Meadow Creek Investment Management LLC Cuts Stake in Seagate Technology PLC (STX)
Meadow Creek Investment Management LLC lowered its stake in shares of Seagate Technology PLC (NASDAQ:STX) by 2.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,872 shares of the data storage provider’s stock after selling 306 shares during the period. Meadow Creek Investment Management LLC’s holdings in Seagate Technology PLC were worth $637,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in STX. Seven Bridges Advisors LLC bought a new stake in Seagate Technology PLC during the third quarter valued at about $107,000. Balentine LLC bought a new stake in Seagate Technology PLC during the third quarter valued at about $110,000. Mascoma Wealth Management LLC bought a new stake in Seagate Technology PLC during the fourth quarter valued at about $120,000. Winslow Evans & Crocker Inc. raised its stake in Seagate Technology PLC by 12.4% in the first quarter. Winslow Evans & Crocker Inc. now owns 2,726 shares of the data storage provider’s stock valued at $125,000 after buying an additional 300 shares in the last quarter. Finally, Ledyard National Bank raised its stake in Seagate Technology PLC by 1,318.3% in the first quarter. Ledyard National Bank now owns 4,255 shares of the data storage provider’s stock valued at $195,000 after buying an additional 3,955 shares in the last quarter. 90.47% of the stock is owned by institutional investors and hedge funds.
Seagate Technology PLC (NASDAQ:STX) traded up 0.71% during mid-day trading on Friday, reaching $42.55. The company’s stock had a trading volume of 1,949,864 shares. The company’s 50-day moving average price is $45.28 and its 200 day moving average price is $42.61. The firm has a market capitalization of $12.62 billion, a price-to-earnings ratio of 17.51 and a beta of 1.93. Seagate Technology PLC has a 52 week low of $20.29 and a 52 week high of $50.96.
Seagate Technology PLC (NASDAQ:STX) last posted its quarterly earnings results on Wednesday, April 26th. The data storage provider reported $1.10 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.04. The business had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.71 billion. Seagate Technology PLC had a net margin of 4.69% and a return on equity of 62.25%. The company’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.22 earnings per share. On average, equities analysts forecast that Seagate Technology PLC will post $4.45 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 5th. Shareholders of record on Wednesday, June 21st will be paid a $0.63 dividend. The ex-dividend date of this dividend is Monday, June 19th. This represents a $2.52 annualized dividend and a dividend yield of 5.96%. Seagate Technology PLC’s dividend payout ratio (DPR) is 147.37%.
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Several equities analysts have recently commented on the company. Susquehanna Bancshares Inc restated a “neutral” rating on shares of Seagate Technology PLC in a research report on Wednesday, April 12th. BMO Capital Markets boosted their price objective on Seagate Technology PLC from $33.00 to $42.00 and gave the company a “market perform” rating in a research report on Wednesday, January 25th. Royal Bank of Canada boosted their price objective on Seagate Technology PLC from $40.00 to $45.00 and gave the company a “sector perform” rating in a research report on Wednesday, January 25th. Barclays PLC boosted their price objective on Seagate Technology PLC to $46.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 25th. Finally, Cowen and Company boosted their price objective on Seagate Technology PLC from $36.00 to $46.00 and gave the company a “market perform” rating in a research report on Wednesday, January 25th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. Seagate Technology PLC presently has a consensus rating of “Hold” and a consensus target price of $42.38.
In other Seagate Technology PLC news, CFO David H. Morton, Jr. sold 6,197 shares of the business’s stock in a transaction on Wednesday, February 22nd. The shares were sold at an average price of $47.34, for a total value of $293,365.98. Following the completion of the transaction, the chief financial officer now owns 18,300 shares in the company, valued at $866,322. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Chong Sup Park sold 3,809 shares of the business’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $43.63, for a total transaction of $166,186.67. Following the completion of the transaction, the director now owns 11,753 shares of the company’s stock, valued at approximately $512,783.39. The disclosure for this sale can be found here. In the last 90 days, insiders sold 158,194 shares of company stock valued at $7,701,279. Insiders own 1.50% of the company’s stock.
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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