Swiss National Bank lessened its holdings in shares of Seagate Technology PLC (NASDAQ:STX) by 8.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 826,616 shares of the data storage provider’s stock after selling 79,800 shares during the quarter. Swiss National Bank owned approximately 0.30% of Seagate Technology worth $38,950,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of STX. Front Row Advisors LLC raised its position in shares of Seagate Technology by 91.0% in the first quarter. Front Row Advisors LLC now owns 573 shares of the data storage provider’s stock valued at $28,000 after purchasing an additional 273 shares during the period. First Interstate Bank bought a new position in shares of Seagate Technology in the first quarter valued at approximately $31,000. CWM LLC increased its position in Seagate Technology by 61.3% during the second quarter. CWM LLC now owns 789 shares of the data storage provider’s stock worth $37,000 after acquiring an additional 300 shares during the period. Ibex Wealth Advisors bought a new position in Seagate Technology during the second quarter worth $61,000. Finally, Meridian Wealth Management LLC bought a new position in Seagate Technology during the first quarter worth $62,000. 86.92% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:STX traded up $1.14 on Wednesday, hitting $47.51. The stock had a trading volume of 39,830 shares, compared to its average volume of 2,741,469. Seagate Technology PLC has a twelve month low of $35.38 and a twelve month high of $57.20. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.52 and a current ratio of 1.95. The firm’s 50 day moving average price is $46.61 and its 200-day moving average price is $46.50. The company has a market capitalization of $12.38 billion, a price-to-earnings ratio of 9.85, a price-to-earnings-growth ratio of 8.42 and a beta of 1.70.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Friday, August 2nd. The data storage provider reported $0.86 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.83 by $0.03. Seagate Technology had a net margin of 19.36% and a return on equity of 72.07%. The company had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.33 billion. During the same quarter in the previous year, the company earned $1.62 EPS. The firm’s revenue for the quarter was down 16.4% compared to the same quarter last year. As a group, sell-side analysts predict that Seagate Technology PLC will post 4.52 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 9th. Stockholders of record on Wednesday, September 25th will be paid a $0.63 dividend. The ex-dividend date is Tuesday, September 24th. This represents a $2.52 annualized dividend and a dividend yield of 5.30%. Seagate Technology’s dividend payout ratio is presently 52.28%.

In related news, Director Stephen J. Luczo sold 5,000 shares of Seagate Technology stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $47.45, for a total value of $237,250.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stephen J. Luczo sold 10,000 shares of Seagate Technology stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $47.00, for a total value of $470,000.00. The disclosure for this sale can be found here. Insiders sold a total of 25,000 shares of company stock worth $1,180,150 in the last 90 days. 1.00% of the stock is owned by corporate insiders.

A number of equities research analysts have weighed in on the stock. ValuEngine upgraded shares of Seagate Technology from a “sell” rating to a “hold” rating in a research note on Thursday, May 2nd. Barclays assumed coverage on shares of Seagate Technology in a research note on Wednesday, August 7th. They set an “underweight” rating and a $37.00 price target on the stock. Argus upgraded shares of Seagate Technology from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Friday, May 3rd. Benchmark reiterated a “buy” rating and set a $55.00 price target (down previously from $57.00) on shares of Seagate Technology in a research note on Monday, August 5th. Finally, Wedbush assumed coverage on shares of Seagate Technology in a research note on Wednesday, June 26th. They set a “neutral” rating and a $35.00 price target on the stock. They noted that the move was a valuation call. Six investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have assigned a buy rating to the stock. Seagate Technology presently has an average rating of “Hold” and an average target price of $44.95.

Seagate Technology Company 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.

Further Reading: Why do analysts give a neutral rating?

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

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