Tuttle Tactical Management lowered its holdings in shares of Seagate Technology PLC (NASDAQ:STX) by 70.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,540 shares of the data storage provider’s stock after selling 15,724 shares during the period. Tuttle Tactical Management’s holdings in Seagate Technology were worth $328,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in STX. Covington Capital Management acquired a new stake in Seagate Technology during the second quarter worth approximately $26,000. CWM LLC boosted its holdings in Seagate Technology by 61.3% in the second quarter. CWM LLC now owns 789 shares of the data storage provider’s stock worth $37,000 after acquiring an additional 300 shares in the last quarter. HM Payson & Co. bought a new position in Seagate Technology in the second quarter worth approximately $38,000. Quantamental Technologies LLC bought a new position in Seagate Technology in the second quarter worth approximately $39,000. Finally, CSat Investment Advisory L.P. boosted its holdings in Seagate Technology by 110.1% in the second quarter. CSat Investment Advisory L.P. now owns 1,107 shares of the data storage provider’s stock worth $52,000 after acquiring an additional 580 shares in the last quarter. 85.36% of the stock is owned by institutional investors and hedge funds.
In related news, EVP Jeffrey D. Nygaard sold 2,000 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $55.00, for a total transaction of $110,000.00. Following the completion of the transaction, the executive vice president now directly owns 25,985 shares in the company, valued at $1,429,175. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Stephen J. Luczo sold 5,000 shares of the business’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $51.51, for a total value of $257,550.00. The disclosure for this sale can be found here. Insiders sold 134,000 shares of company stock valued at $7,145,110 over the last three months. Company insiders own 1.12% of the company’s stock.
Seagate Technology (NASDAQ:STX) last released its earnings results on Friday, August 2nd. The data storage provider reported $0.86 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.03. Seagate Technology had a return on equity of 72.07% and a net margin of 19.36%. The business had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.33 billion. During the same period last year, the business posted $1.62 earnings per share. The business’s revenue for the quarter was down 16.4% on a year-over-year basis. As a group, analysts anticipate that Seagate Technology PLC will post 4.65 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, October 9th. Shareholders of record on Wednesday, September 25th were given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 4.54%. The ex-dividend date was Tuesday, September 24th. Seagate Technology’s dividend payout ratio is currently 52.28%.
Several research analysts have issued reports on STX shares. Wells Fargo & Co increased their price target on Seagate Technology from $45.00 to $48.00 and gave the stock a “market perform” rating in a report on Friday, September 13th. Goldman Sachs Group set a $37.00 price target on Seagate Technology and gave the stock a “sell” rating in a report on Sunday, July 21st. FBN Securities increased their price target on Seagate Technology from $55.00 to $60.00 in a report on Thursday, September 19th. Barclays increased their price target on Seagate Technology from $37.00 to $40.00 and gave the stock an “underweight” rating in a report on Friday, September 20th. Finally, ValuEngine lowered Seagate Technology from a “hold” rating to a “sell” rating in a report on Wednesday, October 9th. Six investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $48.10.
Seagate Technology Company Profile
Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It manufactures and distributes hard disk drives; solid state drives (SSDs), including serial attached small computer system interface and non-volatile memory express SSDs; solid state hybrid drives; and storage subsystems.
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