Hanson & Doremus Investment Management reduced its position in Seagate Technology PLC (NASDAQ:STX) by 2.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 88,143 shares of the data storage provider’s stock after selling 2,448 shares during the quarter. Seagate Technology comprises approximately 1.5% of Hanson & Doremus Investment Management’s investment portfolio, making the stock its 9th largest position. Hanson & Doremus Investment Management’s holdings in Seagate Technology were worth $5,245,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sciencast Management LP purchased a new stake in shares of Seagate Technology during the 4th quarter valued at approximately $1,211,000. Gradient Investments LLC lifted its holdings in Seagate Technology by 195.5% in the fourth quarter. Gradient Investments LLC now owns 585 shares of the data storage provider’s stock valued at $35,000 after acquiring an additional 387 shares during the last quarter. UNIVEST FINANCIAL Corp acquired a new position in Seagate Technology in the fourth quarter valued at approximately $229,000. Windward Capital Management Co. CA lifted its holdings in Seagate Technology by 22.9% in the fourth quarter. Windward Capital Management Co. CA now owns 68,600 shares of the data storage provider’s stock valued at $4,082,000 after acquiring an additional 12,767 shares during the last quarter. Finally, Allred Capital Management LLC acquired a new position in Seagate Technology in the fourth quarter valued at approximately $71,000. 84.41% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts recently commented on STX shares. Stifel Nicolaus started coverage on Seagate Technology in a report on Monday, December 2nd. They issued a “hold” rating and a $62.00 price objective on the stock. Benchmark upped their price objective on Seagate Technology from $60.00 to $65.00 and gave the company a “buy” rating in a report on Monday, November 4th. Morgan Stanley upped their price objective on Seagate Technology from $61.00 to $66.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Bank of America upped their price objective on Seagate Technology from $45.00 to $50.00 and gave the company an “underperform” rating in a report on Monday, November 4th. Finally, Mizuho reiterated a “hold” rating and issued a $53.00 price objective on shares of Seagate Technology in a report on Friday, November 1st. Five equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $52.53.
Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Friday, November 1st. The data storage provider reported $1.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.03. The company had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.57 billion. Seagate Technology had a return on equity of 61.26% and a net margin of 17.66%. Seagate Technology’s revenue for the quarter was down 13.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.70 EPS. Equities research analysts forecast that Seagate Technology PLC will post 4.86 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, January 8th. Stockholders of record on Thursday, December 26th were issued a $0.65 dividend. This is an increase from Seagate Technology’s previous quarterly dividend of $0.63. This represents a $2.60 annualized dividend and a dividend yield of 4.24%. The ex-dividend date of this dividend was Tuesday, December 24th. Seagate Technology’s payout ratio is presently 53.94%.
In related news, Director Stephen J. Luczo sold 5,000 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $59.81, for a total transaction of $299,050.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jeffrey D. Nygaard sold 2,000 shares of the stock in a transaction on Friday, October 25th. The stock was sold at an average price of $57.97, for a total transaction of $115,940.00. Following the sale, the executive vice president now owns 25,985 shares of the company’s stock, valued at approximately $1,506,350.45. The disclosure for this sale can be found here. Insiders sold a total of 493,533 shares of company stock valued at $28,805,087 over the last three months. Company insiders own 1.12% of the company’s stock.
Seagate Technology Company 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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