.09. The company had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.32 billion. Seagate Technology PLC had a return on equity of 38.98% and a net margin of 2.22%. The business’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.77 earnings per share. Equities analysts predict that Seagate Technology PLC will post $3.03 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Saturday, October 15th. Investors of record on Wednesday, September 21st will be issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 7.09%. The ex-dividend date of this dividend is Monday, September 19th. Seagate Technology PLC’s dividend payout ratio is currently 307.32%.
STX has been the subject of a number of research analyst reports. Craig Hallum lifted their target price on Seagate Technology PLC from $37.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, September 7th. Vetr raised Seagate Technology PLC from a “strong sell” rating to a “sell” rating and set a $31.33 target price for the company in a research report on Tuesday, September 6th. Bank of America Corp. reaffirmed a “sell” rating and set a $28.00 target price on shares of Seagate Technology PLC in a research report on Tuesday, September 13th. Goldman Sachs Group Inc. lifted their target price on Seagate Technology PLC from $29.00 to $36.00 and gave the company a “neutral” rating in a research report on Monday, September 12th. Finally, RBC Capital Markets lifted their target price on Seagate Technology PLC from $31.00 to $34.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 31st. Three analysts have rated the stock with a sell rating, twenty-one have given a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $34.03.
In related news, SVP Mark Re sold 3,082 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $32.50, for a total transaction of $100,165.00. Following the transaction, the senior vice president now owns 56,623 shares of the company’s stock, valued at $1,840,247.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO David H. Morton, Jr. sold 1,716 shares of the firm’s stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $36.16, for a total value of $62,050.56. Following the transaction, the chief financial officer now directly owns 20,782 shares in the company, valued at approximately $751,477.12. The disclosure for this sale can be found here. Corporate insiders own 1.28% of the company’s stock.
Seagate Technology PLC Company Profile
Seagate Technology plc (Seagate) is a provider of electronic data storage products. The Company’s products are hard disk drives (HDD). The Company produces a range of electronic data storage products, including solid state hybrid drives (SSHD), solid state drives (SSD), peripheral component interconnect express (PCIe) cards and Serial AT Attachment (SATA) controllers.
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