ETRADE Capital Management LLC Boosts Stock Position in Seagate Technology PLC (NASDAQ:STX)

25 May 2020, 12:35 by Danessa Lincoln

ETRADE Capital Management LLC grew its stake in Seagate Technology PLC (NASDAQ:STX) by 15.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,677 shares of the data storage provider’s stock after acquiring an additional 1,289 shares during the quarter. ETRADE Capital Management LLC’s holdings in Seagate Technology were worth $472,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Atria Investments LLC grew its stake in shares of Seagate Technology by 0.6% in the 4th quarter. Atria Investments LLC now owns 30,276 shares of the data storage provider’s stock valued at $1,801,000 after buying an additional 188 shares during the period. US Bancorp DE grew its position in Seagate Technology by 2.1% in the fourth quarter. US Bancorp DE now owns 9,412 shares of the data storage provider’s stock worth $561,000 after acquiring an additional 193 shares during the period. Sheaff Brock Investment Advisors LLC increased its stake in Seagate Technology by 2.8% during the first quarter. Sheaff Brock Investment Advisors LLC now owns 7,550 shares of the data storage provider’s stock worth $368,000 after acquiring an additional 203 shares during the last quarter. CSat Investment Advisory L.P. raised its position in Seagate Technology by 22.1% in the fourth quarter. CSat Investment Advisory L.P. now owns 1,187 shares of the data storage provider’s stock valued at $71,000 after purchasing an additional 215 shares during the period. Finally, Icon Wealth Partners LLC raised its position in Seagate Technology by 3.4% in the first quarter. Icon Wealth Partners LLC now owns 7,410 shares of the data storage provider’s stock valued at $362,000 after purchasing an additional 243 shares during the period. Institutional investors and hedge funds own 83.64% of the company’s stock.

In related news, SVP Ban Seng Teh sold 499 shares of the company’s stock in a transaction dated Monday, April 13th. The stock was sold at an average price of $50.79, for a total value of $25,344.21. Following the completion of the sale, the senior vice president now directly owns 11,198 shares of the company’s stock, valued at approximately $568,746.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Stephen J. Luczo sold 46,064 shares of the firm’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $49.51, for a total value of $2,280,628.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 105,996 shares of company stock worth $5,272,664. 1.12% of the stock is owned by corporate insiders.

Shares of NASDAQ:STX opened at $50.96 on Monday. The company has a market cap of $13.08 billion, a PE ratio of 7.61, a P/E/G ratio of 8.45 and a beta of 1.07. The company’s 50 day moving average is $49.34 and its two-hundred day moving average is $54.19. Seagate Technology PLC has a 52 week low of $39.02 and a 52 week high of $64.17. The company has a current ratio of 1.49, a quick ratio of 1.08 and a debt-to-equity ratio of 2.28.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Wednesday, April 22nd. The data storage provider reported $1.38 EPS for the quarter, beating the consensus estimate of $1.19 by $0.19. The firm had revenue of $2.72 billion for the quarter, compared to analyst estimates of $2.64 billion. Seagate Technology had a return on equity of 62.81% and a net margin of 17.57%. Seagate Technology’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.83 earnings per share. As a group, equities research analysts expect that Seagate Technology PLC will post 4.99 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 8th. Shareholders of record on Wednesday, June 24th will be paid a $0.65 dividend. The ex-dividend date of this dividend is Tuesday, June 23rd. This represents a $2.60 annualized dividend and a yield of 5.10%. Seagate Technology’s dividend payout ratio is currently 53.94%.

STX has been the topic of several research analyst reports. Morgan Stanley reduced their price objective on shares of Seagate Technology from $60.00 to $56.00 and set an “overweight” rating on the stock in a report on Wednesday, March 25th. Wells Fargo & Co boosted their price target on shares of Seagate Technology from $50.00 to $55.00 and gave the company an “equal weight” rating in a research note on Thursday, April 23rd. Craig Hallum raised shares of Seagate Technology from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a research report on Thursday, April 23rd. Loop Capital dropped their target price on shares of Seagate Technology from $70.00 to $60.00 in a report on Thursday, April 23rd. Finally, Susquehanna Bancshares restated a “sell” rating and set a $36.00 price target on shares of Seagate Technology in a research note on Wednesday, April 22nd. Six research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the company. Seagate Technology presently has an average rating of “Hold” and an average target price of $54.95.

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.