Seagate Technology PLC (STX) Holdings Lifted by ValueAct Holdings L.P.
ValueAct Holdings L.P. boosted its holdings in shares of Seagate Technology PLC (NASDAQ:STX) by 44.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,815,765 shares of the data storage provider’s stock after buying an additional 4,276,275 shares during the period. Seagate Technology PLC makes up about 4.8% of ValueAct Holdings L.P.’s portfolio, making the stock its 8th largest position. ValueAct Holdings L.P. owned approximately 4.73% of Seagate Technology PLC worth $535,361,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Sensato Investors LLC raised its holdings in Seagate Technology PLC by 19.3% during the second quarter. Sensato Investors LLC now owns 96,900 shares of the data storage provider’s stock worth $3,755,000 after buying an additional 15,700 shares during the last quarter. Dana Investment Advisors Inc. raised its holdings in Seagate Technology PLC by 2.2% during the second quarter. Dana Investment Advisors Inc. now owns 318,036 shares of the data storage provider’s stock worth $12,324,000 after buying an additional 6,794 shares during the last quarter. Gotham Asset Management LLC raised its holdings in Seagate Technology PLC by 5.0% during the second quarter. Gotham Asset Management LLC now owns 694,963 shares of the data storage provider’s stock worth $26,930,000 after buying an additional 32,999 shares during the last quarter. Cornerstone Capital Management Holdings LLC. raised its holdings in Seagate Technology PLC by 10.9% during the second quarter. Cornerstone Capital Management Holdings LLC. now owns 406,364 shares of the data storage provider’s stock worth $15,745,000 after buying an additional 39,906 shares during the last quarter. Finally, Janus Henderson Group PLC raised its holdings in Seagate Technology PLC by 7,384.8% during the second quarter. Janus Henderson Group PLC now owns 2,700,947 shares of the data storage provider’s stock worth $104,662,000 after buying an additional 2,664,861 shares during the last quarter. Hedge funds and other institutional investors own 90.00% of the company’s stock.
Several research firms have weighed in on STX. BMO Capital Markets restated a “market perform” rating and set a $35.00 price objective (down previously from $42.00) on shares of Seagate Technology PLC in a report on Wednesday, July 26th. Craig Hallum downgraded shares of Seagate Technology PLC from a “buy” rating to a “hold” rating in a report on Wednesday, July 26th. Stifel Nicolaus restated a “hold” rating and set a $45.00 price objective on shares of Seagate Technology PLC in a report on Friday, July 14th. Cowen and Company lowered their price objective on shares of Seagate Technology PLC from $45.00 to $36.00 and set an “outperform” rating on the stock in a report on Wednesday, July 26th. Finally, ValuEngine upgraded shares of Seagate Technology PLC from a “hold” rating to a “buy” rating in a report on Monday. Four equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $40.72.
In related news, insider Philip G. Brace acquired 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was bought at an average cost of $33.34 per share, for a total transaction of $33,340.00. Following the purchase, the insider now owns 62,855 shares in the company, valued at approximately $2,095,585.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.87% of the company’s stock.
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Seagate Technology PLC (NASDAQ:STX) traded down 0.70% during trading on Friday, hitting $33.86. 1,012,730 shares of the stock were exchanged. The firm has a market capitalization of $9.75 billion, a price-to-earnings ratio of 13.12 and a beta of 1.72. The company has a 50-day moving average price of $32.44 and a 200 day moving average price of $39.15. Seagate Technology PLC has a 1-year low of $30.60 and a 1-year high of $50.96.
Seagate Technology PLC (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, July 25th. The data storage provider reported $0.65 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.99 by ($0.34). The company had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.56 billion. Seagate Technology PLC had a net margin of 7.17% and a return on equity of 81.87%. The company’s revenue was down 9.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.69 earnings per share. Equities analysts predict that Seagate Technology PLC will post $3.65 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 4th. Investors of record on Wednesday, September 20th were paid a dividend of $0.63 per share. The ex-dividend date of this dividend was Tuesday, September 19th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 7.39%. Seagate Technology PLC’s dividend payout ratio (DPR) is presently 97.67%.
About Seagate Technology PLC
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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