Korea Investment CORP Sells 118,178 Shares of Seagate Technology PLC (STX)

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Korea Investment CORP lowered its position in shares of Seagate Technology PLC (NASDAQ:STX) by 89.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 13,419 shares of the data storage provider’s stock after selling 118,178 shares during the period. Korea Investment CORP’s holdings in Seagate Technology were worth $635,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the company. WESPAC Advisors SoCal LLC acquired a new stake in Seagate Technology in the third quarter worth about $108,000. Girard Partners LTD. acquired a new stake in Seagate Technology in the third quarter worth about $108,000. Quad Cities Investment Group LLC acquired a new stake in Seagate Technology in the second quarter worth about $124,000. Partners Capital Investment Group LLP acquired a new stake in Seagate Technology in the second quarter worth about $136,000. Finally, First Hawaiian Bank acquired a new stake in Seagate Technology in the third quarter worth about $139,000. Institutional investors and hedge funds own 90.54% of the company’s stock.

Shares of NASDAQ STX opened at $39.90 on Friday. Seagate Technology PLC has a twelve month low of $36.69 and a twelve month high of $62.70. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.42 and a quick ratio of 1.07. The stock has a market capitalization of $11.92 billion, a price-to-earnings ratio of 6.65, a price-to-earnings-growth ratio of 0.62 and a beta of 1.73.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Friday, November 2nd. The data storage provider reported $1.70 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.55 by $0.15. Seagate Technology had a net margin of 12.57% and a return on equity of 123.05%. The company had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.95 billion. During the same period in the prior year, the company earned $0.96 EPS. Seagate Technology’s revenue was up 13.7% on a year-over-year basis. On average, equities research analysts forecast that Seagate Technology PLC will post 5.44 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Wednesday, December 19th will be issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 6.32%. The ex-dividend date of this dividend is Tuesday, December 18th. Seagate Technology’s payout ratio is 45.74%.

STX has been the subject of several research analyst reports. Zacks Investment Research reaffirmed a “hold” rating on shares of Seagate Technology in a report on Friday, November 16th. UBS Group downgraded shares of Seagate Technology to a “neutral” rating in a report on Tuesday, October 23rd. Goldman Sachs Group set a $39.00 price objective on shares of Seagate Technology and gave the stock a “sell” rating in a report on Wednesday, September 12th. Morgan Stanley reduced their price objective on shares of Seagate Technology from $73.00 to $60.00 and set an “overweight” rating for the company in a report on Monday, November 5th. Finally, BidaskClub raised shares of Seagate Technology from a “hold” rating to a “buy” rating in a report on Tuesday, November 6th. Five investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and six have given a buy rating to the company’s stock. Seagate Technology has an average rating of “Hold” and a consensus price target of $50.91.

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

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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. 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.

Read More: Return on Equity (ROE)

Want to see what other hedge funds are holding STX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Seagate Technology PLC (NASDAQ:STX).

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

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