Advisors Asset Management Inc. Raises Position in Seagate Technology Holdings plc (NASDAQ:STX)

Advisors Asset Management Inc. grew its stake in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 177.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 403 shares of the data storage provider’s stock after buying an additional 258 shares during the quarter. Advisors Asset Management Inc.’s holdings in Seagate Technology were worth $44,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of STX. Ashton Thomas Securities LLC bought a new position in Seagate Technology during the 3rd quarter worth approximately $26,000. Quarry LP bought a new position in shares of Seagate Technology in the second quarter worth approximately $27,000. Kayne Anderson Rudnick Investment Management LLC increased its stake in shares of Seagate Technology by 2,407.1% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock worth $36,000 after buying an additional 337 shares during the period. Family Firm Inc. purchased a new stake in Seagate Technology during the 2nd quarter valued at $41,000. Finally, JFS Wealth Advisors LLC grew its holdings in Seagate Technology by 232.5% in the 3rd quarter. JFS Wealth Advisors LLC now owns 419 shares of the data storage provider’s stock worth $46,000 after acquiring an additional 293 shares during the last quarter. 92.87% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. StockNews.com upgraded shares of Seagate Technology from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $125.00 price objective on shares of Seagate Technology in a research report on Wednesday, October 23rd. Northland Securities raised their price target on Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Wedbush reissued an “outperform” rating and set a $150.00 price objective on shares of Seagate Technology in a research report on Wednesday, October 23rd. Finally, Evercore ISI upped their price objective on shares of Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $118.83.

Seagate Technology Stock Up 1.3 %

STX stock opened at $101.33 on Friday. The business has a 50 day moving average of $104.51 and a 200 day moving average of $101.98. Seagate Technology Holdings plc has a twelve month low of $76.87 and a twelve month high of $115.32. The firm has a market cap of $21.43 billion, a PE ratio of 26.46 and a beta of 1.05.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share 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 the consensus estimate of $2.13 billion. During the same period last year, the company earned ($0.34) earnings per share. The company’s revenue was up 49.1% on a year-over-year basis. On average, research analysts expect that Seagate Technology Holdings plc will post 7.18 earnings per share for the current fiscal year.

Seagate Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Sunday, December 15th will be given a $0.72 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from Seagate Technology’s previous quarterly dividend of $0.70. This represents a $2.88 annualized dividend and a yield of 2.84%. Seagate Technology’s dividend payout ratio is 75.20%.

Insider Buying and Selling at Seagate Technology

In other news, CEO William D. Mosley sold 20,000 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $99.53, for a total transaction of $1,990,600.00. Following the transaction, the chief executive officer now directly owns 642,497 shares of the company’s stock, valued at $63,947,726.41. This represents a 3.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Yolanda Lee Conyers sold 750 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total value of $72,075.00. Following the completion of the transaction, the director now owns 3,034 shares in the company, valued at approximately $291,567.40. This trade represents a 19.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 201,820 shares of company stock worth $21,892,856. Insiders own 0.81% of the company’s stock.

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.