LS Investment Advisors LLC reduced its stake in shares of Seagate Technology PLC (NASDAQ:STX) by 27.8% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 10,903 shares of the data storage provider’s stock after selling 4,202 shares during the period. LS Investment Advisors LLC’s holdings in Seagate Technology were worth $456,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently bought and sold shares of the company. Oppenheimer & Co. Inc. lifted its position in shares of Seagate Technology by 356.8% during the 4th quarter. Oppenheimer & Co. Inc. now owns 41,921 shares of the data storage provider’s stock valued at $1,754,000 after buying an additional 32,744 shares in the last quarter. California Public Employees Retirement System lifted its position in shares of Seagate Technology by 2.6% during the 4th quarter. California Public Employees Retirement System now owns 925,813 shares of the data storage provider’s stock valued at $38,736,000 after buying an additional 23,025 shares in the last quarter. M&T Bank Corp lifted its position in shares of Seagate Technology by 23.2% during the 4th quarter. M&T Bank Corp now owns 166,439 shares of the data storage provider’s stock valued at $6,964,000 after buying an additional 31,333 shares in the last quarter. MPI Investment Management Inc. purchased a new position in shares of Seagate Technology during the 4th quarter valued at about $345,000. Finally, Cypress Wealth Services LLC purchased a new position in shares of Seagate Technology during the 4th quarter valued at about $1,256,000. 91.45% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have recently weighed in on STX. Vetr cut 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. BMO Capital Markets lifted their price objective on Seagate Technology to $53.00 and gave the company 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 company 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 company a “neutral” rating in a research report on Tuesday, January 30th. Finally, Mizuho boosted their price target on Seagate Technology from $39.00 to $53.00 and gave the stock a “neutral” rating in a report on Tuesday, January 30th. Four analysts have rated the stock with a sell rating, twenty have given a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $49.76.
Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Monday, January 29th. The data storage provider reported $1.48 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $2.86 billion. During the same quarter in the previous year, the company posted $1.38 EPS. The company’s revenue was up .7% compared to the same quarter last year. sell-side analysts expect that Seagate Technology PLC will post 4.86 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 4th. Shareholders of record on Wednesday, March 21st will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 4.90%. The ex-dividend date of this dividend is Tuesday, March 20th. Seagate Technology’s payout ratio is 115.07%.
In other news, insider Stephen J. Luczo sold 341,738 shares of the business’s stock in a transaction that occurred 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 filing with the SEC, which is accessible through this link. Also, EVP James J. Murphy sold 14,175 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $55.16, for a total value of $781,893.00. Following the transaction, the executive vice president now directly owns 24,585 shares in the company, valued at approximately $1,356,108.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 779,394 shares of company stock worth $41,495,557. Corporate insiders own 0.87% of the company’s stock.
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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