BB&T Securities LLC Cuts Stake in Seagate Technology PLC (STX)

BB&T Securities LLC lessened its holdings in Seagate Technology PLC (NASDAQ:STX) by 7.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 66,337 shares of the data storage provider’s stock after selling 5,157 shares during the quarter. BB&T Securities LLC’s holdings in Seagate Technology were worth $3,746,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Quad Cities Investment Group LLC bought a new stake in Seagate Technology during the second quarter worth $124,000. Partners Capital Investment Group LLP bought a new stake in Seagate Technology during the second quarter worth $136,000. Lee Financial Co bought a new stake in Seagate Technology during the first quarter worth $181,000. Mariner LLC bought a new stake in Seagate Technology during the first quarter worth $204,000. Finally, Bristol Advisors LLC bought a new stake in Seagate Technology during the second quarter worth $215,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

STX stock opened at $48.21 on Friday. The company has a debt-to-equity ratio of 2.59, a quick ratio of 1.02 and a current ratio of 1.35. Seagate Technology PLC has a 52 week low of $31.70 and a 52 week high of $62.70. The stock has a market capitalization of $14.10 billion, a P/E ratio of 8.75, a price-to-earnings-growth ratio of 0.63 and a beta of 1.72.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Monday, July 30th. The data storage provider reported $1.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.45 by $0.17. Seagate Technology had a net margin of 10.57% and a return on equity of 120.71%. The business had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.80 billion. During the same period in the prior year, the company posted $0.65 earnings per share. Seagate Technology’s revenue was up 17.8% compared to the same quarter last year. analysts predict that Seagate Technology PLC will post 6.3 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 3rd. Investors of record on Wednesday, September 19th will be paid a $0.63 dividend. The ex-dividend date is Tuesday, September 18th. This represents a $2.52 annualized dividend and a dividend yield of 5.23%. Seagate Technology’s dividend payout ratio (DPR) is presently 45.74%.

In related news, EVP James J. Murphy sold 509 shares of the company’s stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $56.60, for a total value of $28,809.40. Following the transaction, the executive vice president now directly owns 37,693 shares in the company, valued at $2,133,423.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Valueact Capital Master Fund, purchased 946,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 2nd. The stock was acquired at an average price of $52.78 per share, for a total transaction of $49,929,880.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 6,207,648 shares of company stock worth $322,103,805 and sold 46,086 shares worth $2,529,660. Corporate insiders own 0.87% of the company’s stock.

Several analysts have issued reports on STX shares. Zacks Investment Research lowered shares of Seagate Technology from a “buy” rating to a “hold” rating in a research report on Monday, July 16th. ValuEngine lowered shares of Seagate Technology from a “buy” rating to a “hold” rating in a research report on Thursday, June 7th. BidaskClub lowered shares of Seagate Technology from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 25th. Goldman Sachs Group set a $39.00 price objective on shares of Seagate Technology and gave the company a “sell” rating in a research report on Wednesday. Finally, Evercore ISI lowered shares of Seagate Technology from an “in-line” rating to an “underperform” rating and dropped their price objective for the company from $55.00 to $45.00 in a research report on Tuesday, September 4th. Four analysts have rated the stock with a sell rating, nineteen have given a hold rating and six have assigned a buy rating to the stock. Seagate Technology currently has an average rating of “Hold” and an average target price of $53.14.

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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