Investors Buy Seagate Technology (STX) on Weakness After Insider Selling

Investors purchased shares of Seagate Technology (NASDAQ:STX) on weakness during trading hours on Thursday after an insider sold shares in the company. $49.64 million flowed into the stock on the tick-up and $26.82 million flowed out of the stock on the tick-down, for a money net flow of $22.82 million into the stock. Of all stocks tracked, Seagate Technology had the 22nd highest net in-flow for the day. Seagate Technology traded down ($0.68) for the day and closed at $58.25Specifically, insider Stephen J. Luczo sold 5,380 shares of the business’s stock in a transaction that occurred on Monday, April 2nd. The stock was sold at an average price of $60.00, for a total transaction of $322,800.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO David H. Morton, Jr. sold 40,263 shares of the business’s stock in a transaction that occurred on Monday, January 8th. The stock was sold at an average price of $48.78, for a total value of $1,964,029.14. Following the transaction, the chief financial officer now owns 65,824 shares in the company, valued at approximately $3,210,894.72. The disclosure for this sale can be found here. Insiders have sold a total of 815,428 shares of company stock worth $43,782,101 in the last quarter. 0.87% of the stock is currently owned by insiders.

Several brokerages have recently commented on STX. BidaskClub raised Seagate Technology from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 8th. Vetr lowered Seagate Technology from a “strong-buy” rating to a “buy” rating and set a $45.46 price target on the stock. in a research note on Tuesday, December 12th. Zacks Investment Research lowered Seagate Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Cowen reissued a “market perform” rating and set a $47.00 price target (up previously from $39.00) on shares of Seagate Technology in a research note on Monday, January 8th. Finally, Loop Capital reissued a “buy” rating and set a $55.00 price target on shares of Seagate Technology in a research note on Tuesday, January 9th. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, five have issued a buy rating and three have given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $52.28.

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The company has a market capitalization of $16,784.88, a price-to-earnings ratio of 13.74, a price-to-earnings-growth ratio of 0.78 and a beta of 1.68. The company has a debt-to-equity ratio of 4.07, a current ratio of 1.58 and a quick ratio of 1.25.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Monday, January 29th. The data storage provider reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.09. Seagate Technology had a return on equity of 93.35% and a net margin of 6.10%. The company had revenue of $2.91 billion for the quarter, compared to analyst estimates of $2.86 billion. During the same quarter in the prior year, the company posted $1.38 EPS. The business’s revenue for the quarter was up .7% compared to the same quarter last year. analysts anticipate that Seagate Technology will post 4.87 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 4th. Shareholders of record on Wednesday, March 21st were paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 4.45%. The ex-dividend date of this dividend was Tuesday, March 20th. Seagate Technology’s dividend payout ratio is presently 61.17%.

Several institutional investors have recently modified their holdings of the business. Envestnet Asset Management Inc. increased its holdings in shares of Seagate Technology by 77.8% during the 4th quarter. Envestnet Asset Management Inc. now owns 186,815 shares of the data storage provider’s stock worth $7,817,000 after buying an additional 81,762 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Seagate Technology by 37.5% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 89,727 shares of the data storage provider’s stock worth $3,754,000 after buying an additional 24,458 shares during the last quarter. Sawtooth Solutions LLC acquired a new stake in shares of Seagate Technology during the 4th quarter worth $1,154,000. Schafer Cullen Capital Management Inc. acquired a new stake in shares of Seagate Technology during the 4th quarter worth $264,000. Finally, HighPoint Advisor Group LLC acquired a new stake in shares of Seagate Technology during the 4th quarter worth $457,000. 88.84% of the stock is currently owned by institutional investors.

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Seagate Technology Company Profile

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company manufactures and distributes hard disk drives, solid state drives and their related controllers, solid state hybrid drives, and storage subsystems. Its products are used in enterprise servers and storage systems applications; client compute applications, primarily for desktop and mobile computing; and client non-compute applications, including various end user devices, such as portable external storage systems, surveillance systems, network-attached storage, digital video recorders, and gaming consoles.

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