ProVise Management Group LLC lessened its holdings in shares of Seagate Technology PLC (NASDAQ:STX) by 4.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 50,456 shares of the data storage provider’s stock after selling 2,493 shares during the quarter. ProVise Management Group LLC’s holdings in Seagate Technology were worth $2,849,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Wedge Capital Management L L P NC acquired a new position in shares of Seagate Technology during the 2nd quarter valued at about $62,387,000. Summit Trail Advisors LLC boosted its position in shares of Seagate Technology by 4,026.7% during the 1st quarter. Summit Trail Advisors LLC now owns 1,117,799 shares of the data storage provider’s stock valued at $1,118,000 after acquiring an additional 1,090,712 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of Seagate Technology during the 2nd quarter valued at about $31,747,000. O Shaughnessy Asset Management LLC boosted its position in shares of Seagate Technology by 90.8% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 1,086,825 shares of the data storage provider’s stock valued at $63,602,000 after acquiring an additional 517,277 shares during the last quarter. Finally, WBI Investments Inc. boosted its position in shares of Seagate Technology by 1,068.8% during the 2nd quarter. WBI Investments Inc. now owns 530,734 shares of the data storage provider’s stock valued at $29,971,000 after acquiring an additional 485,327 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors.
Shares of NASDAQ:STX opened at $48.63 on Wednesday. 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 stock has a market cap of $15.38 billion, a price-to-earnings ratio of 8.75, a price-to-earnings-growth ratio of 0.69 and a beta of 1.73. Seagate Technology PLC has a 1 year low of $30.89 and a 1 year high of $62.70.
Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Monday, July 30th. The data storage provider reported $1.62 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.45 by $0.17. The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.80 billion. Seagate Technology had a net margin of 10.57% and a return on equity of 120.71%. The business’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.65 earnings per share. analysts anticipate that Seagate Technology PLC will post 6.23 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 3rd. Shareholders of record on Wednesday, September 19th will be paid a dividend of $0.63 per share. The ex-dividend date is Tuesday, September 18th. This represents a $2.52 dividend on an annualized basis and a yield of 5.18%. Seagate Technology’s dividend payout ratio (DPR) is presently 45.74%.
In related news, EVP James J. Murphy sold 509 shares of the company’s stock in a transaction that occurred on Wednesday, August 29th. The shares were sold at an average price of $56.60, for a total transaction of $28,809.40. Following the sale, the executive vice president now directly owns 37,693 shares in the company, valued at $2,133,423.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Holdings L.P. Valueact bought 500,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 31st. The shares were purchased at an average price of $52.65 per share, for a total transaction of $26,325,000.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 6,207,648 shares of company stock worth $322,103,805 and have sold 46,086 shares worth $2,529,660. 0.87% of the stock is owned by corporate insiders.
Several brokerages recently issued reports 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 price objective for the company 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 price objective for the company from $50.00 to $44.00 in a report on Thursday, August 9th. Finally, Benchmark restated 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 issued a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target 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.
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