Teacher Retirement System of Texas reduced its holdings in Seagate Technology PLC (NASDAQ:STX) by 80.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 78,916 shares of the data storage provider’s stock after selling 329,638 shares during the period. Teacher Retirement System of Texas’ holdings in Seagate Technology were worth $3,302,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Assetmark Inc. boosted its stake in shares of Seagate Technology by 43.5% in the third quarter. Assetmark Inc. now owns 145,777 shares of the data storage provider’s stock worth $4,835,000 after acquiring an additional 44,171 shares during the last quarter. Jaffetilchin Investment Partners LLC purchased a new position in Seagate Technology during the fourth quarter worth approximately $346,000. Iat Reinsurance Co. LTD. purchased a new position in Seagate Technology during the third quarter worth approximately $12,455,000. Bristol Advisors LLC purchased a new position in Seagate Technology during the fourth quarter worth approximately $711,000. Finally, SeaBridge Investment Advisors LLC purchased a new position in Seagate Technology during the third quarter worth approximately $3,873,000. 89.39% of the stock is currently owned by institutional investors.
In related news, insider Stephen J. Luczo sold 341,738 shares of the business’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $55.00, for a total transaction of $18,795,590.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Chong Sup Park sold 4,026 shares of the business’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $54.22, for a total value of $218,289.72. Following the transaction, the director now directly owns 8,715 shares of the company’s stock, valued at $472,527.30. The disclosure for this sale can be found here. Insiders sold 779,394 shares of company stock valued at $41,495,557 over the last ninety days. Insiders own 0.87% of the company’s stock.
A number of brokerages recently commented on STX. Vetr downgraded Seagate Technology from a “strong-buy” rating to a “buy” rating and set a $56.12 price objective on the stock. in a research report on Wednesday, February 14th. BMO Capital Markets lifted their price objective on Seagate Technology to $53.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 30th. Maxim Group lifted their price objective on Seagate Technology to $52.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 30th. Robert W. Baird lifted their price objective on Seagate Technology from $40.00 to $48.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 30th. Finally, Mizuho lifted their price objective on Seagate Technology from $39.00 to $53.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 30th. Four research analysts have rated the stock with a sell rating, twenty have given a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $49.76.
Shares of Seagate Technology PLC (NASDAQ STX) opened at $51.42 on Monday. Seagate Technology PLC has a one year low of $30.60 and a one year high of $56.45. The company has a quick ratio of 1.25, a current ratio of 1.58 and a debt-to-equity ratio of 4.07. The firm has a market capitalization of $14,645.82, a price-to-earnings ratio of 12.27, a PEG ratio of 0.68 and a beta of 1.88.
Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Monday, January 29th. The data storage provider reported $1.48 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.39 by $0.09. Seagate Technology had a return on equity of 93.35% and a net margin of 6.10%. The business had revenue of $2.91 billion during the quarter, compared to analysts’ expectations of $2.86 billion. During the same period in the previous year, the firm posted $1.38 earnings per share. The company’s revenue was up .7% on a year-over-year basis. sell-side analysts predict that Seagate Technology PLC will post 4.86 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 4th. Stockholders of record on Wednesday, March 21st will be paid a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, March 20th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 4.90%. Seagate Technology’s payout ratio is presently 114.55%.
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About Seagate Technology
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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