MV Capital Management Inc. reduced its holdings in Seagate Technology Holdings plc (NASDAQ:STX – free report ) by 18.9% during the first quarter, according to its latest Form 13F filing with the Securities and Exchange Commission. The institutional investor sold 150 shares during the period, leaving it holding 643 shares of the data storage provider’s stock. MV Capital Management Inc.’s holdings in Seagate Technology were worth $60,000 as of the latest SEC filing.
A number of other hedge funds also changed their holdings in STX. The Vanguard Group increased its holdings in Seagate Technology by 1.8% in the fourth quarter. The Vanguard Group acquired an additional 425,117 shares during the period and now owns 24,006,681 shares, valued at $2,049,450,000. JPMorgan Chase & Co. increased its holdings in Seagate Technology by 9.2% in the third quarter. JPMorgan Chase & Co. acquired an additional 1,485,937 shares last quarter and now owns 17,680,400 shares, valued at $1,166,022,000. Capital Research Global Investors increased its holdings in Seagate Technology by 39.3% in the fourth quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock valued at $1,418,413,000 after purchasing an additional 4,685,454 shares in the last quarter. Sanders Capital LLC increased its stake in Seagate Technology by 3.0% in the fourth quarter. Sanders Capital LLC now owns 15,486,153 shares of the data storage provider’s stock valued at $1,322,053,000 after purchasing an additional 443,768 shares during the period. Finally, Wellington Management Group LLP increased its stake in Seagate Technology by 3.0% in the third quarter. Wellington Management Group LLP now holds 4,381,497 shares of the data storage provider’s stock valued at $288,960,000 after purchasing an additional 127,214 shares in the last quarter. Hedge funds and other institutional investors hold 92.87% of the company’s stock.
Seagate Technology shares rose 0.7%
STX shares opened trading at $103.13 on Wednesday. The company’s 50-day simple moving average is $96.09 and its 200-day simple moving average is $90.50. The company has a market cap of $21.66 billion, a P/E ratio of -79.95 and a beta of 1.02. Seagate Technology Holdings plc’s 52-week low is $57.32 and its 52-week high is $107.91.
Seagate Technology (NASDAQ:STX – Get free report ) announced its quarterly earnings on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. Quarterly revenue for the business was $1.66 billion, beating the consensus estimate of $1.68 billion. During the same period last year, the company announced earnings per share of ($0.43). Quarterly revenue for the business was down 11.0% year-over-year. Equity analysts expect Seagate Technology Holdings plc to post earnings per share of $0.44 for the current fiscal year.
Seagate Technology announces dividend
The company also recently declared a quarterly dividend, which is scheduled to be paid on Friday, July 5th. Investors of record on Thursday, June 20th will be paid a dividend of $0.70. The ex-dividend date is Thursday, June 20th. This equates to a dividend of $2.80 on an annualized basis, or a yield of 2.72%. Seagate Technology’s dividend payout ratio is currently -217.05%.
What Wall Street analysts are saying
A number of brokerages have recently issued reports on STX. Cantor Fitzgerald increased their price target on Seagate Technology from $95.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 24th. Bank of America reaffirmed their “buy” rating and set a $110.00 price target on Seagate Technology shares in a report on Wednesday, June 5th. Wedbush raised their rating on Seagate Technology from a “neutral” to an “outperform” rating and set a $100.00 price target for the company in a research note on Wednesday, May 1st. Loop Capital increased their price target on Seagate Technology shares from $105.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, June 4th. Finally, The Goldman Sachs Group boosted their price objective on Seagate Technology from $84.00 to $96.00 and gave the stock a “neutral” rating in a report on Wednesday, April 24. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, and ten have given a buy rating. According to data from MarketBeat.com, the company has an average rating of “hold” and an average target price of $98.29.
Read our latest analysis on STX
Insider Trading at Seagate Technology
In other news, EVP, Ban Seng Teh sold 10,742 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $100, for a total value of $1,074,200. Following the sale, the executive vice president now owns 5,042 shares of the company’s stock, valued at approximately $504,200. The transaction was disclosed in a document filed with the Securities and Exchange Commission, which can be accessed through this link. In other news, SVP, John Christopher Morris sold 11,158 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $90, for a total value of $1,004,220. Following the completion of the sale, the executive vice president now directly owns 17,767 shares of the company’s stock, valued at approximately $1,599,030. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Additionally, EVP Ban Seng Teh sold 10,742 shares of Seagate Technology stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $100, for a total value of $1,074,200. Following the completion of the transaction, the Executive Vice President now owns 5,042 shares of the company’s stock, valued at $504,200. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,531 shares of the company’s stock, valued at $3,592,946. Company insiders own 0.89% of the company’s shares.
Seagate Technology Profile
(Free report)
Seagate Technology Holdings plc provides data storage technologies and solutions in Singapore, the United States, the Netherlands and internationally. It offers mass storage products such as enterprise nearline hard disk drives (HDDs), enterprise nearline solid state drives (SSDs), enterprise nearline systems, video and image HDDs and network attached storage drives.
References
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