Seagate Technology Holdings plc (NASDAQ:STX) Holdings Raised by Empowered Funds LLC

Empowered Funds LLC increased its position in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 6.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,274 shares of the data storage provider’s stock after purchasing an additional 209 shares during the quarter. Empowered Funds LLC’s holdings in Seagate Technology were worth $359,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Duquesne Family Office LLC grew its holdings in shares of Seagate Technology by 22.0% during the second quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock valued at $181,268,000 after purchasing an additional 316,295 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Seagate Technology by 0.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,019,657 shares of the data storage provider’s stock valued at $105,306,000 after purchasing an additional 9,062 shares during the period. Primecap Management Co. CA grew its stake in Seagate Technology by 6.5% during the 2nd quarter. Primecap Management Co. CA now owns 582,295 shares of the data storage provider’s stock worth $60,134,000 after buying an additional 35,545 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Seagate Technology by 2.2% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 465,428 shares of the data storage provider’s stock worth $50,978,000 after buying an additional 10,122 shares during the period. Finally, Principal Financial Group Inc. increased its position in Seagate Technology by 74.2% in the third quarter. Principal Financial Group Inc. now owns 354,013 shares of the data storage provider’s stock worth $38,775,000 after buying an additional 150,734 shares during the period. Institutional investors and hedge funds own 92.87% of the company’s stock.

Insider Activity

In other news, EVP Ban Seng Teh sold 4,872 shares of the 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 sale, the executive vice president now owns 9,969 shares in the company, valued at $1,096,590. This represents a 32.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 sale, the director now directly owns 3,034 shares of the company’s stock, valued at approximately $291,567.40. This trade represents a 19.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 201,820 shares of company stock valued at $21,892,856 over the last three months. Insiders own 0.81% of the company’s stock.

Analysts Set New Price Targets

STX has been the subject of several recent research reports. Citigroup upped their price target on shares of Seagate Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Northland Securities upped their target price on shares of Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Rosenblatt Securities raised their price target on shares of Seagate Technology from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. StockNews.com upgraded Seagate Technology from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. Finally, Evercore ISI raised their target price on Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a research 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $118.83.

Seagate Technology Trading Up 1.7 %

NASDAQ:STX opened at $101.36 on Tuesday. The company has a 50-day moving average of $104.69 and a 200-day moving average of $101.79. The firm has a market cap of $21.44 billion, a price-to-earnings ratio of 26.01 and a beta of 1.05. Seagate Technology Holdings plc has a twelve month low of $76.30 and a twelve month high of $115.32.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.30 by $0.28. The firm had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The firm’s revenue for the quarter was up 49.1% compared to the same quarter last year. During the same period last year, the firm posted ($0.34) earnings per share. On average, research analysts forecast that Seagate Technology Holdings plc will post 7.18 earnings per share for the current year.

Seagate Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 2.84%. This is an increase from Seagate Technology’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, December 13th. Seagate Technology’s dividend payout ratio is currently 73.11%.

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.