Seagate Technology (STX) Bond Prices Fall 0.9% Insider Trade
An issue of Seagate Technology PLC (NASDAQ:STX) bonds fell 0.9% as a percentage of their face value during trading on Tuesday following insider selling activity. The debt issue has a 4.875% coupon and is set to mature on March 1, 2024. The bonds in the issue are now trading at $101.00. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its stock price. Specifically, insider Philip G. Brace sold 5,403 shares of the firm’s stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $36.79, for a total transaction of $198,776.37. Following the transaction, the insider now directly owns 33,069 shares of the company’s stock, valued at $1,216,608.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dambisa F. Moyo sold 8,715 shares of the firm’s stock in a transaction that occurred on Wednesday, October 25th. The stock was sold at an average price of $39.01, for a total transaction of $339,972.15. Following the transaction, the director now directly owns 3,316 shares in the company, valued at $129,357.16. The disclosure for this sale can be found here. Insiders have sold 199,744 shares of company stock worth $9,317,320 over the last ninety days. Insiders own 0.87% of the company’s stock.
Several research analysts have recently commented on STX shares. Mizuho reaffirmed a “hold” rating and set a $36.00 target price on shares of Seagate Technology in a report on Monday, October 9th. Zacks Investment Research raised shares of Seagate Technology from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a report on Thursday, October 26th. BidaskClub upgraded shares of Seagate Technology from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 25th. Jefferies Group set a $29.00 price target on shares of Seagate Technology and gave the stock a “hold” rating in a research report on Sunday, October 15th. Finally, Morgan Stanley increased their price target on shares of Seagate Technology from $32.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 24th. Four research analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $43.39.
The stock has a market capitalization of $14,900.00, a price-to-earnings ratio of 19.51, a P/E/G ratio of 0.76 and a beta of 1.68. The company has a debt-to-equity ratio of 4.03, a current ratio of 1.96 and a quick ratio of 1.55.
Seagate Technology (NASDAQ:STX) last announced its earnings results on Monday, October 23rd. The data storage provider reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.10. Seagate Technology had a net margin of 7.41% and a return on equity of 84.50%. The business had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter last year, the firm earned $0.99 earnings per share. Seagate Technology’s quarterly revenue was down 5.9% on a year-over-year basis. equities analysts expect that Seagate Technology PLC will post 4.32 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, January 3rd. Investors of record on Wednesday, December 20th were paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 4.89%. The ex-dividend date was Tuesday, December 19th. Seagate Technology’s dividend payout ratio is presently 95.45%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Davis R M Inc. bought a new position in Seagate Technology during the fourth quarter worth $275,000. Bristol Advisors LLC bought a new position in Seagate Technology during the fourth quarter worth $711,000. Windward Capital Management Co. CA raised its stake in Seagate Technology by 95.8% during the fourth quarter. Windward Capital Management Co. CA now owns 41,722 shares of the data storage provider’s stock worth $1,746,000 after buying an additional 20,409 shares during the last quarter. Jaffetilchin Investment Partners LLC bought a new position in Seagate Technology during the fourth quarter worth $346,000. Finally, New England Research & Management Inc. bought a new position in Seagate Technology during the fourth quarter worth $205,000. 91.45% of the stock is owned by institutional investors and hedge funds.
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About Seagate Technology
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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