Mitsubishi UFJ Trust & Banking Corp cut its stake in shares of Seagate Technology PLC (NASDAQ:STX) by 59.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 228,368 shares of the data storage provider’s stock after selling 340,148 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Seagate Technology were worth $10,813,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of STX. WESPAC Advisors SoCal LLC purchased a new stake in shares of Seagate Technology in the third quarter worth approximately $108,000. Girard Partners LTD. purchased a new stake in shares of Seagate Technology in the third quarter worth approximately $108,000. Quad Cities Investment Group LLC purchased a new stake in shares of Seagate Technology in the second quarter worth approximately $124,000. Partners Capital Investment Group LLP purchased a new stake in shares of Seagate Technology in the second quarter worth approximately $136,000. Finally, First Hawaiian Bank purchased a new stake in shares of Seagate Technology in the third quarter worth approximately $139,000. Institutional investors and hedge funds own 90.54% of the company’s stock.
STX has been the topic of several research analyst reports. Zacks Investment Research raised Seagate Technology from a “sell” rating to a “hold” rating in a research note on Monday, October 8th. Goldman Sachs Group cut Seagate Technology from a “neutral” rating to a “sell” rating and dropped their target price for the company from $50.00 to $44.00 in a research report on Thursday, August 9th. Evercore ISI cut Seagate Technology from an “in-line” rating to an “underperform” rating and dropped their target price for the company from $55.00 to $45.00 in a research report on Tuesday, September 4th. UBS Group cut Seagate Technology to a “neutral” rating in a research report on Tuesday, October 23rd. Finally, Susquehanna Bancshares reaffirmed a “negative” rating and set a $32.00 target price (down previously from $53.00) on shares of Seagate Technology in a research report on Tuesday, October 23rd. Five investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $50.91.
Seagate Technology stock opened at $41.57 on Thursday. The company has a quick ratio of 1.07, a current ratio of 1.42 and a debt-to-equity ratio of 2.34. The firm has a market capitalization of $11.90 billion, a PE ratio of 7.54, a price-to-earnings-growth ratio of 0.62 and a beta of 1.73. Seagate Technology PLC has a 1-year low of $36.69 and a 1-year high of $62.70.
Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Friday, November 2nd. The data storage provider reported $1.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.55 by $0.15. The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.95 billion. Seagate Technology had a return on equity of 123.05% and a net margin of 12.57%. The business’s quarterly revenue was up 13.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.96 EPS. As a group, equities research analysts expect that Seagate Technology PLC will post 5.44 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Stockholders of record on Wednesday, December 19th will be given a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, December 18th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 6.06%. Seagate Technology’s payout ratio is 45.74%.
In other news, Director Holdings L.P. Valueact bought 365,671 shares of Seagate Technology stock in a transaction that occurred on Tuesday, November 20th. The stock was bought at an average price of $41.84 per share, for a total transaction of $15,299,674.64. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Valueact Capital Master Fund, bought 371,086 shares of Seagate Technology stock in a transaction that occurred on Friday, November 23rd. The stock was purchased at an average price of $41.84 per share, with a total value of $15,526,238.24. The disclosure for this purchase can be found here. Insiders bought a total of 990,426 shares of company stock valued at $41,467,928 in the last three months. Insiders own 1.00% of the company’s stock.
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Seagate Technology 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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