Oppenheimer Asset Management Inc. lessened its stake in Seagate Technology Holdings plc (NASDAQ:STX – Free Report) by 21.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,930 shares of the data storage provider’s stock after selling 785 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Seagate Technology were worth $321,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Bessemer Group Inc. grew its position in Seagate Technology by 68.7% in the 1st quarter. Bessemer Group Inc. now owns 17,564 shares of the data storage provider’s stock worth $1,634,000 after purchasing an additional 7,150 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Seagate Technology by 2.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 258,033 shares of the data storage provider’s stock worth $24,011,000 after acquiring an additional 6,044 shares during the period. Victory Capital Management Inc. grew its stake in Seagate Technology by 133.8% in the third quarter. Victory Capital Management Inc. now owns 171,952 shares of the data storage provider’s stock valued at $18,834,000 after purchasing an additional 98,418 shares in the last quarter. Versor Investments LP acquired a new position in Seagate Technology in the 3rd quarter worth about $2,146,000. Finally, Lighthouse Investment Partners LLC acquired a new stake in shares of Seagate Technology during the 2nd quarter valued at about $499,000. Hedge funds and other institutional investors own 92.87% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on STX. Citigroup increased their price objective on Seagate Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Wedbush reiterated an “outperform” rating and set a $150.00 price target on shares of Seagate Technology in a research report on Wednesday, October 23rd. UBS Group increased their price target on Seagate Technology from $110.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, July 24th. Northland Securities raised their target price on shares of Seagate Technology from $142.00 to $144.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Finally, TD Cowen increased their price target on Seagate Technology from $110.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Seagate Technology presently has an average rating of “Moderate Buy” and an average price target of $118.83.
Insiders Place Their Bets
In related news, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction on Friday, November 1st. The shares were sold at an average price of $99.53, for a total value of $1,990,600.00. Following the sale, the chief executive officer now owns 642,497 shares of the company’s stock, valued at approximately $63,947,726.41. This trade represents a 3.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Kian Fatt Chong sold 9,182 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $105.50, for a total value of $968,701.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 201,820 shares of company stock valued at $21,892,856. 0.81% of the stock is owned by insiders.
Seagate Technology Trading Up 0.2 %
STX opened at $98.02 on Thursday. Seagate Technology Holdings plc has a 12 month low of $75.52 and a 12 month high of $115.32. The stock has a fifty day moving average price of $104.85 and a 200-day moving average price of $101.59. The firm has a market cap of $20.73 billion, a price-to-earnings ratio of 25.59 and a beta of 1.05.
Seagate Technology (NASDAQ:STX – Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, beating the consensus estimate of $1.30 by $0.28. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The firm had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.13 billion. The business’s revenue for the quarter was up 49.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.34) EPS. On average, equities research analysts forecast that Seagate Technology Holdings plc will post 7.18 EPS for the current year.
Seagate Technology Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Sunday, December 15th will be issued a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 2.94%. The ex-dividend date is Friday, December 13th. This is an increase from Seagate Technology’s previous quarterly dividend of $0.70. Seagate Technology’s dividend payout ratio is 73.11%.
About Seagate Technology
Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It provides mass capacity storage products, including enterprise nearline hard disk drives (HDDs), enterprise nearline solid state drives (SSDs), enterprise nearline systems, video and image HDDs, and network-attached storage drives.
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