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 the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 403 shares of the data storage provider’s stock after buying an additional 258 shares during the period. Advisors Asset Management Inc.’s holdings in Seagate Technology were worth $44,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of STX. Sequoia Financial Advisors LLC boosted its stake in shares of Seagate Technology by 3.6% in the third quarter. Sequoia Financial Advisors LLC now owns 2,560 shares of the data storage provider’s stock worth $281,000 after acquiring an additional 89 shares during the period. CWM LLC raised its stake in Seagate Technology by 3.0% during the second quarter. CWM LLC now owns 3,307 shares of the data storage provider’s stock valued at $342,000 after purchasing an additional 97 shares in the last quarter. Affinity Capital Advisors LLC grew its stake in shares of Seagate Technology by 1.5% in the 3rd quarter. Affinity Capital Advisors LLC now owns 6,620 shares of the data storage provider’s stock worth $725,000 after buying an additional 100 shares in the last quarter. Kingswood Wealth Advisors LLC increased its holdings in shares of Seagate Technology by 3.7% in the 2nd quarter. Kingswood Wealth Advisors LLC now owns 3,452 shares of the data storage provider’s stock worth $357,000 after buying an additional 122 shares during the last quarter. Finally, Burney Co. raised its position in shares of Seagate Technology by 3.3% during the 1st quarter. Burney Co. now owns 3,948 shares of the data storage provider’s stock valued at $367,000 after buying an additional 125 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors.

Seagate Technology Stock Performance

Shares of STX opened at $101.33 on Friday. The company has a 50 day moving average price of $104.51 and a 200-day moving average price of $101.98. The stock has a market capitalization of $21.43 billion, a PE ratio of 26.46 and a beta of 1.05. Seagate Technology Holdings plc has a fifty-two week low of $76.87 and a fifty-two week high of $115.32.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. The business had revenue of $2.17 billion for 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 company’s revenue was up 49.1% compared to the same quarter last year. During the same period last year, the business earned ($0.34) EPS. Equities research analysts forecast that Seagate Technology Holdings plc will post 7.18 EPS for the current year.

Seagate Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Sunday, December 15th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a 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 payout ratio is 75.20%.

Insider Activity at Seagate Technology

In related news, EVP Ban Seng Teh sold 4,872 shares of the company’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 transaction, the executive vice president now directly owns 9,969 shares of the company’s stock, valued at $1,096,590. This represents a 32.83 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total value of $72,075.00. Following the sale, the director now directly owns 3,034 shares of the company’s stock, valued at approximately $291,567.40. This represents a 19.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 201,820 shares of company stock valued at $21,892,856 in the last ninety days. Corporate insiders own 0.81% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Wedbush reissued an “outperform” rating and set a $150.00 price objective on shares of Seagate Technology in a research note on Wednesday, October 23rd. Rosenblatt Securities boosted their target price on Seagate Technology from $125.00 to $140.00 and gave the company a “buy” rating 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 report on Wednesday, October 23rd. Cantor Fitzgerald reiterated a “neutral” rating and set a $125.00 price objective on shares of Seagate Technology in a research report on Wednesday, October 23rd. Finally, Evercore ISI increased their price objective on shares of Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Two equities research 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’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $118.83.

Seagate Technology Company 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.