Duality Advisers LP Makes New Investment in Seagate Technology PLC (NASDAQ:STX)
Duality Advisers LP bought a new position in Seagate Technology PLC (NASDAQ:STX) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 65,852 shares of the data storage provider’s stock, valued at approximately $3,188,000.
Several other hedge funds also recently made changes to their positions in STX. Regent Investment Management LLC raised its position in shares of Seagate Technology by 6.3% during the second quarter. Regent Investment Management LLC now owns 5,100 shares of the data storage provider’s stock worth $247,000 after acquiring an additional 300 shares during the last quarter. GWM Advisors LLC raised its holdings in Seagate Technology by 8.9% during the 2nd quarter. GWM Advisors LLC now owns 40,308 shares of the data storage provider’s stock worth $1,951,000 after purchasing an additional 3,286 shares during the last quarter. Stratos Wealth Partners LTD. acquired a new position in Seagate Technology during the 2nd quarter valued at about $231,000. Pitcairn Co. boosted its stake in shares of Seagate Technology by 7.8% in the 2nd quarter. Pitcairn Co. now owns 58,890 shares of the data storage provider’s stock valued at $2,851,000 after purchasing an additional 4,286 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its stake in shares of Seagate Technology by 2.7% in the 2nd quarter. CIBC Asset Management Inc now owns 11,710 shares of the data storage provider’s stock valued at $567,000 after purchasing an additional 311 shares during the last quarter. Institutional investors own 83.55% of the company’s stock.
In other news, Director Stephen J. Luczo sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $51.74, for a total transaction of $362,180.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Ban Seng Teh sold 498 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $52.80, for a total value of $26,294.40. Following the completion of the sale, the senior vice president now directly owns 11,197 shares in the company, valued at $591,201.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,493 shares of company stock valued at $1,059,254. 1.12% of the stock is owned by insiders.
Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, July 28th. The data storage provider reported $1.20 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.20. The firm had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.62 billion. Seagate Technology had a return on equity of 68.62% and a net margin of 9.55%. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.86 EPS. On average, equities analysts expect that Seagate Technology PLC will post 5.31 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 7th. Investors of record on Wednesday, September 23rd will be issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 5.75%. The ex-dividend date of this dividend is Tuesday, September 22nd. Seagate Technology’s payout ratio is 56.89%.
A number of equities analysts have issued reports on the stock. Mizuho reduced their price objective on shares of Seagate Technology from $56.00 to $50.00 and set a “neutral” rating on the stock in a research note on Wednesday. Royal Bank of Canada restated a “hold” rating and issued a $48.00 price target on shares of Seagate Technology in a research report on Thursday. Summit Insights upgraded Seagate Technology from a “sell” rating to a “hold” rating in a report on Wednesday. Craig Hallum raised Seagate Technology from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research note on Thursday, April 23rd. Finally, Cfra decreased their target price on Seagate Technology from $58.00 to $54.00 and set a “hold” rating for the company in a research report on Thursday, April 23rd. Seven investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $53.00.
About Seagate Technology
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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