Citigroup Inc. Decreases Stock Holdings in Seagate Technology Holdings plc (NASDAQ:STX)

Citigroup Inc. lessened its holdings in Seagate Technology Holdings plc (NASDAQ:STX) by 10.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 214,721 shares of the data storage provider’s stock after selling 24,747 shares during the quarter. Citigroup Inc. owned approximately 0.10% of Seagate Technology worth $23,518,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Point72 Hong Kong Ltd acquired a new position in shares of Seagate Technology in the 2nd quarter valued at $35,349,000. Duquesne Family Office LLC boosted its stake in Seagate Technology by 22.0% in 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 acquiring an additional 316,295 shares in the last quarter. Mizuho Markets Americas LLC purchased a new position in shares of Seagate Technology during the third quarter worth about $32,598,000. AQR Capital Management LLC increased its position in shares of Seagate Technology by 519.1% during the second quarter. AQR Capital Management LLC now owns 323,401 shares of the data storage provider’s stock worth $33,398,000 after purchasing an additional 271,160 shares in the last quarter. Finally, Liontrust Investment Partners LLP purchased a new stake in shares of Seagate Technology in the 2nd quarter valued at about $24,635,000. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Seagate Technology

In other news, CEO William D. Mosley sold 141,785 shares of the business’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $110.18, for a total value of $15,621,871.30. Following the completion of the transaction, the chief executive officer now directly owns 668,616 shares of the company’s stock, valued at $73,668,110.88. The trade was a 17.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Kian Fatt Chong sold 9,182 shares of the 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. Over the last 90 days, insiders have sold 201,820 shares of company stock valued at $21,892,856. Insiders own 0.81% of the company’s stock.

Seagate Technology Stock Performance

Shares of NASDAQ STX opened at $101.66 on Wednesday. The company’s fifty day moving average is $104.69 and its two-hundred day moving average is $101.86. The firm has a market capitalization of $21.50 billion, a P/E ratio of 26.54 and a beta of 1.05. Seagate Technology Holdings plc has a one year low of $76.30 and a one year 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 the consensus estimate of $1.30 by $0.28. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The company had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period in the prior year, the business posted ($0.34) earnings per share. The firm’s revenue for the quarter was up 49.1% compared to the same quarter last year. On average, sell-side analysts forecast that Seagate Technology Holdings plc will post 7.18 earnings per share for the current fiscal year.

Seagate Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Sunday, December 15th will be given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 2.83%. This is an increase from Seagate Technology’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, December 13th. Seagate Technology’s payout ratio is presently 75.20%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a research report on Wednesday, October 23rd. Wedbush reiterated an “outperform” rating and issued a $150.00 price target on shares of Seagate Technology in a research report on Wednesday, October 23rd. Northland Securities raised their price objective 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. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $125.00 target price on shares of Seagate Technology in a report on Wednesday, October 23rd. Finally, Rosenblatt Securities raised their price target on Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” 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. Based on data from MarketBeat, Seagate Technology presently has an average rating of “Moderate Buy” and an average price target of $118.83.

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.