Zurich Insurance Group Ltd FI Invests $2.76 Million in Seagate Technology PLC (STX) Stock
Zurich Insurance Group Ltd FI acquired a new stake in Seagate Technology PLC (NASDAQ:STX) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 71,331 shares of the data storage provider’s stock, valued at approximately $2,764,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. purchased a new position in Seagate Technology PLC in the 2nd quarter valued at approximately $150,000. First Quadrant L P CA purchased a new position in Seagate Technology PLC in the 2nd quarter valued at approximately $153,000. Global X Management Co. LLC increased its stake in Seagate Technology PLC by 29.2% in the 1st quarter. Global X Management Co. LLC now owns 3,490 shares of the data storage provider’s stock valued at $160,000 after purchasing an additional 789 shares in the last quarter. Private Advisory Group LLC purchased a new position in Seagate Technology PLC in the 1st quarter valued at approximately $206,000. Finally, Amalgamated Bank purchased a new position in Seagate Technology PLC in the 1st quarter valued at approximately $215,000. 90.00% of the stock is owned by hedge funds and other institutional investors.
In other Seagate Technology PLC news, insider Philip G. Brace acquired 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The stock was purchased at an average cost of $33.34 per share, for a total transaction of $33,340.00. Following the completion of the acquisition, the insider now owns 62,855 shares of the company’s stock, valued at approximately $2,095,585.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.87% of the company’s stock.
Several equities analysts recently weighed in on STX shares. Zacks Investment Research raised Seagate Technology PLC from a “sell” rating to a “hold” rating in a research note on Tuesday, July 25th. FBN Securities downgraded Seagate Technology PLC from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $40.00 to $32.00 in a research note on Monday, September 11th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $45.00 price objective on shares of Seagate Technology PLC in a research note on Friday, June 9th. Barclays PLC downgraded Seagate Technology PLC from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $49.00 to $40.00 in a research note on Thursday, July 13th. Finally, Citigroup Inc. dropped their price objective on Seagate Technology PLC from $46.00 to $42.00 and set a “neutral” rating for the company in a research note on Tuesday, July 18th. Four equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $40.72.
Seagate Technology PLC (NASDAQ:STX) opened at 33.95 on Thursday. Seagate Technology PLC has a 52-week low of $30.60 and a 52-week high of $50.96. The firm has a 50-day moving average price of $32.39 and a 200 day moving average price of $39.19. The stock has a market capitalization of $9.77 billion, a price-to-earnings ratio of 13.16 and a beta of 1.72. Seagate Technology PLC also was the recipient of unusually large options trading activity on Monday. Stock investors purchased 8,448 call options on the company. This represents an increase of 142% compared to the typical volume of 3,494 call options.
Seagate Technology PLC (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, July 25th. The data storage provider reported $0.65 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.99 by ($0.34). The business had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.56 billion. Seagate Technology PLC had a return on equity of 81.87% and a net margin of 7.17%. The company’s revenue for the quarter was down 9.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.69 earnings per share. On average, equities research analysts predict that Seagate Technology PLC will post $3.65 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 4th. Investors of record on Wednesday, September 20th were issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 7.42%. The ex-dividend date was Tuesday, September 19th. Seagate Technology PLC’s dividend payout ratio is presently 97.67%.
About Seagate Technology PLC
Seagate Technology public limited company is a provider of electronic data storage technology and solutions. The Company’s principal products are hard disk drives (HDDs). In addition to HDDs, it produces a range of electronic data storage products, including solid state hybrid drives, solid state drives, peripheral component interconnect express (PCIe) cards and serial advanced technology architecture (SATA) controllers.
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