Panagora Asset Management Inc. Sells 14,791 Shares of Seagate Technology PLC (NASDAQ:STX)

Panagora Asset Management Inc. lessened its position in shares of Seagate Technology PLC (NASDAQ:STX) by 33.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,924 shares of the data storage provider’s stock after selling 14,791 shares during the quarter. Panagora Asset Management Inc.’s holdings in Seagate Technology were worth $1,363,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Virginia Retirement Systems ET AL lifted its stake in Seagate Technology by 5,423.9% in the second quarter. Virginia Retirement Systems ET AL now owns 370,100 shares of the data storage provider’s stock valued at $17,439,000 after buying an additional 363,400 shares during the period. First Trust Advisors LP grew its holdings in Seagate Technology by 44.9% during the second quarter. First Trust Advisors LP now owns 872,237 shares of the data storage provider’s stock valued at $41,100,000 after purchasing an additional 270,141 shares during the period. BlackRock Inc. grew its holdings in Seagate Technology by 1.1% during the first quarter. BlackRock Inc. now owns 19,734,970 shares of the data storage provider’s stock valued at $945,106,000 after purchasing an additional 221,030 shares during the period. Andra AP fonden bought a new stake in Seagate Technology in the first quarter valued at approximately $8,697,000. Finally, W.E. Donoghue & Co. LLC bought a new stake in Seagate Technology in the second quarter valued at approximately $6,654,000. 83.74% of the stock is currently owned by institutional investors and hedge funds.

In related news, CEO William D. Mosley sold 90,000 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $54.31, for a total transaction of $4,887,900.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stephen J. Luczo sold 5,000 shares of the company’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $47.45, for a total value of $237,250.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 125,000 shares of company stock worth $6,538,050. Corporate insiders own 1.00% of the company’s stock.

A number of research firms have issued reports on STX. Cleveland Research initiated coverage on Seagate Technology in a research note on Friday, June 7th. They issued a “hold” rating for the company. Wedbush began coverage on Seagate Technology in a research report on Wednesday, June 26th. They issued a “neutral” rating and a $35.00 price objective for the company. They noted that the move was a valuation call. BidaskClub upgraded Seagate Technology from a “hold” rating to a “buy” rating in a research report on Tuesday. Benchmark reissued a “buy” rating and set a $55.00 target price (down from $57.00) on shares of Seagate Technology in a research note on Monday, August 5th. Finally, Goldman Sachs Group set a $37.00 target price on shares of Seagate Technology and gave the stock a “sell” rating in a report on Sunday, July 21st. Five equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $44.95.

Shares of NASDAQ STX traded up $1.00 during trading hours on Wednesday, reaching $56.33. 113,959 shares of the stock were exchanged, compared to its average volume of 2,734,490. The firm has a market capitalization of $14.74 billion, a price-to-earnings ratio of 11.68, a P/E/G ratio of 10.52 and a beta of 1.65. The stock’s fifty day simple moving average is $47.81 and its 200 day simple moving average is $47.00. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.52 and a current ratio of 1.95. Seagate Technology PLC has a 52 week low of $35.38 and a 52 week high of $55.33.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Friday, August 2nd. The data storage provider reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.03. The firm had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.33 billion. Seagate Technology had a return on equity of 72.07% and a net margin of 19.36%. The company’s revenue for the quarter was down 16.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.62 EPS. Research analysts predict that Seagate Technology PLC will post 4.3 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 9th. Shareholders of record on Wednesday, September 25th will be paid a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, September 24th. This represents a $2.52 dividend on an annualized basis and a yield of 4.47%. Seagate Technology’s dividend payout ratio (DPR) is presently 52.28%.

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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Institutional Ownership by Quarter for Seagate Technology (NASDAQ:STX)

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