Primecap Management Co. CA Has $60.13 Million Position in Seagate Technology Holdings plc (NASDAQ:STX)

Primecap Management Co. CA lifted its holdings in Seagate Technology Holdings plc (NASDAQ:STX) by 6.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 582,295 shares of the data storage provider’s stock after purchasing an additional 35,545 shares during the quarter. Primecap Management Co. CA’s holdings in Seagate Technology were worth $60,134,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of STX. Family Firm Inc. acquired a new position in shares of Seagate Technology in the second quarter valued at approximately $41,000. ICA Group Wealth Management LLC bought a new position in Seagate Technology during the 4th quarter worth about $47,000. Richardson Financial Services Inc. acquired a new stake in shares of Seagate Technology in the 4th quarter valued at about $47,000. Larson Financial Group LLC lifted its holdings in shares of Seagate Technology by 15,766.7% in the second quarter. Larson Financial Group LLC now owns 476 shares of the data storage provider’s stock valued at $49,000 after purchasing an additional 473 shares in the last quarter. Finally, Viking Fund Management LLC boosted its position in shares of Seagate Technology by 722.2% during the first quarter. Viking Fund Management LLC now owns 740 shares of the data storage provider’s stock worth $69,000 after buying an additional 650 shares during the period. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Seagate Technology Price Performance

NASDAQ:STX opened at $102.07 on Wednesday. The firm’s fifty day moving average price is $101.35 and its two-hundred day moving average price is $96.41. The company has a market cap of $21.43 billion, a P/E ratio of -79.12 and a beta of 1.03. Seagate Technology Holdings plc has a one year low of $63.32 and a one year high of $113.57.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.29. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.87 billion. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. Seagate Technology’s quarterly revenue was up 17.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.29) EPS. As a group, equities research analysts expect that Seagate Technology Holdings plc will post 6.72 earnings per share for the current year.

Seagate Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 23rd will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Monday, September 23rd. This represents a $2.80 annualized dividend and a yield of 2.74%. Seagate Technology’s payout ratio is currently -217.05%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on STX. The Goldman Sachs Group lifted their target price on Seagate Technology from $96.00 to $107.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Loop Capital lifted their price objective 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. Rosenblatt Securities increased their target price on shares of Seagate Technology from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Cantor Fitzgerald lifted their price target on shares of Seagate Technology from $120.00 to $125.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. Finally, Northland Securities boosted their price target on shares of Seagate Technology from $119.00 to $142.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Seagate Technology has an average rating of “Hold” and an average price target of $115.94.

Insider Activity at Seagate Technology

In other news, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction 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 completion of the sale, the director now owns 3,034 shares of the company’s stock, valued at $291,567.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Ban Seng Teh sold 10,117 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $110.00, for a total value of $1,112,870.00. Following the transaction, the executive vice president now owns 5,387 shares in the company, valued at $592,570. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total transaction of $72,075.00. Following the sale, the director now directly owns 3,034 shares of the company’s stock, valued at approximately $291,567.40. The disclosure for this sale can be found here. Insiders sold 56,627 shares of company stock worth $5,489,495 in the last ninety days. 0.89% of the stock is owned by company insiders.

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.