Regent Investment Management LLC Sells 400 Shares of Seagate Technology PLC (STX)

Regent Investment Management LLC lowered its stake in Seagate Technology PLC (NASDAQ:STX) by 3.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,800 shares of the data storage provider’s stock after selling 400 shares during the period. Regent Investment Management LLC’s holdings in Seagate Technology PLC were worth $419,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. BlackRock Inc. boosted its position in shares of Seagate Technology PLC by 3,179.5% in the first quarter. BlackRock Inc. now owns 18,336,509 shares of the data storage provider’s stock worth $842,196,000 after buying an additional 17,777,387 shares in the last quarter. Prudential Financial Inc. boosted its position in shares of Seagate Technology PLC by 355.8% in the first quarter. Prudential Financial Inc. now owns 2,603,387 shares of the data storage provider’s stock worth $119,573,000 after buying an additional 2,032,271 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Seagate Technology PLC by 1,387.8% in the first quarter. Renaissance Technologies LLC now owns 1,292,893 shares of the data storage provider’s stock worth $59,383,000 after buying an additional 1,205,993 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Seagate Technology PLC by 3.8% in the first quarter. Vanguard Group Inc. now owns 31,119,928 shares of the data storage provider’s stock worth $1,429,338,000 after buying an additional 1,132,336 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Seagate Technology PLC by 25.1% in the first quarter. Geode Capital Management LLC now owns 3,206,093 shares of the data storage provider’s stock worth $147,067,000 after buying an additional 642,845 shares in the last quarter. 86.54% of the stock is owned by hedge funds and other institutional investors.

Seagate Technology PLC (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, July 25th. The data storage provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by $0.34. Seagate Technology PLC had a return on equity of 81.87% and a net margin of 7.17%. The company had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same period in the prior year, the firm posted $0.69 earnings per share. The business’s revenue was down 9.3% on a year-over-year basis.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 20th will be given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 7.54%. The ex-dividend date is Tuesday, September 19th. Seagate Technology PLC’s payout ratio is presently 97.67%.

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Several equities analysts have recently weighed in on STX shares. Aegis initiated coverage on Seagate Technology PLC in a research note on Tuesday, June 13th. They issued a “buy” rating and a $50.00 price objective on the stock. Jefferies Group LLC reduced their price target on Seagate Technology PLC from $55.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, April 28th. Longbow Research upgraded Seagate Technology PLC from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $18.42 to $55.00 in a report on Tuesday, April 11th. Loop Capital started coverage on Seagate Technology PLC in a report on Monday, July 24th. They set a “buy” rating and a $50.00 price objective on the stock. Finally, ValuEngine downgraded Seagate Technology PLC from a “strong-buy” rating to a “buy” rating in a report on Friday, July 28th. Four research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. Seagate Technology PLC presently has a consensus rating of “Hold” and an average price target of $42.12.

In related news, insider Philip G. Brace bought 1,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were purchased at an average price of $33.34 per share, with a total value of $33,340.00. Following the purchase, the insider now owns 62,855 shares of the company’s stock, valued at approximately $2,095,585.70. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Chong Sup Park sold 3,809 shares of Seagate Technology PLC stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $43.63, for a total transaction of $166,186.67. Following the sale, the director now directly owns 11,753 shares in the company, valued at approximately $512,783.39. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,456 shares of company stock worth $715,313. 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.