Trading Report: Today, Seagate Technology PLC (STX) Stake Raised by Arizona State Retirement System

Today, Seagate Technology PLC (STX) Stake Raised by Arizona State Retirement System

Arizona State Retirement System raised its position in Seagate Technology PLC (NASDAQ:STX) by 0.4% during the third quarter, Holdings Channel reports. The institutional investor owned 73,500 shares of the data storage provider’s stock after buying an additional 300 shares during the period. Arizona State Retirement System’s holdings in Seagate Technology PLC were worth $2,833,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in STX. TIAA CREF Investment Management LLC raised its position in shares of Seagate Technology PLC by 2.1% in the first quarter. TIAA CREF Investment Management LLC now owns 103,276 shares of the data storage provider’s stock worth $3,558,000 after buying an additional 2,145 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in shares of Seagate Technology PLC during the first quarter worth $252,000. Babson Capital Management LLC raised its position in shares of Seagate Technology PLC by 52.2% in the first quarter. Babson Capital Management LLC now owns 66,800 shares of the data storage provider’s stock worth $2,301,000 after buying an additional 22,900 shares in the last quarter. Seven Eight Capital LLC acquired a new position in shares of Seagate Technology PLC during the first quarter worth $462,000. Finally, Ladenburg Thalmann Financial Services Inc. raised its position in shares of Seagate Technology PLC by 48.6% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 47,629 shares of the data storage provider’s stock worth $1,637,000 after buying an additional 15,581 shares in the last quarter. 86.51% of the stock is currently owned by hedge funds and other institutional investors.

Seagate Technology PLC (NASDAQ:STX) traded up 0.64% during midday trading on Friday, hitting $39.07. The stock had a trading volume of 1,802,333 shares. Seagate Technology PLC has a 12-month low of $18.42 and a 12-month high of $40.10. The stock has a market cap of $11.51 billion, a P/E ratio of 30.93 and a beta of 1.99. The company’s 50-day moving average price is $35.91 and its 200 day moving average price is $30.77.

Seagate Technology PLC (NASDAQ:STX) last issued its earnings results on Wednesday, October 19th. The data storage provider reported $0.99 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.79 by $0.20. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.79 billion. Seagate Technology PLC had a return on equity of 49.42% and a net margin of 3.45%. The company’s quarterly revenue was down 4.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.54 EPS. On average, equities research analysts predict that Seagate Technology PLC will post $3.72 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 4th. Investors of record on Wednesday, December 21st will be issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 6.45%. The ex-dividend date of this dividend is Monday, December 19th. Seagate Technology PLC’s payout ratio is 200.00%.

A number of research analysts recently weighed in on STX shares. RBC Capital Markets reaffirmed a “sector perform” rating and set a $31.00 price objective (up previously from $27.00) on shares of Seagate Technology PLC in a report on Tuesday, August 2nd. Mizuho boosted their target price on Seagate Technology PLC from $23.00 to $31.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 2nd. Cowen and Company boosted their target price on Seagate Technology PLC from $26.00 to $32.00 and gave the stock a “market perform” rating in a research report on Tuesday, August 2nd. BMO Capital Markets reiterated a “market perform” rating and set a $31.00 target price (up from $22.00) on shares of Seagate Technology PLC in a research report on Tuesday, August 2nd. Finally, Vetr upgraded Seagate Technology PLC from a “strong sell” rating to a “sell” rating and set a $28.00 target price on the stock in a research report on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, six 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 target price of $38.77.

In other news, CFO David H. Morton, Jr. sold 2,773 shares of the firm’s stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $35.98, for a total value of $99,772.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Mark Re sold 5,800 shares of the firm’s stock in a transaction on Wednesday, August 31st. The stock was sold at an average price of $33.58, for a total value of $194,764.00. Following the completion of the sale, the senior vice president now directly owns 46,970 shares of the company’s stock, valued at approximately $1,577,252.60. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.

Seagate Technology PLC Company Profile

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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