Chartwell Investment Partners LLC Takes Position in Seagate Technology PLC (NASDAQ:STX)

Chartwell Investment Partners LLC bought a new stake in shares of Seagate Technology PLC (NASDAQ:STX) in the 2nd quarter, Holdings Channel.com reports. The firm bought 98,591 shares of the data storage provider’s stock, valued at approximately $4,773,000.

Other large investors have also recently added to or reduced their stakes in the company. Balentine LLC bought a new stake in Seagate Technology in the first quarter worth about $25,000. Quadrant Capital Group LLC grew its stake in shares of Seagate Technology by 346.3% in the 4th quarter. Quadrant Capital Group LLC now owns 540 shares of the data storage provider’s stock worth $28,000 after purchasing an additional 419 shares during the last quarter. Paragon Capital Management LLC acquired a new position in shares of Seagate Technology in the 1st quarter worth approximately $28,000. First Horizon Advisors Inc. raised its holdings in shares of Seagate Technology by 145.6% in the 1st quarter. First Horizon Advisors Inc. now owns 587 shares of the data storage provider’s stock worth $29,000 after purchasing an additional 348 shares in the last quarter. Finally, WASHINGTON TRUST Co acquired a new stake in Seagate Technology during the first quarter valued at approximately $29,000. 83.55% of the stock is currently owned by hedge funds and other institutional investors.

STX opened at $45.22 on Friday. The stock has a fifty day moving average price of $48.53 and a 200 day moving average price of $50.95. The company has a current ratio of 1.51, a quick ratio of 1.08 and a debt-to-equity ratio of 2.33. Seagate Technology PLC has a 1 year low of $39.02 and a 1 year high of $64.17. The stock has a market cap of $11.60 billion, a price-to-earnings ratio of 9.68, a PEG ratio of 7.04 and a beta of 1.03.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, July 28th. The data storage provider reported $1.20 earnings per share for the quarter, hitting the consensus estimate of $1.20. The company had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.62 billion. Seagate Technology had a return on equity of 68.62% and a net margin of 9.55%. The business’s revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.86 EPS. As a group, sell-side analysts forecast that Seagate Technology PLC will post 5.31 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Investors of record on Wednesday, September 23rd will be given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 5.75%. The ex-dividend date of this dividend is Tuesday, September 22nd. Seagate Technology’s payout ratio is presently 56.89%.

A number of brokerages have recently commented on STX. ValuEngine downgraded Seagate Technology from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 2nd. Royal Bank of Canada reaffirmed a “hold” rating and set a $48.00 target price on shares of Seagate Technology in a report on Thursday. Summit Insights upgraded Seagate Technology from a “sell” rating to a “hold” rating in a research report on Wednesday. Rosenblatt Securities cut their price objective on Seagate Technology from $65.00 to $63.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Cowen decreased their target price on shares of Seagate Technology from $50.00 to $44.00 and set a “market perform” rating for the company in a report on Wednesday. Seven equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have given a buy rating to the company. Seagate Technology currently has an average rating of “Hold” and a consensus price target of $53.00.

In related news, Director Stephen J. Luczo sold 7,000 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $51.74, for a total value of $362,180.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen J. Luczo sold 5,000 shares of the stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $50.91, for a total transaction of $254,550.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,493 shares of company stock worth $1,059,254. Insiders own 1.12% of the company’s stock.

About Seagate Technology

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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Institutional Ownership by Quarter for Seagate Technology (NASDAQ:STX)

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