Seagate Technology PLC (NASDAQ:STX) Position Raised by CIBC Asset Management Inc
CIBC Asset Management Inc raised its stake in shares of Seagate Technology PLC (NASDAQ:STX) by 5.5% during the second quarter, Holdings Channel reports. The firm owned 30,121 shares of the data storage provider’s stock after buying an additional 1,570 shares during the period. CIBC Asset Management Inc’s holdings in Seagate Technology PLC were worth $1,167,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in Seagate Technology PLC by 3,179.5% in the first quarter. BlackRock Inc. now owns 18,336,509 shares of the data storage provider’s stock valued at $842,196,000 after buying an additional 17,777,387 shares during the period. Prudential Financial Inc. boosted its position in Seagate Technology PLC by 355.8% in the first quarter. Prudential Financial Inc. now owns 2,603,387 shares of the data storage provider’s stock valued at $119,573,000 after buying an additional 2,032,271 shares during the period. Renaissance Technologies LLC boosted its position in Seagate Technology PLC by 1,387.8% in the first quarter. Renaissance Technologies LLC now owns 1,292,893 shares of the data storage provider’s stock valued at $59,383,000 after buying an additional 1,205,993 shares during the period. Vanguard Group Inc. boosted its position in Seagate Technology PLC by 3.8% in the first quarter. Vanguard Group Inc. now owns 31,119,928 shares of the data storage provider’s stock valued at $1,429,338,000 after buying an additional 1,132,336 shares during the period. Finally, Geode Capital Management LLC boosted its position in Seagate Technology PLC by 25.1% in the first quarter. Geode Capital Management LLC now owns 3,206,093 shares of the data storage provider’s stock valued at $147,067,000 after buying an additional 642,845 shares during the period. Institutional investors and hedge funds own 87.99% of the company’s stock.
Shares of Seagate Technology PLC (NASDAQ STX) opened at 32.29 on Friday. The company has a market capitalization of $9.42 billion, a P/E ratio of 12.52 and a beta of 1.69. The company has a 50-day moving average price of $36.75 and a 200 day moving average price of $43.00. Seagate Technology PLC has a 1-year low of $31.35 and a 1-year high of $50.96.
Seagate Technology PLC (NASDAQ:STX) last released its earnings results on Tuesday, July 25th. The data storage provider reported $0.65 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.99 by $0.34. Seagate Technology PLC had a return on equity of 81.87% and a net margin of 7.17%. The firm had revenue of $2.41 billion during the quarter, compared to analysts’ expectations of $2.56 billion. During the same period in the prior year, the business earned $0.69 earnings per share. The business’s quarterly revenue was down 9.3% compared to the same quarter last year. Equities research analysts anticipate that Seagate Technology PLC will post $3.70 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Shareholders of record on Wednesday, September 20th will be given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 7.80%. The ex-dividend date of this dividend is Tuesday, September 19th. Seagate Technology PLC’s dividend payout ratio is currently 97.67%.
Several equities analysts have recently weighed in on STX shares. Needham & Company LLC lifted their price objective on Seagate Technology PLC from $55.00 to $57.00 and gave the company a “strong-buy” rating in a report on Thursday, April 27th. Jefferies Group LLC cut their price objective on Seagate Technology PLC from $55.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, April 28th. Zacks Investment Research upgraded Seagate Technology PLC from a “sell” rating to a “hold” rating in a report on Tuesday, July 25th. Cowen and Company reiterated a “market perform” rating and set a $45.00 price objective (down previously from $46.00) on shares of Seagate Technology PLC in a report on Wednesday, April 26th. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $45.00 price objective on shares of Seagate Technology PLC in a report on Friday, June 9th. Four equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $42.12.
In other news, CFO David H. Morton, Jr. sold 3,040 shares of Seagate Technology PLC 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 in the company, valued at $392,065.38. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Philip G. Brace purchased 1,000 shares of Seagate Technology PLC stock in a transaction dated Tuesday, August 1st. The stock was bought at an average price of $33.34 per share, with a total value of $33,340.00. Following the completion of the transaction, the insider now owns 62,855 shares of the company’s stock, valued at approximately $2,095,585.70. The disclosure for this purchase can be found here. Insiders sold 16,456 shares of company stock valued at $715,313 over the last three months. Company insiders own 1.50% of the company’s stock.
Seagate Technology PLC Company Profile
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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