Seagate Technology PLC (STX) Bonds Drop 1.9% During Trading

An issue of Seagate Technology PLC (NASDAQ:STX) debt fell 1.9% as a percentage of its face value during trading on Monday. The high-yield issue of debt has a 5.75% coupon and is set to mature on December 1, 2034. The bonds in the issue are now trading at $94.90. Price moves in a company’s debt in credit markets often predict parallel moves in its stock price.

STX has been the topic of a number of recent analyst reports. BidaskClub lowered Seagate Technology PLC from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, September 12th. Zacks Investment Research upgraded Seagate Technology PLC from a “hold” rating to a “buy” rating and set a $43.00 target price for the company in a report on Thursday, October 26th. Vetr upgraded Seagate Technology PLC from a “buy” rating to a “strong-buy” rating and set a $41.39 target price for the company in a report on Monday, November 6th. Benchmark Co. downgraded Seagate Technology PLC from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Finally, Argus reiterated a “hold” rating and issued a $40.00 target price on shares of Seagate Technology PLC in a report on Tuesday, October 24th. Four investment analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. Seagate Technology PLC has an average rating of “Hold” and a consensus price target of $41.39.

Shares of Seagate Technology PLC (NASDAQ STX) opened at $39.85 on Tuesday. The firm has a market capitalization of $11,400.00, a PE ratio of 9.64, a P/E/G ratio of 0.52 and a beta of 1.68. Seagate Technology PLC has a fifty-two week low of $30.60 and a fifty-two week high of $50.96. The company has a current ratio of 1.96, a quick ratio of 1.55 and a debt-to-equity ratio of 4.03.

Seagate Technology PLC (NASDAQ:STX) last released its quarterly earnings data on Monday, October 23rd. The data storage provider reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.10. Seagate Technology PLC had a return on equity of 84.50% and a net margin of 7.41%. The business had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter last year, the business posted $0.99 EPS. The business’s revenue was down 5.9% on a year-over-year basis. equities analysts predict that Seagate Technology PLC will post 3.99 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 3rd. Shareholders of record on Wednesday, December 20th will be issued a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 6.32%. The ex-dividend date of this dividend is Tuesday, December 19th. Seagate Technology PLC’s dividend payout ratio (DPR) is currently 95.45%.

In other news, Director Dambisa F. Moyo sold 8,715 shares of the stock in a transaction that occurred on Wednesday, October 25th. The stock was sold at an average price of $39.01, for a total value of $339,972.15. Following the completion of the transaction, the director now owns 3,316 shares of the company’s stock, valued at approximately $129,357.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO David H. Morton, Jr. sold 7,909 shares of the stock in a transaction that occurred on Monday, October 23rd. The stock was sold at an average price of $40.00, for a total value of $316,360.00. Following the completion of the transaction, the chief financial officer now directly owns 25,561 shares of the company’s stock, valued at approximately $1,022,440. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,527 shares of company stock valued at $856,859. Company insiders own 0.87% of the company’s stock.

A number of hedge funds have recently bought and sold shares of STX. ValueAct Holdings L.P. increased its position in Seagate Technology PLC by 55.3% during the 3rd quarter. ValueAct Holdings L.P. now owns 21,458,600 shares of the data storage provider’s stock valued at $711,782,000 after buying an additional 7,642,835 shares in the last quarter. Janus Henderson Group PLC increased its position in Seagate Technology PLC by 7,384.8% during the 2nd quarter. Janus Henderson Group PLC now owns 2,700,947 shares of the data storage provider’s stock valued at $104,662,000 after buying an additional 2,664,861 shares in the last quarter. Vanguard Group Inc. increased its position in Seagate Technology PLC by 7.4% during the 2nd quarter. Vanguard Group Inc. now owns 33,412,003 shares of the data storage provider’s stock valued at $1,294,716,000 after buying an additional 2,292,075 shares in the last quarter. Schroder Investment Management Group increased its holdings in shares of Seagate Technology PLC by 181.1% in the 2nd quarter. Schroder Investment Management Group now owns 1,772,547 shares of the data storage provider’s stock worth $68,970,000 after purchasing an additional 1,141,917 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Seagate Technology PLC by 39.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,896,118 shares of the data storage provider’s stock worth $96,064,000 after purchasing an additional 817,861 shares in the last quarter. 90.10% of the stock is owned by institutional investors.

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About Seagate Technology PLC

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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