Comerica Bank Has $1.68 Million Stake in Seagate Technology PLC (STX)

Comerica Bank trimmed its stake in Seagate Technology PLC (NASDAQ:STX) by 29.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 38,710 shares of the data storage provider’s stock after selling 15,942 shares during the period. Comerica Bank’s holdings in Seagate Technology were worth $1,683,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of STX. Acadian Asset Management LLC lifted its stake in shares of Seagate Technology by 25.5% in the 2nd quarter. Acadian Asset Management LLC now owns 5,344 shares of the data storage provider’s stock valued at $302,000 after purchasing an additional 1,087 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in shares of Seagate Technology in the second quarter worth approximately $12,541,000. Dupont Capital Management Corp raised its holdings in shares of Seagate Technology by 188.0% in the second quarter. Dupont Capital Management Corp now owns 4,216 shares of the data storage provider’s stock worth $238,000 after buying an additional 2,752 shares during the period. Daiwa Securities Group Inc. raised its holdings in shares of Seagate Technology by 23.7% in the second quarter. Daiwa Securities Group Inc. now owns 12,010 shares of the data storage provider’s stock worth $678,000 after buying an additional 2,300 shares during the period. Finally, Aperio Group LLC raised its holdings in shares of Seagate Technology by 15.0% in the second quarter. Aperio Group LLC now owns 117,481 shares of the data storage provider’s stock worth $6,634,000 after buying an additional 15,318 shares during the period. 87.06% of the stock is owned by institutional investors and hedge funds.

In related news, insider Valueact Capital Master Fund, purchased 371,086 shares of the business’s stock in a transaction dated Friday, November 23rd. The shares were acquired at an average cost of $41.84 per share, for a total transaction of $15,526,238.24. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Holdings L.P. Valueact purchased 365,671 shares of the business’s stock in a transaction dated Tuesday, November 20th. The stock was bought at an average price of $41.84 per share, for a total transaction of $15,299,674.64. The disclosure for this purchase can be found here. Insiders have acquired a total of 990,426 shares of company stock worth $41,467,928 over the last 90 days. 1.00% of the stock is currently owned by company insiders.

Several equities research analysts have recently weighed in on STX shares. BidaskClub upgraded Seagate Technology from a “hold” rating to a “buy” rating in a report on Tuesday, August 7th. Goldman Sachs Group downgraded Seagate Technology from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $50.00 to $44.00 in a report on Thursday, August 9th. Zacks Investment Research downgraded Seagate Technology from a “buy” rating to a “hold” rating in a report on Tuesday, August 21st. Evercore ISI downgraded Seagate Technology from an “in-line” rating to an “underperform” rating and reduced their price target for the stock from $55.00 to $45.00 in a report on Tuesday, September 4th. Finally, ValuEngine downgraded Seagate Technology from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. Five research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $50.91.

STX opened at $43.09 on Monday. The firm has a market cap of $12.33 billion, a price-to-earnings ratio of 7.82, a PEG ratio of 0.65 and a beta of 1.71. Seagate Technology PLC has a 52 week low of $36.69 and a 52 week high of $62.70. The company has a current ratio of 1.42, a quick ratio of 1.07 and a debt-to-equity ratio of 2.34.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Friday, November 2nd. The data storage provider reported $1.70 EPS for the quarter, topping the consensus estimate of $1.55 by $0.15. The company had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.95 billion. Seagate Technology had a return on equity of 123.05% and a net margin of 12.57%. Seagate Technology’s quarterly revenue was up 13.7% on a year-over-year basis. During the same period last year, the business posted $0.96 EPS. On average, equities research analysts forecast that Seagate Technology PLC will post 5.33 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Wednesday, December 19th will be issued a dividend of $0.63 per share. The ex-dividend date is Tuesday, December 18th. This represents a $2.52 annualized dividend and a yield of 5.85%. Seagate Technology’s payout ratio is currently 45.74%.

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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.

Further Reading: Cash Flow Analysis in Stock Selection

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Institutional Ownership by Quarter for Seagate Technology (NASDAQ:STX)

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