Tybourne Capital Management HK Ltd. Raises Position in Seagate Technology Holdings plc (NASDAQ:STX)

Tybourne Capital Management HK Ltd. boosted its holdings in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 25.8% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 39,994 shares of the data storage provider’s stock after buying an additional 8,203 shares during the period. Seagate Technology makes up approximately 1.2% of Tybourne Capital Management HK Ltd.’s investment portfolio, making the stock its 12th biggest position. Tybourne Capital Management HK Ltd.’s holdings in Seagate Technology were worth $4,381,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in STX. Point72 Hong Kong Ltd bought a new position in shares of Seagate Technology in the 2nd quarter worth $35,349,000. Duquesne Family Office LLC increased 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 during the last quarter. Mizuho Markets Americas LLC bought a new position in Seagate Technology in the third quarter valued at $32,598,000. AQR Capital Management LLC raised its position in 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 valued at $33,398,000 after purchasing an additional 271,160 shares in the last quarter. Finally, Liontrust Investment Partners LLP bought a new stake in Seagate Technology during the second quarter worth about $24,635,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $99.53, for a total value of $1,990,600.00. Following the sale, the chief executive officer now directly owns 642,497 shares of the company’s stock, valued at $63,947,726.41. This represents a 3.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kian Fatt Chong sold 9,182 shares of Seagate Technology stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $105.50, for a total transaction of $968,701.00. 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. Corporate insiders own 0.81% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on STX shares. 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. Wedbush reissued an “outperform” rating and set a $150.00 price target on shares of Seagate Technology in a research note on Wednesday, October 23rd. StockNews.com upgraded shares of Seagate Technology from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. Rosenblatt Securities increased their target price on shares of Seagate Technology from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Benchmark reissued a “hold” rating on shares of Seagate Technology in a research note 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 issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $118.83.

Seagate Technology Stock Performance

Shares of STX stock opened at $100.00 on Thursday. Seagate Technology Holdings plc has a fifty-two week low of $76.30 and a fifty-two week high of $115.32. The firm has a market cap of $21.15 billion, a P/E ratio of 26.11 and a beta of 1.05. The business’s 50 day moving average price is $104.66 and its 200-day moving average price is $101.90.

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 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 business had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter in the previous 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. As a group, equities analysts predict that Seagate Technology Holdings plc will post 7.18 EPS for the current year.

Seagate Technology Increases Dividend

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

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.