Clearbridge Investments LLC Reduces Stock Position in Seagate Technology Holdings plc (NASDAQ:STX)

Clearbridge Investments LLC cut its holdings in Seagate Technology Holdings plc (NASDAQ:STX) by 5.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,513,148 shares of the data storage provider’s stock after selling 143,680 shares during the period. Clearbridge Investments LLC owned about 1.20% of Seagate Technology worth $259,533,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of STX. CWM LLC grew its position in shares of Seagate Technology by 3.0% in the 2nd quarter. CWM LLC now owns 3,307 shares of the data storage provider’s stock valued at $342,000 after buying an additional 97 shares during the last quarter. Csenge Advisory Group grew its holdings in shares of Seagate Technology by 1.4% during the first quarter. Csenge Advisory Group now owns 8,473 shares of the data storage provider’s stock worth $788,000 after purchasing an additional 119 shares during the last quarter. Kingswood Wealth Advisors LLC increased its position in shares of Seagate Technology by 3.7% during the second quarter. Kingswood Wealth Advisors LLC now owns 3,452 shares of the data storage provider’s stock worth $357,000 after purchasing an additional 122 shares in the last quarter. Burney Co. boosted its position in shares of Seagate Technology by 3.3% in the 1st quarter. Burney Co. now owns 3,948 shares of the data storage provider’s stock valued at $367,000 after purchasing an additional 125 shares during the period. Finally, Forum Financial Management LP grew its stake in Seagate Technology by 4.0% during the 2nd quarter. Forum Financial Management LP now owns 3,228 shares of the data storage provider’s stock worth $333,000 after buying an additional 125 shares during the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Seagate Technology Stock Down 1.6 %

Shares of STX opened at $107.82 on Wednesday. The company has a 50-day simple moving average of $101.44 and a 200-day simple moving average of $97.29. Seagate Technology Holdings plc has a 52-week low of $64.12 and a 52-week high of $113.57. The company has a market capitalization of $22.70 billion, a PE ratio of -83.58 and a beta of 1.03.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 EPS for the quarter, topping the consensus estimate of $0.76 by $0.29. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.87 billion. Seagate Technology had a negative return on equity of 8.41% and a net margin of 5.11%. The company’s quarterly revenue was up 17.8% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.29) EPS. On average, research analysts anticipate that Seagate Technology Holdings plc will post 6.72 EPS for the current year.

Seagate Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 23rd will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date of this dividend is Monday, September 23rd. Seagate Technology’s dividend payout ratio is currently -217.05%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on STX. Citigroup boosted their price objective on Seagate Technology from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Wells Fargo & Company raised their price objective on shares of Seagate Technology from $90.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 24th. TD Cowen upped their target price on shares of Seagate Technology from $110.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. StockNews.com raised Seagate Technology from a “hold” rating to a “buy” rating in a report on Monday. Finally, Loop Capital upped their price objective on Seagate Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $115.94.

Insider Transactions at Seagate Technology

In other Seagate Technology news, EVP Ban Seng Teh sold 4,872 shares of the company’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $110.00, for a total value of $535,920.00. Following the sale, the executive vice president now owns 9,969 shares of the company’s stock, valued at $1,096,590. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Ban Seng Teh sold 4,872 shares of the business’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $110.00, for a total value of $535,920.00. Following the completion of the transaction, the executive vice president now directly owns 9,969 shares of the company’s stock, valued at $1,096,590. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Gianluca Romano sold 25,760 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $94.54, for a total value of $2,435,350.40. Following the completion of the sale, the chief financial officer now owns 52,620 shares in the company, valued at $4,974,694.80. The disclosure for this sale can be found here. Insiders sold 203,284 shares of company stock valued at $21,647,287 in the last 90 days. 0.89% of the stock is currently owned by insiders.

Seagate Technology Profile

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.