Levin Capital Strategies L.P. lowered its position in Seagate Technology PLC (NASDAQ:STX) by 4.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 40,704 shares of the data storage provider’s stock after selling 2,096 shares during the period. Levin Capital Strategies L.P.’s holdings in Seagate Technology were worth $2,382,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Certified Advisory Corp raised its position in shares of Seagate Technology by 436.8% in the 1st quarter. Certified Advisory Corp now owns 1,723 shares of the data storage provider’s stock worth $100,000 after acquiring an additional 1,402 shares in the last quarter. Advisors Preferred LLC bought a new position in Seagate Technology during the 1st quarter valued at approximately $103,000. Avestar Capital LLC bought a new position in Seagate Technology during the 4th quarter valued at approximately $100,000. Sandy Spring Bank increased its position in Seagate Technology by 1,676.3% during the 1st quarter. Sandy Spring Bank now owns 3,073 shares of the data storage provider’s stock valued at $180,000 after buying an additional 2,900 shares in the last quarter. Finally, Lee Financial Co bought a new position in Seagate Technology during the 1st quarter valued at approximately $181,000. 82.59% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts recently weighed in on STX shares. Morgan Stanley raised Seagate Technology from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $51.00 to $72.00 in a research report on Monday, April 9th. Zacks Investment Research raised Seagate Technology from a “hold” rating to a “buy” rating and set a $66.00 price objective for the company in a research report on Thursday, April 12th. Cross Research raised Seagate Technology from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. Vetr lowered Seagate Technology from a “buy” rating to a “hold” rating and set a $56.12 price objective for the company. in a research report on Thursday, March 1st. Finally, Craig Hallum lowered Seagate Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, May 2nd. Four investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $54.51.
Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, May 1st. The data storage provider reported $1.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.36 by $0.10. The firm had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.75 billion. Seagate Technology had a return on equity of 105.43% and a net margin of 7.76%. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period last year, the business posted $1.10 EPS. equities research analysts expect that Seagate Technology PLC will post 5.34 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, July 5th. Stockholders of record on Wednesday, June 20th will be paid a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, June 19th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 4.35%. Seagate Technology’s dividend payout ratio (DPR) is currently 61.17%.
In related news, insider Stephen J. Luczo sold 100,000 shares of Seagate Technology stock in a transaction on Wednesday, June 6th. The stock was sold at an average price of $59.05, for a total transaction of $5,905,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Stephen J. Luczo sold 4,620 shares of Seagate Technology stock in a transaction on Tuesday, April 10th. The shares were sold at an average price of $60.00, for a total value of $277,200.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 241,487 shares of company stock worth $13,923,746. Company insiders own 0.87% of the company’s stock.
Seagate Technology Company Profile
Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company manufactures and distributes hard disk drives, solid state drives and their related controllers, solid state hybrid drives, and storage subsystems. Its products are used in enterprise servers and storage systems applications; client compute applications, primarily for desktop and mobile computing; and client non-compute applications, including various end user devices, such as portable external storage systems, surveillance systems, network-attached storage, digital video recorders, and gaming consoles.
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