First Eagle Investment Management LLC Buys 250,200 Shares of Seagate Technology PLC (STX)
First Eagle Investment Management LLC increased its stake in Seagate Technology PLC (NASDAQ:STX) by 1,263.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 270,000 shares of the data storage provider’s stock after buying an additional 250,200 shares during the period. First Eagle Investment Management LLC owned approximately 0.09% of Seagate Technology PLC worth $10,409,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in STX. Spirit of America Management Corp NY acquired a new position in shares of Seagate Technology PLC during the third quarter worth about $104,000. Seven Bridges Advisors LLC acquired a new position in shares of Seagate Technology PLC during the third quarter worth about $107,000. Assetmark Inc. raised its position in shares of Seagate Technology PLC by 65.6% in the third quarter. Assetmark Inc. now owns 3,426 shares of the data storage provider’s stock worth $132,000 after buying an additional 1,357 shares during the period. Cowen Prime Services LLC acquired a new position in shares of Seagate Technology PLC during the second quarter worth about $105,000. Finally, Glenmede Trust Co. NA raised its position in shares of Seagate Technology PLC by 30.2% in the second quarter. Glenmede Trust Co. NA now owns 4,650 shares of the data storage provider’s stock worth $113,000 after buying an additional 1,079 shares during the period. Institutional investors and hedge funds own 94.53% of the company’s stock.
Seagate Technology PLC (NASDAQ:STX) traded up 0.368% on Tuesday, hitting $39.515. The stock had a trading volume of 2,462,505 shares. The company has a market cap of $11.64 billion, a price-to-earnings ratio of 31.287 and a beta of 1.99. The company’s 50 day moving average price is $35.95 and its 200-day moving average price is $31.09. Seagate Technology PLC has a 12-month low of $18.42 and a 12-month high of $40.27.
Seagate Technology PLC (NASDAQ:STX) last issued its quarterly earnings results on Wednesday, October 19th. The data storage provider reported $0.99 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.79 by $0.20. The company earned $2.80 billion during the quarter, compared to analyst estimates of $2.79 billion. Seagate Technology PLC had a net margin of 3.45% and a return on equity of 49.42%. Seagate Technology PLC’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same period last year, the business earned $0.54 EPS. Equities research analysts anticipate that Seagate Technology PLC will post $3.72 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 4th. Shareholders of record on Wednesday, December 21st will be paid a dividend of $0.63 per share. The ex-dividend date of this dividend is Monday, December 19th. This represents a $2.52 dividend on an annualized basis and a yield of 6.45%. Seagate Technology PLC’s dividend payout ratio is currently 200.00%.
STX has been the topic of a number of recent analyst reports. RBC Capital Markets reiterated a “sector perform” rating and set a $31.00 target price (up previously from $27.00) on shares of Seagate Technology PLC in a research report on Tuesday, August 2nd. Mizuho increased their price objective on Seagate Technology PLC from $23.00 to $31.00 and gave the company a “neutral” rating in a research note on Tuesday, August 2nd. Cowen and Company increased their price objective on Seagate Technology PLC from $26.00 to $32.00 and gave the company a “market perform” rating in a research note on Tuesday, August 2nd. BMO Capital Markets reissued a “market perform” rating and issued a $31.00 price objective (up from $22.00) on shares of Seagate Technology PLC in a research note on Tuesday, August 2nd. Finally, Vetr raised Seagate Technology PLC from a “strong sell” rating to a “sell” rating and set a $28.00 price objective for the company in a research note on Tuesday, August 2nd. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. Seagate Technology PLC presently has an average rating of “Hold” and an average price target of $38.77.
In other news, SVP Mark Re sold 5,800 shares of the firm’s stock in a transaction dated Wednesday, August 31st. The shares were sold at an average price of $33.58, for a total transaction of $194,764.00. Following the sale, the senior vice president now owns 46,970 shares of the company’s stock, valued at approximately $1,577,252.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO David H. Morton, Jr. sold 1,716 shares of the firm’s stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $36.16, for a total transaction of $62,050.56. Following the sale, the chief financial officer now directly owns 20,782 shares in the company, valued at approximately $751,477.12. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
About Seagate Technology PLC
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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