Smith Salley & Associates Trims Holdings in Seagate Technology PLC (NASDAQ:STX)

Smith Salley & Associates decreased its holdings in Seagate Technology PLC (NASDAQ:STX) by 4.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 33,100 shares of the data storage provider’s stock after selling 1,692 shares during the period. Smith Salley & Associates’ holdings in Seagate Technology were worth $1,567,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of STX. ValueAct Holdings L.P. grew its position in Seagate Technology by 4.4% during the 2nd quarter. ValueAct Holdings L.P. now owns 22,404,700 shares of the data storage provider’s stock worth $1,265,194,000 after acquiring an additional 946,100 shares during the last quarter. BlackRock Inc. grew its position in Seagate Technology by 2.0% during the 2nd quarter. BlackRock Inc. now owns 19,515,088 shares of the data storage provider’s stock worth $1,102,017,000 after acquiring an additional 383,002 shares during the last quarter. Skandinaviska Enskilda Banken AB publ bought a new stake in Seagate Technology during the 3rd quarter worth $259,905,000. Northern Trust Corp grew its position in Seagate Technology by 5.6% during the 2nd quarter. Northern Trust Corp now owns 3,384,188 shares of the data storage provider’s stock worth $191,105,000 after acquiring an additional 180,301 shares during the last quarter. Finally, Morgan Stanley grew its position in Seagate Technology by 81.0% during the 2nd quarter. Morgan Stanley now owns 2,691,882 shares of the data storage provider’s stock worth $152,011,000 after acquiring an additional 1,204,618 shares during the last quarter. Institutional investors own 90.54% of the company’s stock.

In other news, Director Holdings L.P. Valueact purchased 365,671 shares of the company’s stock in a transaction that occurred on Tuesday, November 20th. The shares were acquired at an average cost of $41.84 per share, with a total value of $15,299,674.64. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Valueact Capital Master Fund, purchased 124,127 shares of the company’s stock in a transaction that occurred on Friday, November 30th. The shares were purchased at an average cost of $41.95 per share, for a total transaction of $5,207,127.65. The disclosure for this purchase can be found here. Insiders bought a total of 990,426 shares of company stock worth $41,467,928 over the last three months. 1.00% of the stock is owned by company insiders.

Shares of NASDAQ:STX traded up $1.67 during midday trading on Monday, reaching $44.76. The company’s stock had a trading volume of 4,698,335 shares, compared to its average volume of 4,021,341. The company has a market capitalization of $12.33 billion, a price-to-earnings ratio of 8.12, a P/E/G ratio of 0.65 and a beta of 1.73. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.42 and a quick ratio of 1.07. Seagate Technology PLC has a fifty-two week low of $36.69 and a fifty-two week high of $62.70.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Friday, November 2nd. The data storage provider reported $1.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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%. The firm’s revenue was up 13.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.96 EPS. Analysts anticipate that Seagate Technology PLC will post 5.33 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Stockholders of record on Wednesday, December 19th will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 5.63%. The ex-dividend date of this dividend is Tuesday, December 18th. Seagate Technology’s dividend payout ratio is 45.74%.

A number of equities research analysts recently weighed in on STX shares. Zacks Investment Research upgraded Seagate Technology from a “sell” rating to a “hold” rating in a research report on Monday, October 8th. Goldman Sachs Group lowered Seagate Technology from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $50.00 to $44.00 in a research report on Thursday, August 9th. Evercore ISI lowered Seagate Technology from an “in-line” rating to an “underperform” rating and reduced their price objective for the stock from $55.00 to $45.00 in a research report on Tuesday, September 4th. UBS Group lowered Seagate Technology to a “neutral” rating in a research report on Tuesday, October 23rd. Finally, Susquehanna Bancshares reiterated a “negative” rating and issued a $32.00 price target (down previously from $53.00) on shares of Seagate Technology in a research report on Tuesday, October 23rd. Five research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and six have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $50.91.

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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.

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