LPL Financial LLC trimmed its position in shares of Seagate Technology PLC (NASDAQ:STX) by 17.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 83,327 shares of the data storage provider’s stock after selling 17,221 shares during the quarter. LPL Financial LLC’s holdings in Seagate Technology were worth $4,876,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Oppenheimer Asset Management Inc. boosted its stake in shares of Seagate Technology by 4.5% during the first quarter. Oppenheimer Asset Management Inc. now owns 24,496 shares of the data storage provider’s stock valued at $1,434,000 after purchasing an additional 1,046 shares during the period. American Century Companies Inc. boosted its stake in shares of Seagate Technology by 0.3% during the first quarter. American Century Companies Inc. now owns 380,068 shares of the data storage provider’s stock valued at $22,242,000 after purchasing an additional 1,099 shares during the period. Burney Co. boosted its stake in shares of Seagate Technology by 17.3% during the fourth quarter. Burney Co. now owns 7,771 shares of the data storage provider’s stock valued at $325,000 after purchasing an additional 1,146 shares during the period. IFP Advisors Inc boosted its stake in shares of Seagate Technology by 7.6% during the first quarter. IFP Advisors Inc now owns 16,778 shares of the data storage provider’s stock valued at $982,000 after purchasing an additional 1,178 shares during the period. Finally, Wedbush Securities Inc. boosted its stake in shares of Seagate Technology by 11.7% during the first quarter. Wedbush Securities Inc. now owns 11,785 shares of the data storage provider’s stock valued at $690,000 after purchasing an additional 1,231 shares during the period. 82.59% of the stock is owned by institutional investors.
In other Seagate Technology news, Chairman Stephen J. Luczo sold 100,000 shares of the business’s stock in a transaction dated Tuesday, May 8th. The shares were sold at an average price of $56.01, for a total value of $5,601,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Stephen J. Luczo sold 4,620 shares of the business’s stock in a transaction dated Tuesday, April 10th. The stock was sold at an average price of $60.00, for a total transaction of $277,200.00. The disclosure for this sale can be found here. Insiders sold 241,487 shares of company stock valued at $13,923,746 over the last quarter. 0.87% of the stock is currently owned by corporate insiders.
Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, May 1st. The data storage provider reported $1.46 EPS for the quarter, topping the Zacks’ consensus estimate of $1.36 by $0.10. The business had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.75 billion. Seagate Technology had a net margin of 7.76% and a return on equity of 105.43%. The firm’s revenue was up 4.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.10 earnings per share. sell-side analysts anticipate that Seagate Technology PLC will post 5.34 EPS for the current year.
The company also recently announced 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 of this dividend is Tuesday, June 19th. This represents a $2.52 dividend on an annualized basis and a yield of 4.51%. Seagate Technology’s dividend payout ratio is presently 61.17%.
A number of brokerages have recently issued reports on STX. Zacks Investment Research raised shares of Seagate Technology from a “hold” rating to a “buy” rating and set a $66.00 target price for the company in a research note on Thursday, April 12th. Royal Bank of Canada boosted their target price on shares of Seagate Technology to $62.00 and gave the company a “market perform” rating in a research note on Monday, April 2nd. Maxim Group reaffirmed a “hold” rating and issued a $54.00 price objective (up from $52.00) on shares of Seagate Technology in a research note on Wednesday, May 2nd. Morgan Stanley raised shares of Seagate Technology from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $51.00 to $72.00 in a research note on Monday, April 9th. Finally, Citigroup upped their price objective on shares of Seagate Technology from $56.00 to $60.00 and gave the stock a “neutral” rating in a research note on Friday, March 9th. Four equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $54.51.
Seagate Technology Profile
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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