Chartwell Investment Partners LLC Takes $4.77 Million Position in Seagate Technology PLC (NASDAQ:STX)

Chartwell Investment Partners LLC purchased a new stake in Seagate Technology PLC (NASDAQ:STX) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 98,591 shares of the data storage provider’s stock, valued at approximately $4,773,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in STX. The Manufacturers Life Insurance Company increased its position in Seagate Technology by 11.3% during the first quarter. The Manufacturers Life Insurance Company now owns 248,080 shares of the data storage provider’s stock valued at $12,107,000 after acquiring an additional 25,286 shares during the last quarter. ETRADE Capital Management LLC boosted its stake in shares of Seagate Technology by 15.4% during the 1st quarter. ETRADE Capital Management LLC now owns 9,677 shares of the data storage provider’s stock worth $472,000 after purchasing an additional 1,289 shares during the period. Cetera Advisors LLC grew its holdings in Seagate Technology by 16.3% during the 1st quarter. Cetera Advisors LLC now owns 5,219 shares of the data storage provider’s stock valued at $255,000 after purchasing an additional 731 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Seagate Technology by 12.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 35,839 shares of the data storage provider’s stock worth $1,749,000 after purchasing an additional 4,109 shares during the period. Finally, Fifth Third Bancorp lifted its stake in Seagate Technology by 28.2% in the first quarter. Fifth Third Bancorp now owns 23,796 shares of the data storage provider’s stock worth $1,161,000 after purchasing an additional 5,240 shares during the last quarter. Institutional investors own 83.55% of the company’s stock.

NASDAQ:STX opened at $45.22 on Friday. The company has a current ratio of 1.51, a quick ratio of 1.08 and a debt-to-equity ratio of 2.33. The company’s 50 day moving average is $48.53 and its two-hundred day moving average is $50.95. Seagate Technology PLC has a twelve month low of $39.02 and a twelve month high of $64.17. The company has a market cap of $11.60 billion, a PE ratio of 9.68, a P/E/G ratio of 7.04 and a beta of 1.03.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, July 28th. The data storage provider reported $1.20 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $1.20. The business had revenue of $2.52 billion during 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 company’s revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the business posted $0.86 EPS. As a group, analysts expect that Seagate Technology PLC will post 5.31 EPS for the current fiscal year.

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

In other news, Director Stephen J. Luczo sold 7,000 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $51.74, for a total transaction of $362,180.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Ban Seng Teh sold 498 shares of the business’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $52.80, for a total value of $26,294.40. Following the completion of the transaction, the senior vice president now owns 11,197 shares in the company, valued at approximately $591,201.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,493 shares of company stock valued at $1,059,254. Corporate insiders own 1.12% of the company’s stock.

Several equities research analysts have recently weighed in on STX shares. Zacks Investment Research downgraded Seagate Technology from a “hold” rating to a “sell” rating and set a $53.00 price target on the stock. in a report on Friday, July 24th. Morgan Stanley reduced their target price on Seagate Technology from $56.00 to $55.00 and set an “overweight” rating on the stock in a research note on Wednesday. Benchmark downgraded Seagate Technology from a “buy” rating to a “hold” rating in a research report on Wednesday. Craig Hallum upgraded shares of Seagate Technology from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a report on Thursday, April 23rd. Finally, Summit Insights upgraded shares of Seagate Technology from a “sell” rating to a “hold” rating in a report on Wednesday. Seven investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $53.00.

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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