Kempen Capital Management N.V. Acquires New Holdings in Seagate Technology PLC (STX)
Kempen Capital Management N.V. acquired a new stake in Seagate Technology PLC (NASDAQ:STX) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 295,332 shares of the data storage provider’s stock, valued at approximately $11,444,000. Kempen Capital Management N.V. owned 0.10% of Seagate Technology PLC at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the company. Pacer Advisors Inc. acquired a new stake in shares of Seagate Technology PLC during the second quarter worth $150,000. First Quadrant L P CA acquired a new stake in shares of Seagate Technology PLC during the second quarter worth $153,000. Global X Management Co. LLC lifted its holdings in shares of Seagate Technology PLC by 29.2% during the first quarter. Global X Management Co. LLC now owns 3,490 shares of the data storage provider’s stock worth $160,000 after purchasing an additional 789 shares during the period. Sigma Investment Counselors Inc. acquired a new stake in shares of Seagate Technology PLC during the first quarter worth $201,000. Finally, Private Advisory Group LLC acquired a new stake in shares of Seagate Technology PLC during the first quarter worth $206,000. 89.88% of the stock is owned by institutional investors and hedge funds.
STX has been the subject of several recent research reports. Susquehanna Bancshares Inc reaffirmed a “neutral” rating and set a $44.00 price target (up from $43.00) on shares of Seagate Technology PLC in a report on Thursday, June 1st. Royal Bank Of Canada reaffirmed a “hold” rating and set a $45.00 price target on shares of Seagate Technology PLC in a report on Friday, June 9th. Aegis initiated coverage on Seagate Technology PLC in a report on Tuesday, June 13th. They set a “buy” rating and a $50.00 price target for the company. Evercore ISI initiated coverage on Seagate Technology PLC in a report on Friday, June 16th. They set an “in-line” rating and a $48.00 price target for the company. Finally, Barclays PLC downgraded Seagate Technology PLC from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $49.00 to $40.00 in a report on Thursday, July 13th. Four research analysts have rated the stock with a sell rating, twenty-three have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $40.48.
In other Seagate Technology PLC news, insider Philip G. Brace purchased 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The shares were purchased at an average cost of $33.34 per share, with a total value of $33,340.00. Following the completion of the transaction, the insider now owns 62,855 shares of the company’s stock, valued at $2,095,585.70. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.87% of the stock is currently owned by insiders.
Shares of Seagate Technology PLC (STX) traded up 2.76% during mid-day trading on Friday, reaching $33.55. The company’s stock had a trading volume of 9,565,630 shares. Seagate Technology PLC has a 52-week low of $30.60 and a 52-week high of $50.96. The firm’s 50 day moving average is $32.26 and its 200-day moving average is $40.61. The company has a market capitalization of $9.66 billion, a PE ratio of 13.00 and a beta of 1.69.
Seagate Technology PLC (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, July 25th. The data storage provider reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.34). The business had revenue of $2.41 billion for the quarter, compared to analyst estimates of $2.56 billion. Seagate Technology PLC had a net margin of 7.17% and a return on equity of 81.87%. The firm’s quarterly revenue was down 9.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.69 earnings per share. Analysts forecast that Seagate Technology PLC will post $3.67 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 20th will be given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 7.51%. The ex-dividend date is Tuesday, September 19th. Seagate Technology PLC’s payout ratio is 97.67%.
Seagate Technology PLC Profile
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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