Glenmede Trust Co. NA Acquires 1,079 Shares of Seagate Technology PLC (STX)
Glenmede Trust Co. NA raised its position in shares of Seagate Technology PLC (NASDAQ:STX) by 30.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,650 shares of the data storage provider’s stock after buying an additional 1,079 shares during the period. Glenmede Trust Co. NA’s holdings in Seagate Technology PLC were worth $113,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Norges Bank acquired a new position in Seagate Technology PLC during the fourth quarter worth about $119,207,000. BlackRock Fund Advisors increased its stake in shares of Seagate Technology PLC by 47.3% in the first quarter. BlackRock Fund Advisors now owns 8,121,266 shares of the data storage provider’s stock valued at $279,778,000 after buying an additional 2,607,145 shares during the period. PGGM Investments increased its stake in shares of Seagate Technology PLC by 96.4% in the second quarter. PGGM Investments now owns 1,423,321 shares of the data storage provider’s stock valued at $34,672,000 after buying an additional 698,632 shares during the period. Eagle Asset Management Inc. increased its stake in shares of Seagate Technology PLC by 944.4% in the second quarter. Eagle Asset Management Inc. now owns 710,896 shares of the data storage provider’s stock valued at $17,317,000 after buying an additional 642,829 shares during the period. Finally, Wedge Capital Management L L P NC purchased a new stake in shares of Seagate Technology PLC during the second quarter valued at $36,175,000. Hedge funds and other institutional investors own 83.96% of the company’s stock.
Shares of Seagate Technology PLC (NASDAQ:STX) traded down 0.14% during midday trading on Friday, reaching $36.40. 8,966,569 shares of the company traded hands. Seagate Technology PLC has a 12 month low of $18.42 and a 12 month high of $49.52. The stock has a market capitalization of $10.92 billion, a price-to-earnings ratio of 44.39 and a beta of 2.46. The company’s 50 day moving average is $32.94 and its 200-day moving average is $28.59.
Seagate Technology PLC (NASDAQ:STX) last released its quarterly earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.09. Seagate Technology PLC had a net margin of 2.22% and a return on equity of 38.98%. The company had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.32 billion. During the same period last year, the company earned $0.77 EPS. The firm’s revenue for the quarter was down 9.3% compared to the same quarter last year. Equities research analysts forecast that Seagate Technology PLC will post $3.02 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, October 15th. Shareholders of record on Wednesday, September 21st will be paid a dividend of $0.63 per share. The ex-dividend date of this dividend is Monday, September 19th. This represents a $2.52 annualized dividend and a dividend yield of 6.92%. Seagate Technology PLC’s dividend payout ratio is currently 307.32%.
Several brokerages have weighed in on STX. Brean Capital restated a “buy” rating and issued a $30.00 target price on shares of Seagate Technology PLC in a research note on Thursday, June 30th. Jefferies Group raised their price target on shares of Seagate Technology PLC from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, June 2nd. Zacks Investment Research raised shares of Seagate Technology PLC from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a report on Thursday, July 14th. Needham & Company LLC reaffirmed a “strong-buy” rating and issued a $39.00 price target (up previously from $33.00) on shares of Seagate Technology PLC in a report on Wednesday, August 3rd. Finally, Barclays PLC raised their price target on shares of Seagate Technology PLC from $25.00 to $34.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 3rd. Three investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, four have given a buy rating and two have assigned a strong buy rating to the stock. Seagate Technology PLC currently has a consensus rating of “Hold” and a consensus price target of $34.03.
In related news, SVP Mark Re sold 3,082 shares of the firm’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $32.50, for a total value of $100,165.00. Following the sale, the senior vice president now directly owns 56,623 shares of the company’s stock, valued at $1,840,247.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO David H. Morton, Jr. sold 1,716 shares of the firm’s stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $36.16, for a total transaction of $62,050.56. Following the completion of the sale, the chief financial officer now directly owns 20,782 shares in the company, valued at $751,477.12. The disclosure for this sale can be found here. Company insiders own 1.28% of the company’s stock.
About Seagate Technology PLC
Seagate Technology plc (Seagate) is a provider of electronic data storage products. The Company’s products are hard disk drives (HDD). The Company produces a range of electronic data storage products, including solid state hybrid drives (SSHD), solid state drives (SSD), peripheral component interconnect express (PCIe) cards and Serial AT Attachment (SATA) controllers.
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