Bell Bank Reduces Position in Seagate Technology Holdings plc (NASDAQ:STX)

Bell Bank trimmed its holdings in Seagate Technology Holdings plc (NASDAQ:STX) by 13.6% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 66,644 shares of the data storage provider’s stock after selling 10,451 shares during the period. Bell Bank’s holdings in Seagate Technology were worth $7,300,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Seagate Technology by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock worth $2,303,274,000 after buying an additional 746,395 shares during the period. Delta Global Management LP bought a new stake in shares of Seagate Technology in the first quarter valued at about $33,478,000. Point72 Hong Kong Ltd purchased a new stake in Seagate Technology in the second quarter worth about $35,349,000. Clearbridge Investments LLC grew its holdings in Seagate Technology by 14.5% during the 1st quarter. Clearbridge Investments LLC now owns 2,656,828 shares of the data storage provider’s stock worth $247,218,000 after acquiring an additional 337,464 shares in the last quarter. Finally, Duquesne Family Office LLC increased its position in Seagate Technology by 22.0% during the 2nd quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock valued at $181,268,000 after purchasing an additional 316,295 shares during the period. 92.87% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Ban Seng Teh sold 4,872 shares of Seagate Technology stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $110.00, for a total value of $535,920.00. Following the completion of the transaction, the executive vice president now owns 9,969 shares in the company, valued at $1,096,590. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, 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 value of $968,701.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Ban Seng Teh sold 4,872 shares of the company’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $110.00, for a total transaction of $535,920.00. Following the transaction, the executive vice president now owns 9,969 shares of the company’s stock, valued at approximately $1,096,590. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 201,820 shares of company stock valued at $21,892,856. Corporate insiders own 0.81% of the company’s stock.

Seagate Technology Stock Performance

Shares of STX opened at $98.27 on Thursday. The business’s 50-day moving average is $105.11 and its two-hundred day moving average is $101.18. The company has a market capitalization of $20.79 billion, a P/E ratio of 25.66 and a beta of 1.05. Seagate Technology Holdings plc has a fifty-two week low of $73.20 and a fifty-two week high of $115.32.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, topping the consensus estimate of $1.30 by $0.28. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The firm had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period last year, the company earned ($0.34) earnings per share. Seagate Technology’s revenue for the quarter was up 49.1% compared to the same quarter last year. Analysts forecast that Seagate Technology Holdings plc will post 7.35 EPS for the current year.

Seagate Technology Increases Dividend

The company 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 $0.72 dividend. This is a boost from Seagate Technology’s previous quarterly dividend of $0.70. This represents a $2.88 annualized dividend and a dividend yield of 2.93%. The ex-dividend date of this dividend is Friday, December 13th. Seagate Technology’s payout ratio is currently 73.11%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on STX. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $125.00 price target on shares of Seagate Technology in a research report on Wednesday, October 23rd. Rosenblatt Securities upped their target price on Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Barclays lifted their price target on Seagate Technology from $80.00 to $95.00 and gave the company an “equal weight” rating in a report on Wednesday, July 24th. Benchmark restated a “hold” rating on shares of Seagate Technology in a research note on Wednesday, October 23rd. Finally, Susquehanna lifted their target price on Seagate Technology from $55.00 to $65.00 and gave the company a “negative” rating in a research note on Wednesday, July 24th. Two 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. Based on data from MarketBeat, Seagate Technology has a consensus rating of “Moderate Buy” and an average 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.