Rhumbline Advisers lowered its stake in shares of Seagate Technology (NASDAQ:STX) by 1.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 263,964 shares of the data storage provider’s stock after selling 3,302 shares during the quarter. Rhumbline Advisers’ holdings in Seagate Technology were worth $15,447,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Avestar Capital LLC acquired a new position in shares of Seagate Technology during the 4th quarter valued at about $100,000. SeaCrest Wealth Management LLC acquired a new position in shares of Seagate Technology during the 4th quarter valued at about $174,000. Brave Asset Management Inc. acquired a new position in shares of Seagate Technology during the 4th quarter valued at about $203,000. Advisor Partners LLC acquired a new position in shares of Seagate Technology during the 4th quarter valued at about $258,000. Finally, Everence Capital Management Inc. acquired a new position in shares of Seagate Technology during the 4th quarter valued at about $205,000. 88.59% of the stock is owned by institutional investors.
A number of analysts have recently issued reports on the company. Citigroup boosted their target price on Seagate Technology from $56.00 to $60.00 and gave the stock a “neutral” rating in a report on Friday, March 9th. Loop Capital boosted their target price on Seagate Technology from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, March 22nd. Zacks Investment Research upgraded Seagate Technology from a “hold” rating to a “buy” rating and set a $66.00 target price for the company in a report on Thursday, April 12th. Barclays boosted their target price on Seagate Technology from $45.00 to $55.00 and gave the stock an “underweight” rating in a report on Tuesday, March 27th. Finally, Cross Research upgraded Seagate Technology from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. Four equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $53.57.
Seagate Technology stock opened at $56.71 on Friday. The company has a market cap of $16.43 billion, a PE ratio of 13.76, a price-to-earnings-growth ratio of 0.57 and a beta of 1.69. The company has a debt-to-equity ratio of 3.17, a current ratio of 1.72 and a quick ratio of 1.39. Seagate Technology has a 52 week low of $30.60 and a 52 week high of $62.70.
Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, May 1st. The data storage provider reported $1.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.36 by $0.10. The company had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. Seagate Technology had a return on equity of 105.43% and a net margin of 7.76%. The business’s revenue was up 4.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.10 EPS. analysts forecast that Seagate Technology will post 5.29 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 5th. Stockholders of record on Wednesday, June 20th will be paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 4.44%. The ex-dividend date is Tuesday, June 19th. Seagate Technology’s dividend payout ratio (DPR) is currently 61.17%.
In other news, insider Stephen J. Luczo sold 5,380 shares of the stock in a transaction that occurred on Monday, April 2nd. The stock was sold at an average price of $60.00, for a total transaction of $322,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David H. Morton, Jr. sold 11,491 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $51.78, for a total value of $595,003.98. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 184,726 shares of company stock valued at $10,315,832. Company insiders own 0.87% of the company’s stock.
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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