LS Investment Advisors LLC cut its stake in Seagate Technology (NASDAQ:STX) by 13.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,424 shares of the data storage provider’s stock after selling 1,479 shares during the period. LS Investment Advisors LLC’s holdings in Seagate Technology were worth $551,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently made changes to their positions in STX. Certified Advisory Corp boosted its stake in shares of Seagate Technology by 436.8% during the 1st quarter. Certified Advisory Corp now owns 1,723 shares of the data storage provider’s stock worth $100,000 after buying an additional 1,402 shares during the last quarter. Advisors Preferred LLC acquired a new position in shares of Seagate Technology during the 1st quarter worth about $103,000. Avestar Capital LLC acquired a new position in shares of Seagate Technology during the 4th quarter worth about $100,000. Sandy Spring Bank boosted its stake in shares of Seagate Technology by 1,676.3% during the 1st quarter. Sandy Spring Bank now owns 3,073 shares of the data storage provider’s stock worth $180,000 after buying an additional 2,900 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new position in shares of Seagate Technology during the 1st quarter worth about $195,000. 86.83% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have recently commented on STX shares. Morgan Stanley upgraded shares of Seagate Technology from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $51.00 to $72.00 in a research note on Monday, April 9th. Zacks Investment Research upgraded shares of Seagate Technology from a “hold” rating to a “buy” rating and set a $66.00 price objective for the company in a research note on Thursday, April 12th. Vetr downgraded shares of Seagate Technology from a “buy” rating to a “hold” rating and set a $56.12 price objective for the company. in a research note on Thursday, March 1st. Cross Research upgraded shares of Seagate Technology from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Finally, Mizuho restated a “neutral” rating and set a $53.00 price objective (up from $39.00) on shares of Seagate Technology in a research note on Monday, January 29th. Four equities research analysts have rated the stock with a sell rating, twenty have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Seagate Technology presently has a consensus rating of “Hold” and an average target price of $53.57.
Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, May 1st. The data storage provider reported $1.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.36 by $0.10. The firm had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. Seagate Technology had a net margin of 7.76% and a return on equity of 105.43%. The business’s revenue was up 4.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.10 EPS. sell-side analysts expect that Seagate Technology will post 5.34 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, July 5th. Shareholders of record on Wednesday, June 20th will be issued a $0.63 dividend. The ex-dividend date is Tuesday, June 19th. This represents a $2.52 annualized dividend and a yield of 4.48%. Seagate Technology’s dividend payout ratio is currently 61.17%.
In other Seagate Technology news, EVP Jeffrey D. Nygaard sold 2,188 shares of the stock in a transaction dated Monday, May 14th. The shares were sold at an average price of $57.45, for a total value of $125,700.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO David H. Morton, Jr. sold 11,491 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $51.78, for a total transaction of $595,003.98. The disclosure for this sale can be found here. Over the last three months, insiders sold 186,914 shares of company stock worth $10,441,533. Insiders own 0.87% of the company’s stock.
About Seagate Technology
Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company manufactures and distributes hard disk drives, solid state drives and their related controllers, solid state hybrid drives, and storage subsystems. Its products are used in enterprise servers and storage systems applications; client compute applications, primarily for desktop and mobile computing; and client non-compute applications, including various end user devices, such as portable external storage systems, surveillance systems, network-attached storage, digital video recorders, and gaming consoles.
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