Institute for Wealth Management LLC. Invests $841,000 in Seagate Technology PLC (NASDAQ:STX)

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Institute for Wealth Management LLC. acquired a new position in shares of Seagate Technology PLC (NASDAQ:STX) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 17,837 shares of the data storage provider’s stock, valued at approximately $841,000.

Several other large investors also recently bought and sold shares of STX. Redwood Investment Management LLC increased its stake in Seagate Technology by 41.4% in the first quarter. Redwood Investment Management LLC now owns 26,569 shares of the data storage provider’s stock valued at $1,272,000 after acquiring an additional 7,784 shares during the period. CWM Advisors LLC increased its stake in Seagate Technology by 11.2% in the second quarter. CWM Advisors LLC now owns 17,123 shares of the data storage provider’s stock valued at $807,000 after acquiring an additional 1,729 shares during the period. Horizon Investments LLC bought a new stake in Seagate Technology in the first quarter valued at about $287,000. Cleararc Capital Inc. bought a new stake in Seagate Technology in the first quarter valued at about $205,000. Finally, Sound Income Strategies LLC increased its stake in Seagate Technology by 33.2% in the second quarter. Sound Income Strategies LLC now owns 31,368 shares of the data storage provider’s stock valued at $1,478,000 after acquiring an additional 7,819 shares during the period. Institutional investors own 86.92% of the company’s stock.

In related news, Director Stephen J. Luczo sold 5,000 shares of the stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $47.45, for a total transaction of $237,250.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen J. Luczo sold 10,000 shares of the stock in a transaction on Monday, June 24th. The stock was sold at an average price of $47.00, for a total transaction of $470,000.00. The disclosure for this sale can be found here. Insiders have sold 25,000 shares of company stock valued at $1,180,150 in the last three months. 1.00% of the stock is owned by insiders.

STX has been the topic of a number of analyst reports. BidaskClub cut shares of Seagate Technology from a “hold” rating to a “sell” rating in a research note on Tuesday, April 30th. Cowen reissued a “market perform” rating and issued a $40.00 target price (down previously from $47.00) on shares of Seagate Technology in a research note on Monday, August 5th. Barclays initiated coverage on shares of Seagate Technology in a research note on Wednesday, August 7th. They issued an “underweight” rating and a $37.00 target price on the stock. ValuEngine raised shares of Seagate Technology from a “sell” rating to a “hold” rating in a research note on Thursday, May 2nd. Finally, Goldman Sachs Group set a $37.00 target price on shares of Seagate Technology and gave the company a “sell” rating in a research note on Sunday, July 21st. Six investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have assigned a buy rating to the stock. Seagate Technology currently has an average rating of “Hold” and a consensus price target of $44.95.

NASDAQ:STX traded up $0.90 during trading hours on Monday, hitting $46.93. The stock had a trading volume of 52,297 shares, compared to its average volume of 2,712,308. Seagate Technology PLC has a one year low of $35.38 and a one year high of $57.20. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.52 and a current ratio of 1.95. The company has a market cap of $11.99 billion, a price-to-earnings ratio of 9.74, a P/E/G ratio of 8.15 and a beta of 1.70. The business’s 50 day moving average is $46.68 and its 200-day moving average is $46.49.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Friday, August 2nd. The data storage provider reported $0.86 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.83 by $0.03. Seagate Technology had a net margin of 19.36% and a return on equity of 72.07%. The firm had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.33 billion. During the same quarter in the prior year, the firm earned $1.62 earnings per share. The business’s quarterly revenue was down 16.4% on a year-over-year basis. On average, sell-side analysts anticipate that Seagate Technology PLC will post 4.52 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 9th. Shareholders of record on Wednesday, September 25th will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 5.37%. The ex-dividend date of this dividend is Tuesday, September 24th. Seagate Technology’s payout ratio is presently 52.28%.

Seagate Technology Company 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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