Seagate Technology Holdings plc (NASDAQ:STX) Shares Sold by KBC Group NV

KBC Group NV trimmed its holdings in Seagate Technology Holdings plc (NASDAQ:STX) by 1.6% in the third quarter, Holdings Channel.com reports. The institutional investor owned 28,108 shares of the data storage provider’s stock after selling 461 shares during the quarter. KBC Group NV’s holdings in Seagate Technology were worth $3,079,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State Board of Administration of Florida Retirement System grew its stake in Seagate Technology by 157.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 52,612 shares of the data storage provider’s stock valued at $4,896,000 after acquiring an additional 32,200 shares in the last quarter. Kingsview Wealth Management LLC purchased a new stake in shares of Seagate Technology in the first quarter valued at approximately $210,000. Vanguard Group Inc. grew its position in shares of Seagate Technology by 3.1% in the first quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock valued at $2,303,274,000 after purchasing an additional 746,395 shares in the last quarter. Clearbridge Investments LLC increased its holdings in shares of Seagate Technology by 14.5% in the first quarter. Clearbridge Investments LLC now owns 2,656,828 shares of the data storage provider’s stock valued at $247,218,000 after purchasing an additional 337,464 shares during the last quarter. Finally, Bessemer Group Inc. lifted its position in Seagate Technology by 68.7% during the first quarter. Bessemer Group Inc. now owns 17,564 shares of the data storage provider’s stock worth $1,634,000 after buying an additional 7,150 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

STX has been the subject of a number of recent research reports. Morgan Stanley raised their target price on Seagate Technology from $115.00 to $133.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Robert W. Baird lifted their target price on shares of Seagate Technology from $100.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Wedbush reissued an “outperform” rating and issued a $150.00 price target on shares of Seagate Technology in a research note on Wednesday, October 23rd. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $125.00 price target on shares of Seagate Technology in a research report on Wednesday, October 23rd. Finally, Rosenblatt Securities increased their price objective on Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, Seagate Technology has an average rating of “Moderate Buy” and an average target price of $118.83.

Insider Activity

In other news, CEO William D. Mosley sold 141,785 shares of the firm’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $110.18, for a total value of $15,621,871.30. Following the sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ban Seng Teh sold 4,872 shares of the business’s stock in a transaction on 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. The trade was a 32.83 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 201,820 shares of company stock worth $21,892,856. 0.81% of the stock is currently owned by company insiders.

Seagate Technology Stock Performance

NASDAQ STX opened at $96.79 on Monday. Seagate Technology Holdings plc has a one year low of $74.33 and a one year high of $115.32. The firm has a 50 day simple moving average of $105.02 and a 200-day simple moving average of $101.34. The firm has a market cap of $20.47 billion, a price-to-earnings ratio of 25.27 and a beta of 1.05.

Seagate Technology (NASDAQ:STX) last posted its quarterly 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. The business had revenue of $2.17 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 49.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.34) earnings per share. Equities analysts predict that Seagate Technology Holdings plc will post 7.18 EPS for the current fiscal year.

Seagate Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Sunday, December 15th will be given 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 yield of 2.98%. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.70. Seagate Technology’s dividend payout ratio (DPR) is currently 75.20%.

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.