Seagate Technology Holdings plc (NASDAQ:STX) Shares Bought by CIBC Asset Management Inc

CIBC Asset Management Inc raised its stake in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 14.4% during the third quarter, HoldingsChannel reports. The firm owned 30,578 shares of the data storage provider’s stock after purchasing an additional 3,848 shares during the quarter. CIBC Asset Management Inc’s holdings in Seagate Technology were worth $3,349,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Ashton Thomas Securities LLC purchased a new stake in Seagate Technology in the third quarter valued at approximately $26,000. Quarry LP purchased a new stake in shares of Seagate Technology in the 2nd quarter valued at $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 purchasing an additional 337 shares during the last quarter. Family Firm Inc. acquired a new position in Seagate Technology during the second quarter valued at $41,000. Finally, JFS Wealth Advisors LLC boosted its holdings in Seagate Technology by 232.5% in the third quarter. JFS Wealth Advisors LLC now owns 419 shares of the data storage provider’s stock valued at $46,000 after purchasing an additional 293 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Insider Activity

In other news, EVP Ban Seng Teh sold 4,872 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $110.00, for a total value of $535,920.00. Following the sale, the executive vice president now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Yolanda Lee Conyers sold 750 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total transaction of $72,075.00. Following the transaction, the director now directly owns 3,034 shares of the company’s stock, valued at $291,567.40. The trade was a 19.82 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 201,820 shares of company stock valued at $21,892,856. 0.81% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

STX has been the topic of a number of recent research reports. TD Cowen upped their target price on Seagate Technology from $110.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Northland Securities upped their price objective on Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Loop Capital lifted their target price on shares of Seagate Technology from $105.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Evercore ISI increased their price target on shares of Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, Susquehanna lifted their price objective on shares of Seagate Technology from $55.00 to $65.00 and gave the company a “negative” rating in a report on Wednesday, July 24th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Seagate Technology has an average rating of “Moderate Buy” and a consensus price target of $118.83.

Seagate Technology Price Performance

STX opened at $97.02 on Tuesday. The company’s 50 day simple moving average is $105.02 and its two-hundred day simple moving average is $101.45. The firm has a market capitalization of $20.52 billion, a price-to-earnings ratio of 25.33 and a beta of 1.05. Seagate Technology Holdings plc has a 1-year low of $75.52 and a 1-year high of $115.32.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating 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 company had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $2.13 billion. The firm’s quarterly revenue was up 49.1% on a year-over-year basis. During the same period in the prior year, the business earned ($0.34) EPS. On average, equities analysts anticipate that Seagate Technology Holdings plc will post 7.18 earnings per share for the current fiscal year.

Seagate Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be issued a dividend of $0.72 per share. 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 2.97%. This is an increase 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.