Cornerstone Investment Partners LLC lifted its stake in shares of Seagate Technology PLC (NASDAQ:STX) by 39.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,040 shares of the data storage provider’s stock after purchasing an additional 13,520 shares during the quarter. Cornerstone Investment Partners LLC’s holdings in Seagate Technology were worth $1,854,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc raised its position in Seagate Technology by 1.3% in the third quarter. Vanguard Group Inc now owns 31,122,744 shares of the data storage provider’s stock worth $1,473,662,000 after acquiring an additional 400,201 shares in the last quarter. ValueAct Holdings L.P. grew its holdings in Seagate Technology by 17.8% in the third quarter. ValueAct Holdings L.P. now owns 26,396,565 shares of the data storage provider’s stock valued at $1,249,877,000 after purchasing an additional 3,991,865 shares during the last quarter. LSV Asset Management grew its holdings in Seagate Technology by 0.5% in the third quarter. LSV Asset Management now owns 6,282,889 shares of the data storage provider’s stock valued at $297,494,000 after purchasing an additional 32,200 shares during the last quarter. Skandinaviska Enskilda Banken AB publ acquired a new stake in Seagate Technology in the third quarter valued at $259,905,000. Finally, AQR Capital Management LLC grew its holdings in Seagate Technology by 139.5% in the third quarter. AQR Capital Management LLC now owns 4,181,391 shares of the data storage provider’s stock valued at $197,989,000 after purchasing an additional 2,435,580 shares during the last quarter. Institutional investors and hedge funds own 89.93% of the company’s stock.
Several analysts have weighed in on the company. ValuEngine lowered Seagate Technology from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. BidaskClub lowered Seagate Technology from a “buy” rating to a “hold” rating in a report on Friday, September 28th. Zacks Investment Research raised Seagate Technology from a “sell” rating to a “hold” rating in a report on Monday, October 8th. Maxim Group lowered their target price on Seagate Technology from $54.00 to $51.00 and set a “hold” rating on the stock in a report on Wednesday, November 7th. Finally, Royal Bank of Canada decreased their price objective on Seagate Technology from $60.00 to $50.00 and set a “market perform” rating on the stock in a research note on Monday, November 5th. Six research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have assigned a buy rating to the company. Seagate Technology presently has a consensus rating of “Hold” and a consensus target price of $50.36.
Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Friday, November 2nd. The data storage provider reported $1.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.15. Seagate Technology had a return on equity of 123.05% and a net margin of 12.57%. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.95 billion. During the same period last year, the company earned $0.96 EPS. The firm’s quarterly revenue was up 13.7% on a year-over-year basis. As a group, research analysts forecast that Seagate Technology PLC will post 5.32 earnings per share for the current fiscal year.
The firm also recently declared a dividend, which was paid on Monday, December 31st. Shareholders of record on Wednesday, December 19th were paid a $0.63 dividend. The ex-dividend date was Tuesday, December 18th. Seagate Technology’s payout ratio is 45.74%.
In other Seagate Technology news, Director Holdings L.P. Valueact purchased 365,671 shares of the firm’s stock in a transaction on Tuesday, November 20th. The shares were purchased at an average cost of $41.84 per share, with a total value of $15,299,674.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Valueact Capital Master Fund, purchased 400,000 shares of the firm’s stock in a transaction on Friday, December 7th. The stock was acquired at an average cost of $40.61 per share, for a total transaction of $16,244,000.00. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 1,519,295 shares of company stock worth $62,991,691. 1.00% of the stock is owned by corporate insiders.
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Seagate Technology Profile
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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