It’s been one heck of a decline for shares of Seagate Technology PLC (NASDAQ:STX) over the last few months. While the company is expecting to see a decline in profits this year, many analysts see both the top and bottom lines rising in 2017 and 2018. The near-term fear seems to be putting continued downward pressure on the hard drive and solid state memory storage manufacturer.
Today shares hit a new 35-month low, and the bleeding may not have ended, as the stock is now trading a a PE ratio of just 6.3. Meanwhile Seagate Technology PLC (NASDAQ:STX) is also paying a dividend with a yield in excess of 9.4%.The stock, which peaked at the end of 2014 and beginning of 2015, is now down over 60% since the start of 2015. As the yield rises and PE ratio continues to drop, it will be quite interesting to see just when shareholders jump back in, as they look towards the future.
The stock has fallen 4.19% or $1.17 following this negative news, hitting $26.76 per share. Approximately 3.17M shares traded hands. STX shares have declined 48.41% since June 18, 2015 and are currently downtrending. It has underperformed the S&P500 by 39.54%.
The institutional sentiment decreased to 0.68 in Q2 2015. It’s down 0.40, from 1.08 in 2015Q2. The ratio dropped, as 78 funds sold all their Seagate Technology PLC shares they owned while 218 reduced their positions. 42 funds bought stakes while 160 increased their total positions. Institutions now own 225.24 million shares which is 14.33% less than the previous share count of 262.91 million in 2015Q2.
Trinity Street Asset Management Llp holds 9.99% of its total portfolio in Seagate Technology PLC, equating to 816,925 shares. Karamaan Group Llc owns 119,287 shares representing 5.55% of their total US portfolio. Moreover, Moon Capital Management Lp has 4.45% of their total portfolio invested in the company, equating to 168,994 shares. The California-based Sensato Investors Llc has a total of 4.37% of their portfolio invested in the stock. Hamlin Capital Management Llc, a New York-based fund reported 1.21 million shares owned.
Since March 4, 2015, the stock had 0 buys, and 3 sales for a total of $6.48 million in net activity. O Malley Patrick J sold 6,993 shares worth $337,633. Re Mark sold 115,334 shares worth $5.62 million. Pimentel Albert A sold 10,000 shares worth $516,680. Luczo Stephen J sold 10,000 shares worth $541,448. The insider Dehaan Douglas J sold 10,179 shares worth $594,133.
Seagate Technology plc is a well-known provider of electronic data storage products. The company has a market cap of $8.30 billion. The Company’s products are hard disk drives (HDD). It has 6.38 P/E ratio. The Firm produces a range of electronic data storage products, including solid state hybrid drives (SSHD), solid state drives (SSD), peripheral component interconnect express (PCIe) cards and Serial AT Attachment (SATA) controllers.