Riverhead Capital Management LLC Raises Position in Seagate Technology PLC (STX)
Riverhead Capital Management LLC lifted its stake in Seagate Technology PLC (NASDAQ:STX) by 18.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,341 shares of the data storage provider’s stock after purchasing an additional 1,893 shares during the period. Riverhead Capital Management LLC’s holdings in Seagate Technology PLC were worth $478,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. State Board of Administration of Florida Retirement System grew its holdings in Seagate Technology PLC by 2.3% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 21,842 shares of the data storage provider’s stock worth $1,003,000 after acquiring an additional 500 shares during the period. UBS Asset Management Americas Inc. grew its holdings in Seagate Technology PLC by 12.0% during the 1st quarter. UBS Asset Management Americas Inc. now owns 910,681 shares of the data storage provider’s stock worth $41,828,000 after acquiring an additional 97,352 shares during the period. Karp Capital Management Corp acquired a new stake in Seagate Technology PLC during the 1st quarter worth $2,737,000. Sei Investments Co. grew its holdings in Seagate Technology PLC by 47.2% during the 1st quarter. Sei Investments Co. now owns 32,826 shares of the data storage provider’s stock worth $1,507,000 after acquiring an additional 10,522 shares during the period. Finally, State of Wisconsin Investment Board grew its holdings in Seagate Technology PLC by 129.3% during the 1st quarter. State of Wisconsin Investment Board now owns 240,800 shares of the data storage provider’s stock worth $11,060,000 after acquiring an additional 135,800 shares during the period. 90.00% of the stock is owned by institutional investors and hedge funds.
In other 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 bought 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 directly owns 62,855 shares of the company’s stock, valued at $2,095,585.70. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.87% of the stock is owned by company insiders.
Seagate Technology PLC (NASDAQ:STX) opened at 32.72 on Friday. The stock’s 50 day moving average is $32.26 and its 200 day moving average is $40.25. The firm has a market capitalization of $9.42 billion, a price-to-earnings ratio of 12.68 and a beta of 1.69. Seagate Technology PLC has a 1-year low of $30.60 and a 1-year high of $50.96.
Seagate Technology PLC (NASDAQ:STX) last released its quarterly earnings results on Tuesday, July 25th. The data storage provider reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.34). Seagate Technology PLC had a net margin of 7.17% and a return on equity of 81.87%. The firm had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same period in the previous year, the business earned $0.69 earnings per share. The firm’s revenue for the quarter was down 9.3% on a year-over-year basis. Analysts predict that Seagate Technology PLC will post $3.66 EPS for the current fiscal year.
The company 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 dividend on an annualized basis and a dividend yield of 7.70%. The ex-dividend date of this dividend is Tuesday, September 19th. Seagate Technology PLC’s payout ratio is currently 97.67%.
A number of research firms have commented on STX. Susquehanna Bancshares Inc reaffirmed a “neutral” rating and set a $44.00 target price (up previously 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 target price on shares of Seagate Technology PLC in a report on Friday, June 9th. Aegis began coverage on shares of Seagate Technology PLC in a report on Tuesday, June 13th. They set a “buy” rating and a $50.00 target price for the company. Evercore ISI began coverage on shares of Seagate Technology PLC in a report on Friday, June 16th. They set an “in-line” rating and a $48.00 target price for the company. Finally, Loop Capital began coverage on shares of Seagate Technology PLC in a report on Monday, July 24th. They set a “buy” rating and a $50.00 target price for the company. Five research analysts have rated the stock with a sell rating, twenty-two have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $40.48.
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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