UBS Group Lowers Seagate Technology (STX) to Neutral

UBS Group downgraded shares of Seagate Technology (NASDAQ:STX) to a neutral rating in a report issued on Tuesday morning, The Fly reports.

STX has been the subject of several other research reports. BidaskClub raised Seagate Technology from a hold rating to a buy rating in a research note on Tuesday, August 7th. Zacks Investment Research raised shares of Seagate Technology from a sell rating to a hold rating in a research note on Monday, October 8th. Benchmark reissued a hold rating on shares of Seagate Technology in a research note on Tuesday, July 31st. ValuEngine downgraded shares of Seagate Technology from a hold rating to a sell rating in a research note on Tuesday, October 2nd. Finally, Royal Bank of Canada reissued a hold rating and issued a $62.00 target price on shares of Seagate Technology in a research note on Monday, July 30th. Five analysts have rated the stock with a sell rating, seventeen have given a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $53.91.

Shares of NASDAQ:STX traded down $3.81 during midday trading on Tuesday, hitting $38.80. 10,746,479 shares of the stock were exchanged, compared to its average volume of 3,546,897. The company has a market capitalization of $12.27 billion, a PE ratio of 7.04, a price-to-earnings-growth ratio of 0.55 and a beta of 1.70. The company has a quick ratio of 1.02, a current ratio of 1.35 and a debt-to-equity ratio of 2.59. Seagate Technology has a twelve month low of $36.07 and a twelve month high of $62.70.



The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 3rd. Shareholders of record on Wednesday, September 19th were issued a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 6.49%. The ex-dividend date was Tuesday, September 18th. Seagate Technology’s dividend payout ratio (DPR) is 45.74%.

In other news, Director Holdings L.P. Valueact bought 509,492 shares of the firm’s stock in a transaction dated Monday, August 13th. The stock was acquired at an average price of $51.11 per share, for a total transaction of $26,040,136.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Valueact Capital Master Fund, bought 946,000 shares of the firm’s stock in a transaction dated Thursday, August 2nd. The shares were purchased at an average price of $52.78 per share, with a total value of $49,929,880.00. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 6,207,648 shares of company stock valued at $322,103,805 and sold 46,086 shares valued at $2,529,660. 1.00% of the stock is owned by insiders.

Several large investors have recently modified their holdings of the company. ValueAct Holdings L.P. grew its holdings in shares of Seagate Technology by 4.4% during the 2nd quarter. ValueAct Holdings L.P. now owns 22,404,700 shares of the data storage provider’s stock worth $1,265,194,000 after purchasing an additional 946,100 shares during the period. BlackRock Inc. grew its holdings in shares of Seagate Technology by 2.0% during the 2nd quarter. BlackRock Inc. now owns 19,515,088 shares of the data storage provider’s stock worth $1,102,017,000 after purchasing an additional 383,002 shares during the period. Northern Trust Corp grew its holdings in shares of Seagate Technology by 5.6% during the 2nd quarter. Northern Trust Corp now owns 3,384,188 shares of the data storage provider’s stock worth $191,105,000 after purchasing an additional 180,301 shares during the period. Morgan Stanley grew its holdings in shares of Seagate Technology by 81.0% during the 2nd quarter. Morgan Stanley now owns 2,691,882 shares of the data storage provider’s stock worth $152,011,000 after purchasing an additional 1,204,618 shares during the period. Finally, First Trust Advisors LP grew its holdings in shares of Seagate Technology by 26.3% during the 3rd quarter. First Trust Advisors LP now owns 2,303,709 shares of the data storage provider’s stock worth $109,081,000 after purchasing an additional 480,052 shares during the period. Institutional investors and hedge funds own 83.22% 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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