Korea Investment CORP Sells 118,178 Shares of Seagate Technology PLC (STX)

Korea Investment CORP trimmed its holdings in shares of Seagate Technology PLC (NASDAQ:STX) by 89.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,419 shares of the data storage provider’s stock after selling 118,178 shares during the period. Korea Investment CORP’s holdings in Seagate Technology were worth $635,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in STX. WESPAC Advisors SoCal LLC acquired a new position in Seagate Technology during the third quarter valued at approximately $108,000. Girard Partners LTD. acquired a new position in shares of Seagate Technology during the third quarter worth $108,000. Quad Cities Investment Group LLC acquired a new position in shares of Seagate Technology during the second quarter worth $124,000. Partners Capital Investment Group LLP acquired a new position in shares of Seagate Technology during the second quarter worth $136,000. Finally, First Hawaiian Bank acquired a new position in shares of Seagate Technology during the third quarter worth $139,000. 90.54% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:STX opened at $39.90 on Friday. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.42 and a quick ratio of 1.07. The firm has a market capitalization of $11.92 billion, a P/E ratio of 6.65, a P/E/G ratio of 0.62 and a beta of 1.73. Seagate Technology PLC has a 12-month low of $36.69 and a 12-month high of $62.70.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Friday, November 2nd. The data storage provider reported $1.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.15. The business had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.95 billion. Seagate Technology had a net margin of 12.57% and a return on equity of 123.05%. The business’s revenue was up 13.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.96 earnings per share. Equities research analysts predict that Seagate Technology PLC will post 5.44 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Investors of record on Wednesday, December 19th will be paid a $0.63 dividend. The ex-dividend date is Tuesday, December 18th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 6.32%. Seagate Technology’s dividend payout ratio (DPR) is presently 45.74%.

In other Seagate Technology news, Director Holdings L.P. Valueact bought 365,671 shares of the stock in a transaction on Tuesday, November 20th. The stock was purchased at an average price of $41.84 per share, for a total transaction of $15,299,674.64. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Valueact Capital Master Fund, bought 124,127 shares of the stock in a transaction on Friday, November 30th. The shares were acquired at an average price of $41.95 per share, with a total value of $5,207,127.65. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 990,426 shares of company stock valued at $41,467,928. Insiders own 1.00% of the company’s stock.

A number of research analysts have recently commented on the stock. Zacks Investment Research reissued a “hold” rating on shares of Seagate Technology in a research report on Friday, November 16th. Longbow Research reissued a “hold” rating on shares of Seagate Technology in a research report on Monday, November 12th. Maxim Group reduced their target price on shares of Seagate Technology from $54.00 to $51.00 and set a “hold” rating on the stock in a research report on Wednesday, November 7th. BidaskClub raised shares of Seagate Technology from a “hold” rating to a “buy” rating in a research report on Tuesday, November 6th. Finally, Morgan Stanley reduced their target price on shares of Seagate Technology from $73.00 to $60.00 and set an “overweight” rating on the stock in a research report on Monday, November 5th. Five equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $50.91.

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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.

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

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