Mitsubishi UFJ Trust & Banking Corp cut its stake in Seagate Technology PLC (NASDAQ:STX) by 59.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 228,368 shares of the data storage provider’s stock after selling 340,148 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned 0.08% of Seagate Technology worth $10,813,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the stock. ValueAct Holdings L.P. raised its position in shares of Seagate Technology by 4.4% during the second quarter. ValueAct Holdings L.P. now owns 22,404,700 shares of the data storage provider’s stock worth $1,265,194,000 after purchasing an additional 946,100 shares during the period. Old Port Advisors acquired a new position in shares of Seagate Technology during the second quarter worth approximately $1,861,000. Chicago Equity Partners LLC acquired a new position in shares of Seagate Technology during the second quarter worth approximately $1,965,000. Standard Life Aberdeen plc raised its position in shares of Seagate Technology by 8.4% during the second quarter. Standard Life Aberdeen plc now owns 208,273 shares of the data storage provider’s stock worth $11,761,000 after purchasing an additional 16,137 shares during the period. Finally, Empowered Funds LLC acquired a new position in shares of Seagate Technology during the third quarter worth approximately $4,386,000. Institutional investors and hedge funds own 90.54% of the company’s stock.
In related news, insider Valueact Capital Master Fund, purchased 124,127 shares of the business’s stock in a transaction on Friday, November 30th. The stock was acquired at an average price of $41.95 per share, with a total value of $5,207,127.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Holdings L.P. Valueact purchased 5,415 shares of the business’s stock in a transaction on Friday, November 23rd. The shares were bought at an average cost of $41.99 per share, with a total value of $227,375.85. The disclosure for this purchase can be found here. Insiders bought 990,426 shares of company stock valued at $41,467,928 in the last 90 days. Company insiders own 1.00% of the company’s stock.
NASDAQ STX opened at $41.57 on Thursday. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.07 and a current ratio of 1.42. Seagate Technology PLC has a twelve month low of $36.69 and a twelve month high of $62.70. The company has a market cap of $11.90 billion, a P/E ratio of 7.54, a PEG ratio of 0.62 and a beta of 1.73.
Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Friday, November 2nd. The data storage provider reported $1.70 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.55 by $0.15. The business 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 firm’s quarterly revenue was up 13.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.96 earnings per share. Research analysts predict that Seagate Technology PLC will post 5.44 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Stockholders of record on Wednesday, December 19th will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 6.06%. The ex-dividend date of this dividend is Tuesday, December 18th. Seagate Technology’s dividend payout ratio is currently 45.74%.
A number of equities research analysts recently commented on the company. BidaskClub raised Seagate Technology from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 24th. Zacks Investment Research downgraded Seagate Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, August 21st. Goldman Sachs Group downgraded Seagate Technology from a “neutral” rating to a “sell” rating and cut their price target for the stock from $50.00 to $44.00 in a research note on Thursday, August 9th. Evercore ISI downgraded Seagate Technology from an “in-line” rating to an “underperform” rating and cut their price target for the stock from $55.00 to $45.00 in a research note on Tuesday, September 4th. Finally, ValuEngine downgraded Seagate Technology from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd. Five analysts have rated the stock with a sell rating, nineteen have given a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $50.91.
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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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