Seagate Technology (STX) Debt Trading 0.9% Lower 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 after an insider sold shares in the company. The high-yield issue of debt has a 4.875% coupon and will mature on March 1, 2024. The debt is now trading at $101.00. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its stock price. Specifically, Director Dambisa F. Moyo sold 8,715 shares of the company’s stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $39.01, for a total value of $339,972.15. Following the sale, the director now owns 3,316 shares in the company, valued at approximately $129,357.16. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Stephen J. Luczo sold 100,000 shares of the company’s stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $48.99, for a total transaction of $4,899,000.00. Following the completion of the sale, the chairman now owns 95,420 shares in the company, valued at approximately $4,674,625.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 199,744 shares of company stock worth $9,317,320. Company insiders own 0.87% of the company’s stock.

STX has been the topic of several research reports. Cowen reiterated a “hold” rating and set a $36.00 price objective on shares of Seagate Technology in a research note on Friday, October 13th. BidaskClub lowered shares of Seagate Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 2nd. Jefferies Group set a $29.00 price objective on shares of Seagate Technology and gave the stock a “hold” rating in a research note on Sunday, October 15th. Mizuho reiterated a “hold” rating and set a $36.00 price objective on shares of Seagate Technology in a research note on Monday, October 9th. Finally, Barclays increased their price objective on shares of Seagate Technology from $29.00 to $32.00 and gave the stock an “underweight” rating in a research note on Tuesday, October 24th. Four investment 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 assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $43.39.

The company has a quick ratio of 1.55, a current ratio of 1.96 and a debt-to-equity ratio of 4.03. The company has a market cap of $14,900.00, a PE ratio of 19.51, a P/E/G ratio of 0.76 and a beta of 1.68.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Monday, October 23rd. The data storage provider reported $0.96 EPS for the quarter, topping the consensus estimate of $0.86 by $0.10. Seagate Technology had a net margin of 7.41% and a return on equity of 84.50%. The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter in the prior year, the firm earned $0.99 EPS. Seagate Technology’s quarterly revenue was down 5.9% on a year-over-year basis. sell-side analysts predict 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. Shareholders of record on Wednesday, December 20th were given a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 4.89%. The ex-dividend date was Tuesday, December 19th. Seagate Technology’s dividend payout ratio (DPR) is 95.45%.

Several institutional investors have recently bought and sold shares of STX. WFG Advisors LP boosted its holdings in shares of Seagate Technology by 16,536.4% in the second quarter. WFG Advisors LP now owns 3,660 shares of the data storage provider’s stock valued at $142,000 after acquiring an additional 3,638 shares in the last quarter. Balentine LLC boosted its holdings in shares of Seagate Technology by 56.8% in the third quarter. Balentine LLC now owns 4,471 shares of the data storage provider’s stock valued at $148,000 after acquiring an additional 1,619 shares in the last quarter. Pacer Advisors Inc. bought a new position in shares of Seagate Technology in the second quarter valued at approximately $150,000. SpiderRock Advisors LLC boosted its holdings in shares of Seagate Technology by 2,419.5% in the third quarter. SpiderRock Advisors LLC now owns 5,568 shares of the data storage provider’s stock valued at $184,000 after acquiring an additional 5,347 shares in the last quarter. Finally, New England Research & Management Inc. bought a new position in shares of Seagate Technology in the fourth quarter valued at approximately $205,000. Institutional investors and hedge funds own 91.45% of the company’s stock.

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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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