Empowered Funds LLC Has $359,000 Position in Seagate Technology Holdings plc (NASDAQ:STX)

Empowered Funds LLC lifted its stake in Seagate Technology Holdings plc (NASDAQ:STX) by 6.8% during the third quarter, HoldingsChannel reports. The fund owned 3,274 shares of the data storage provider’s stock after purchasing an additional 209 shares during the quarter. Empowered Funds LLC’s holdings in Seagate Technology were worth $359,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of STX. Duquesne Family Office LLC increased its position in Seagate Technology by 22.0% in the 2nd quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock worth $181,268,000 after purchasing an additional 316,295 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Seagate Technology by 0.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,019,657 shares of the data storage provider’s stock valued at $105,306,000 after buying an additional 9,062 shares in the last quarter. Primecap Management Co. CA increased its holdings in Seagate Technology by 6.5% in the second quarter. Primecap Management Co. CA now owns 582,295 shares of the data storage provider’s stock worth $60,134,000 after buying an additional 35,545 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Seagate Technology by 2.2% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 465,428 shares of the data storage provider’s stock valued at $50,978,000 after acquiring an additional 10,122 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Seagate Technology by 74.2% in the third quarter. Principal Financial Group Inc. now owns 354,013 shares of the data storage provider’s stock valued at $38,775,000 after acquiring an additional 150,734 shares during the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on STX. Northland Securities increased their price target 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. Wedbush restated an “outperform” rating and set a $150.00 target price on shares of Seagate Technology in a report on Wednesday, October 23rd. 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. Evercore ISI increased their price objective on Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Finally, Citigroup boosted their target price on Seagate Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. 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. According to MarketBeat.com, Seagate Technology has a consensus rating of “Moderate Buy” and a consensus price target of $118.83.

Insider Transactions at Seagate Technology

In other Seagate Technology news, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total value of $72,075.00. Following the completion of the transaction, the director now directly owns 3,034 shares of the company’s stock, valued at approximately $291,567.40. The trade was a 19.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Ban Seng Teh sold 4,872 shares of the firm’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 transaction of $535,920.00. Following the completion of the sale, the executive vice president now directly owns 9,969 shares of the company’s stock, valued at approximately $1,096,590. This represents a 32.83 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 201,820 shares of company stock worth $21,892,856. Insiders own 0.81% of the company’s stock.

Seagate Technology Stock Performance

Shares of NASDAQ STX opened at $101.36 on Tuesday. The business has a fifty day moving average of $104.69 and a two-hundred day moving average of $101.79. Seagate Technology Holdings plc has a 52-week low of $76.30 and a 52-week high of $115.32. The stock has a market cap of $21.44 billion, a PE ratio of 26.01 and a beta of 1.05.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, topping 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 firm had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same period in the prior year, the firm earned ($0.34) earnings per share. The company’s quarterly revenue was up 49.1% compared to the same quarter last year. Analysts predict that Seagate Technology Holdings plc will post 7.18 earnings per share for the current year.

Seagate Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Sunday, December 15th will be paid a $0.72 dividend. The ex-dividend date is Friday, December 13th. This represents a $2.88 dividend on an annualized basis and a yield of 2.84%. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.70. Seagate Technology’s payout ratio is currently 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.