Arizona State Retirement System Has $3.75 Million Position in Seagate Technology PLC (STX)
Arizona State Retirement System increased its stake in shares of Seagate Technology PLC (NASDAQ:STX) by 32.3% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 96,745 shares of the data storage provider’s stock after buying an additional 23,645 shares during the period. Arizona State Retirement System’s holdings in Seagate Technology PLC were worth $3,749,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of STX. 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 valued at $1,429,338,000 after buying an additional 1,132,336 shares during the period. 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 valued at $842,196,000 after buying an additional 17,777,387 shares during the period. State Street Corp boosted its position in shares of Seagate Technology PLC by 3.4% in the first quarter. State Street Corp now owns 11,253,471 shares of the data storage provider’s stock valued at $516,900,000 after buying an additional 374,218 shares during the period. Geode Capital Management LLC boosted its position in shares of 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 valued at $147,067,000 after buying an additional 642,845 shares during the period. Finally, 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 valued at $119,573,000 after buying an additional 2,032,271 shares during the period. 87.27% of the stock is owned by institutional investors and hedge funds.
Seagate Technology PLC (STX) opened at 32.28 on Wednesday. The firm has a market capitalization of $9.42 billion, a PE ratio of 12.51 and a beta of 1.69. Seagate Technology PLC has a 1-year low of $31.33 and a 1-year high of $50.96. The firm’s 50-day moving average price is $36.18 and its 200-day moving average price is $42.87.
Seagate Technology PLC (NASDAQ:STX) last released its earnings results on Tuesday, July 25th. The data storage provider reported $0.65 EPS for the quarter, missing the Thomson Reuters’ consensus estimate 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 firm had revenue of $2.41 billion during the quarter, compared to analysts’ expectations of $2.56 billion. During the same period in the previous year, the firm posted $0.69 earnings per share. The firm’s revenue was down 9.3% on a year-over-year basis. On average, equities research analysts predict that Seagate Technology PLC will post $3.70 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 4th. Stockholders of record on Wednesday, September 20th will be paid a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, September 19th. This represents a $2.52 annualized dividend and a dividend yield of 7.80%. Seagate Technology PLC’s dividend payout ratio is presently 97.67%.
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A number of research firms recently weighed in on STX. Citigroup Inc. reduced their price target on Seagate Technology PLC from $46.00 to $42.00 and set a “neutral” rating for the company in a report on Tuesday, July 18th. UBS AG reaffirmed a “sell” rating and issued a $28.00 price target (down previously from $34.00) on shares of Seagate Technology PLC in a report on Wednesday, July 26th. Barclays PLC cut Seagate Technology PLC from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $49.00 to $40.00 in a report on Thursday, July 13th. Jefferies Group LLC reduced their price target on Seagate Technology PLC from $55.00 to $50.00 and set a “buy” rating for the company in a report on Friday, April 28th. Finally, Longbow Research cut Seagate Technology PLC from a “buy” rating to a “neutral” rating in a report on Tuesday, July 25th. Four research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $42.12.
In other news, CFO David H. Morton, Jr. sold 3,040 shares of the business’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $43.26, for a total transaction of $131,510.40. Following the completion of the sale, the chief financial officer now directly owns 9,063 shares of the company’s stock, valued at approximately $392,065.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Philip G. Brace acquired 1,000 shares of the stock in a transaction dated Tuesday, August 1st. The shares were bought at an average cost of $33.34 per share, with a total value of $33,340.00. Following the completion of the purchase, the insider now directly owns 62,855 shares in the company, valued at $2,095,585.70. The disclosure for this purchase can be found here. 1.50% of the stock is owned by 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.
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