Caisse DE Depot ET Placement DU Quebec Increases Position in Seagate Technology PLC (STX)
Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of Seagate Technology PLC (NASDAQ:STX) by 32.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 209,800 shares of the data storage provider’s stock after purchasing an additional 51,980 shares during the quarter. Caisse DE Depot ET Placement DU Quebec owned 0.07% of Seagate Technology worth $11,847,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently made changes to their positions in the stock. Quad Cities Investment Group LLC bought a new stake in Seagate Technology during the 2nd quarter worth approximately $124,000. Sandy Spring Bank grew its holdings in Seagate Technology by 1,676.3% during the 1st quarter. Sandy Spring Bank now owns 3,073 shares of the data storage provider’s stock worth $180,000 after acquiring an additional 2,900 shares during the last quarter. Lee Financial Co bought a new stake in Seagate Technology during the 1st quarter worth approximately $181,000. Harvest Fund Management Co. Ltd bought a new stake in Seagate Technology during the 1st quarter worth approximately $195,000. Finally, Mariner LLC bought a new stake in Seagate Technology during the 1st quarter worth approximately $204,000. 83.35% of the stock is currently owned by institutional investors.
Shares of NASDAQ STX opened at $49.80 on Friday. The company has a market capitalization of $14.18 billion, a PE ratio of 9.04, a PEG ratio of 0.64 and a beta of 1.72. Seagate Technology PLC has a 52-week low of $30.89 and a 52-week high of $62.70. The company has a debt-to-equity ratio of 2.59, a quick ratio of 1.02 and a current ratio of 1.35.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 3rd. Stockholders of record on Wednesday, September 19th will be given a $0.63 dividend. The ex-dividend date is Tuesday, September 18th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 5.06%. Seagate Technology’s dividend payout ratio (DPR) is currently 45.74%.
In related news, Director Holdings L.P. Valueact bought 500,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 31st. The shares were bought at an average price of $52.65 per share, for a total transaction of $26,325,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Valueact Capital Master Fund, bought 2,090,783 shares of the company’s stock in a transaction that occurred on Monday, August 13th. The shares were bought at an average price of $50.94 per share, for a total transaction of $106,504,486.02. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 6,207,648 shares of company stock worth $322,103,805 and sold 46,086 shares worth $2,529,660. 0.87% of the stock is currently owned by insiders.
A number of research firms have weighed in on STX. BidaskClub lowered shares of Seagate Technology from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Evercore ISI lowered shares of Seagate Technology from an “in-line” rating to an “underperform” rating and reduced their target price for the stock from $55.00 to $45.00 in a report on Tuesday. Zacks Investment Research lowered shares of Seagate Technology from a “buy” rating to a “hold” rating in a report on Tuesday, August 21st. Goldman Sachs Group lowered shares of Seagate Technology from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $50.00 to $44.00 in a report on Thursday, August 9th. Finally, Benchmark reissued a “hold” rating on shares of Seagate Technology in a report on Tuesday, July 31st. Four research analysts have rated the stock with a sell rating, nineteen have given a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $53.37.
About Seagate Technology
Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company manufactures and distributes hard disk drives, solid state drives and their related controllers, solid state hybrid drives, and storage subsystems. Its products are used in enterprise servers and storage systems applications; client compute applications, primarily for desktop and mobile computing; and client non-compute applications, including various end user devices, such as portable external storage systems, surveillance systems, network-attached storage, digital video recorders, and gaming consoles.
Further Reading: How are Outstanding Shares Different from Authorized Shares?
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