Seagate Technology Holdings plc (NASDAQ:STX) Stake Cut by Wellington Management Group LLP

Wellington Management Group LLP lessened its holdings in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 10.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,018 shares of the data storage provider’s stock after selling 3,361 shares during the quarter. Wellington Management Group LLP’s holdings in Seagate Technology were worth $3,178,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in STX. Ashton Thomas Securities LLC purchased a new position in Seagate Technology during the third quarter valued at approximately $26,000. Quarry LP acquired a new position in shares of Seagate Technology in the second quarter worth $27,000. Kayne Anderson Rudnick Investment Management LLC raised its holdings in shares of Seagate Technology by 2,407.1% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock worth $36,000 after acquiring an additional 337 shares in the last quarter. Family Firm Inc. acquired a new stake in Seagate Technology during the second quarter valued at $41,000. Finally, Advisors Asset Management Inc. boosted its position in Seagate Technology by 177.9% during the third quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock valued at $44,000 after purchasing an additional 258 shares during the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Seagate Technology news, Director Yolanda Lee Conyers sold 750 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $101.82, for a total transaction of $76,365.00. Following the sale, the director now owns 6,555 shares of the company’s stock, valued at $667,430.10. This represents a 10.27 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP John Christopher Morris sold 1,131 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total transaction of $126,558.90. Following the completion of the sale, the senior vice president now owns 7,191 shares of the company’s stock, valued at $804,672.90. The trade was a 13.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 221,961 shares of company stock worth $23,967,629 in the last three months. Insiders own 0.81% of the company’s stock.

Seagate Technology Stock Performance

Shares of STX stock opened at $94.49 on Wednesday. The firm has a fifty day moving average of $102.36 and a 200-day moving average of $102.25. Seagate Technology Holdings plc has a 52-week low of $79.39 and a 52-week high of $115.32. The stock has a market cap of $19.99 billion, a price-to-earnings ratio of 24.93 and a beta of 1.03.

Seagate Technology (NASDAQ:STX) last announced 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 firm had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The business’s revenue was up 49.1% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.34) earnings per share. On average, sell-side analysts predict that Seagate Technology Holdings plc will post 7.18 earnings per share for the current year.

Seagate Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be paid a $0.72 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.05%. This is a boost from Seagate Technology’s previous quarterly dividend of $0.70. Seagate Technology’s payout ratio is 75.20%.

Wall Street Analyst Weigh In

STX has been the subject of a number of recent research reports. Citigroup raised their price target on Seagate Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Rosenblatt Securities boosted their target price on shares of Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Northland Securities increased their price target on shares of Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Wedbush reaffirmed an “outperform” rating and issued a $150.00 price objective on shares of Seagate Technology in a research note on Wednesday, October 23rd. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $125.00 target price on shares of Seagate Technology in a research report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price 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.