Regent Investment Management LLC Lowers Stake in Seagate Technology PLC (STX)
Regent Investment Management LLC lowered its stake in shares of Seagate Technology PLC (NASDAQ:STX) by 40.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 11,200 shares of the data storage provider’s stock after selling 7,500 shares during the period. Regent Investment Management LLC’s holdings in Seagate Technology PLC were worth $514,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently bought and sold shares of the stock. Seven Bridges Advisors LLC acquired a new position in Seagate Technology PLC during the third quarter valued at about $107,000. Ropes Wealth Advisors LLC raised its position in Seagate Technology PLC by 448.6% in the third quarter. Ropes Wealth Advisors LLC now owns 2,787 shares of the data storage provider’s stock valued at $107,000 after buying an additional 2,279 shares during the last quarter. Balentine LLC acquired a new position in Seagate Technology PLC during the third quarter valued at about $110,000. Mascoma Wealth Management LLC acquired a new position in Seagate Technology PLC during the fourth quarter valued at about $120,000. Finally, Winslow Evans & Crocker Inc. raised its position in Seagate Technology PLC by 12.4% in the first quarter. Winslow Evans & Crocker Inc. now owns 2,726 shares of the data storage provider’s stock valued at $125,000 after buying an additional 300 shares during the last quarter. 90.47% of the stock is currently owned by institutional investors and hedge funds.
Shares of Seagate Technology PLC (NASDAQ:STX) traded down 1.24% on Tuesday, reaching $47.89. 1,593,696 shares of the company traded hands. The company has a 50-day moving average of $46.98 and a 200-day moving average of $41.28. Seagate Technology PLC has a 1-year low of $18.42 and a 1-year high of $49.79. The stock has a market capitalization of $14.14 billion, a price-to-earnings ratio of 27.94 and a beta of 1.93.
Seagate Technology PLC (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, January 24th. The data storage provider reported $1.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.30. The business earned $2.89 billion during the quarter, compared to analysts’ expectations of $2.82 billion. Seagate Technology PLC had a net margin of 4.69% and a return on equity of 62.25%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the company posted $0.82 earnings per share. Analysts anticipate that Seagate Technology PLC will post $4.50 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, April 5th. Shareholders of record on Wednesday, March 22nd were issued a $0.63 dividend. The ex-dividend date was Monday, March 20th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 5.20%. Seagate Technology PLC’s dividend payout ratio is currently 147.37%.
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STX has been the subject of several recent research reports. Guggenheim initiated coverage on shares of Seagate Technology PLC in a report on Wednesday, January 4th. They set a “neutral” rating for the company. FBN Securities upgraded shares of Seagate Technology PLC from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $38.00 to $55.00 in a report on Wednesday, January 25th. Royal Bank of Canada reiterated a “sector perform” rating and set a $45.00 target price on shares of Seagate Technology PLC in a report on Monday, March 13th. Morgan Stanley lifted their target price on shares of Seagate Technology PLC from $37.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, January 25th. Finally, BTIG Research lifted their target price on shares of Seagate Technology PLC to $55.00 in a report on Wednesday, January 25th. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $42.38.
In other Seagate Technology PLC news, COO William D. Mosley sold 38,581 shares of the firm’s stock in a transaction on Friday, February 24th. The shares were sold at an average price of $47.28, for a total value of $1,824,109.68. Following the completion of the transaction, the chief operating officer now owns 191,546 shares of the company’s stock, valued at $9,056,294.88. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO David H. Morton, Jr. sold 6,197 shares of the firm’s stock in a transaction on Wednesday, February 22nd. The stock was sold at an average price of $47.34, for a total transaction of $293,365.98. Following the completion of the transaction, the chief financial officer now directly owns 18,300 shares of the company’s stock, valued at approximately $866,322. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
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.
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