Point72 Asset Management L.P. Invests $133.03 Million in Seagate Technology Holdings plc (NASDAQ:STX)

Point72 Asset Management L.P. purchased a new stake in shares of Seagate Technology Holdings plc (NASDAQ:STX) in the third quarter, HoldingsChannel.com reports. The institutional investor purchased 1,214,567 shares of the data storage provider’s stock, valued at approximately $133,031,000.

Several other institutional investors have also added to or reduced their stakes in STX. Ashton Thomas Securities LLC bought a new stake in shares of Seagate Technology in the 3rd quarter worth about $26,000. Quarry LP purchased a new position in Seagate Technology in the second quarter worth about $27,000. Kayne Anderson Rudnick Investment Management LLC increased its stake in 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 during the last quarter. Family Firm Inc. purchased a new stake in Seagate Technology during the second quarter valued at approximately $41,000. Finally, Advisors Asset Management Inc. lifted its stake in shares of Seagate Technology by 177.9% in the 3rd 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. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Seagate Technology Stock Down 4.2 %

Shares of NASDAQ:STX opened at $98.80 on Wednesday. The company has a market capitalization of $20.90 billion, a price-to-earnings ratio of 25.80 and a beta of 1.03. The firm has a 50 day moving average of $104.30 and a 200 day moving average of $102.07. Seagate Technology Holdings plc has a 52 week low of $76.87 and a 52 week high of $115.32.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data 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. The firm had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. Seagate Technology’s revenue was up 49.1% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.34) EPS. On average, sell-side analysts expect that Seagate Technology Holdings plc will post 7.18 EPS for the current year.

Seagate Technology Increases Dividend

The business 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. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from Seagate Technology’s previous quarterly dividend of $0.70. This represents a $2.88 dividend on an annualized basis and a yield of 2.91%. Seagate Technology’s dividend payout ratio (DPR) is 75.20%.

Insider Activity

In related news, CEO William D. Mosley sold 141,785 shares of Seagate Technology stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $110.18, for a total transaction of $15,621,871.30. Following the completion of the transaction, the chief executive officer now directly owns 668,616 shares in the company, valued at approximately $73,668,110.88. This trade represents a 17.50 % decrease in their ownership of the stock. 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 company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $111.90, for a total value of $126,558.90. Following the completion of the sale, the senior vice president now owns 7,191 shares in the company, valued at approximately $804,672.90. This represents a 13.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 201,070 shares of company stock valued at $21,820,781 over the last ninety days. 0.81% of the stock is currently owned by insiders.

Analysts Set New Price Targets

STX has been the topic of several recent research reports. Evercore ISI increased their price target on Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Citigroup raised their target price on shares of Seagate Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Wedbush reiterated an “outperform” rating and set a $150.00 price target on shares of Seagate Technology in a 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 note on Wednesday, October 23rd. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $125.00 price target on shares of Seagate Technology 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 assigned a buy rating to the company. According to MarketBeat, the company has an average 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.