An issue of Seagate Technology PLC (NASDAQ:STX) debt rose 1.4% as a percentage of its face value during trading on Friday. The high-yield issue of debt has a 5.75% coupon and is set to mature on December 1, 2034. The debt is now trading at $96.50 and was trading at $95.13 last week. Price moves in a company’s debt in credit markets sometimes predict parallel moves in its share price.
STX has been the topic of a number of recent analyst reports. BidaskClub lowered Seagate Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 2nd. Mizuho boosted their price objective on Seagate Technology from $39.00 to $53.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 30th. Craig Hallum reissued a “buy” rating and issued a $56.00 price objective (up previously from $50.00) on shares of Seagate Technology in a research note on Tuesday, January 9th. Cowen reissued a “market perform” rating and issued a $47.00 price objective (up previously from $39.00) on shares of Seagate Technology in a research note on Monday, January 8th. Finally, Royal Bank of Canada boosted their price objective on Seagate Technology to $48.00 and gave the stock a “sector perform” rating in a research note on Tuesday, January 9th. Four equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. Seagate Technology presently has a consensus rating of “Hold” and an average target price of $50.60.
Shares of Seagate Technology PLC (NASDAQ:STX) traded up $1.31 on Friday, hitting $60.19. The stock had a trading volume of 4,768,106 shares, compared to its average volume of 3,589,236. The firm has a market capitalization of $17,143.74, a price-to-earnings ratio of 27.36, a PEG ratio of 0.79 and a beta of 1.84. The company has a quick ratio of 1.25, a current ratio of 1.58 and a debt-to-equity ratio of 4.07. Seagate Technology PLC has a twelve month low of $30.60 and a twelve month high of $60.63.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 4th. Investors of record on Wednesday, March 21st will be issued a $0.63 dividend. The ex-dividend date is Tuesday, March 20th. This represents a $2.52 dividend on an annualized basis and a yield of 4.19%. Seagate Technology’s dividend payout ratio is presently 114.55%.
In related news, insider Stephen J. Luczo sold 341,738 shares of the company’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $55.00, for a total value of $18,795,590.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP James J. Murphy sold 14,175 shares of the company’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $55.16, for a total value of $781,893.00. Following the completion of the sale, the executive vice president now owns 24,585 shares of the company’s stock, valued at approximately $1,356,108.60. The disclosure for this sale can be found here. Insiders sold 810,048 shares of company stock valued at $43,459,301 in the last quarter. 0.87% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in STX. ValueAct Holdings L.P. increased its holdings in shares of Seagate Technology by 55.3% in the third quarter. ValueAct Holdings L.P. now owns 21,458,600 shares of the data storage provider’s stock worth $711,782,000 after acquiring an additional 7,642,835 shares in the last quarter. Two Sigma Advisers LP increased its holdings in shares of Seagate Technology by 7.4% in the fourth quarter. Two Sigma Advisers LP now owns 5,461,842 shares of the data storage provider’s stock worth $228,523,000 after acquiring an additional 375,667 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Seagate Technology by 0.3% in the fourth quarter. Bank of New York Mellon Corp now owns 2,904,107 shares of the data storage provider’s stock worth $121,509,000 after acquiring an additional 7,989 shares in the last quarter. UBS Asset Management Americas Inc. increased its holdings in shares of Seagate Technology by 66.8% in the fourth quarter. UBS Asset Management Americas Inc. now owns 2,113,408 shares of the data storage provider’s stock worth $88,425,000 after acquiring an additional 846,230 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. bought a new stake in shares of Seagate Technology in the fourth quarter worth about $87,422,000. Institutional investors and hedge funds own 87.59% of the company’s stock.
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Seagate Technology Company 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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