Victory Capital Management Inc. Increases Holdings in Seagate Technology PLC (STX)

Victory Capital Management Inc. grew its stake in shares of Seagate Technology PLC (NASDAQ:STX) by 8.0% during the 1st quarter, HoldingsChannel reports. The fund owned 194,824 shares of the data storage provider’s stock after buying an additional 14,507 shares during the period. Victory Capital Management Inc.’s holdings in Seagate Technology were worth $9,330,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the business. First Interstate Bank purchased a new stake in shares of Seagate Technology in the first quarter worth $31,000. Waratah Capital Advisors Ltd. purchased a new stake in shares of Seagate Technology in the fourth quarter worth $60,000. Essex Savings Bank purchased a new stake in shares of Seagate Technology in the fourth quarter worth $70,000. Financial Gravity Companies Inc. purchased a new stake in shares of Seagate Technology in the fourth quarter worth $75,000. Finally, Certified Advisory Corp raised its position in shares of Seagate Technology by 17.5% in the fourth quarter. Certified Advisory Corp now owns 2,028 shares of the data storage provider’s stock worth $78,000 after buying an additional 302 shares in the last quarter. Hedge funds and other institutional investors own 92.01% of the company’s stock.

Shares of NASDAQ:STX traded down $1.38 on Wednesday, reaching $44.78. 50,798 shares of the company traded hands, compared to its average volume of 3,401,569. Seagate Technology PLC has a 52 week low of $35.38 and a 52 week high of $59.93. The stock has a market capitalization of $12.59 billion, a P/E ratio of 8.26, a price-to-earnings-growth ratio of 7.81 and a beta of 1.63. The company has a current ratio of 1.62, a quick ratio of 1.16 and a debt-to-equity ratio of 2.68.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, April 30th. The data storage provider reported $0.83 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.12. Seagate Technology had a return on equity of 90.33% and a net margin of 13.73%. The firm had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.32 billion. During the same period last year, the firm earned $1.46 earnings per share. The company’s revenue for the quarter was down 17.5% compared to the same quarter last year. As a group, research analysts predict that Seagate Technology PLC will post 4.78 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 3rd. Investors of record on Wednesday, June 19th will be paid a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, June 18th. This represents a $2.52 annualized dividend and a dividend yield of 5.63%. Seagate Technology’s payout ratio is presently 45.74%.

A number of research analysts recently commented on the company. Benchmark raised Seagate Technology from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a research note on Wednesday, May 1st. BidaskClub raised Seagate Technology from a “hold” rating to a “buy” rating in a research note on Tuesday, January 29th. ValuEngine raised Seagate Technology from a “strong sell” rating to a “sell” rating in a research note on Thursday, January 24th. Craig Hallum reduced their target price on Seagate Technology from $47.00 to $41.00 and set a “hold” rating on the stock in a research note on Tuesday, February 5th. Finally, BMO Capital Markets reduced their target price on Seagate Technology to $41.00 and set a “market perform” rating on the stock in a research note on Tuesday, February 5th. Five research analysts have rated the stock with a sell rating, eleven have assigned 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 a consensus price target of $46.75.

In related news, Director Stephen J. Luczo sold 99,999 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $49.33, for a total value of $4,932,950.67. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.00% of the stock is owned by company insiders.

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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: What is Forex?

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

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