Laurion Capital Management LP Trims Holdings in Seagate Technology PLC (STX)
Laurion Capital Management LP trimmed its position in shares of Seagate Technology PLC (NASDAQ:STX) by 63.5% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 22,581 shares of the data storage provider’s stock after selling 39,218 shares during the quarter. Laurion Capital Management LP’s holdings in Seagate Technology were worth $1,276,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in STX. Chicago Equity Partners LLC bought a new position in shares of Seagate Technology in the second quarter worth $1,965,000. Clinton Group Inc. bought a new position in shares of Seagate Technology in the second quarter worth $2,197,000. Standard Life Aberdeen plc boosted its holdings in shares of Seagate Technology by 8.4% in the second quarter. Standard Life Aberdeen plc now owns 208,273 shares of the data storage provider’s stock worth $11,761,000 after acquiring an additional 16,137 shares during the period. Massachusetts Financial Services Co. MA bought a new position in shares of Seagate Technology in the second quarter worth $12,541,000. Finally, Wells Fargo & Company MN boosted its holdings in shares of Seagate Technology by 1.3% in the second quarter. Wells Fargo & Company MN now owns 2,101,239 shares of the data storage provider’s stock worth $118,656,000 after acquiring an additional 27,963 shares during the period. 83.40% of the stock is owned by institutional investors and hedge funds.
In other news, Director Holdings L.P. Valueact purchased 500,000 shares of the stock in a transaction on Tuesday, July 31st. The shares were acquired at an average price of $52.65 per share, for a total transaction of $26,325,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Valueact Capital Master Fund, purchased 2,090,783 shares of the stock in a transaction on Monday, August 13th. The shares were purchased 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 three months, insiders have purchased 6,207,648 shares of company stock valued at $322,103,805 and have sold 46,086 shares valued at $2,529,660. 0.87% of the stock is currently owned by company insiders.
Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Monday, July 30th. The data storage provider reported $1.62 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.45 by $0.17. The company had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.80 billion. Seagate Technology had a return on equity of 120.71% and a net margin of 10.57%. The firm’s quarterly revenue was up 17.8% on a year-over-year basis. During the same quarter last year, the company earned $0.65 earnings per share. equities research analysts anticipate that Seagate Technology PLC will post 6.3 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 3rd. Investors of record on Wednesday, September 19th will be paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 5.09%. The ex-dividend date is Tuesday, September 18th. Seagate Technology’s dividend payout ratio is 45.74%.
A number of research firms have recently commented on STX. Goldman Sachs Group set a $39.00 price target on Seagate Technology and gave the stock a “sell” rating in a report on Wednesday. ValuEngine lowered Seagate Technology from a “buy” rating to a “hold” rating in a report on Thursday, June 7th. BidaskClub lowered Seagate Technology from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 25th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $62.00 price target on shares of Seagate Technology in a report on Monday, July 30th. Finally, Zacks Investment Research lowered Seagate Technology from a “buy” rating to a “hold” rating in a report on Monday, July 16th. Four analysts have rated the stock with a sell rating, nineteen have issued a hold rating and six have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $53.14.
Seagate Technology Company Profile
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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