Sanders Capital LLC Increases Stake in Seagate Technology Holdings plc (NASDAQ:STX)

Sanders Capital LLC raised its holdings in Seagate Technology Holdings plc (NASDAQ:STX) by 0.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 16,367,591 shares of the data storage provider’s stock after buying an additional 150,115 shares during the period. Seagate Technology makes up approximately 2.6% of Sanders Capital LLC’s portfolio, making the stock its 13th largest position. Sanders Capital LLC owned 0.08% of Seagate Technology worth $1,792,742,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Victory Capital Management Inc. increased its stake in shares of Seagate Technology by 133.8% during the third quarter. Victory Capital Management Inc. now owns 171,952 shares of the data storage provider’s stock worth $18,834,000 after buying an additional 98,418 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Seagate Technology by 2.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 258,033 shares of the data storage provider’s stock worth $24,011,000 after acquiring an additional 6,044 shares in the last quarter. Versor Investments LP purchased a new stake in shares of Seagate Technology in the 3rd quarter valued at approximately $2,146,000. Lighthouse Investment Partners LLC acquired a new stake in shares of Seagate Technology in the 2nd quarter valued at $499,000. Finally, Lazard Asset Management LLC lifted its position in shares of Seagate Technology by 6.9% during the 1st quarter. Lazard Asset Management LLC now owns 13,609 shares of the data storage provider’s stock worth $1,266,000 after purchasing an additional 881 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Analysts Set New Price Targets

STX has been the topic of several recent analyst reports. Evercore ISI increased their target price on Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Rosenblatt Securities increased their price objective on Seagate Technology from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Citigroup boosted their target price on Seagate Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Cantor Fitzgerald reiterated a “neutral” rating and issued a $125.00 price target on shares of Seagate Technology in a research note on Wednesday, October 23rd. Finally, StockNews.com raised shares of Seagate Technology from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $118.83.

Seagate Technology Stock Performance

Shares of NASDAQ:STX opened at $102.46 on Tuesday. Seagate Technology Holdings plc has a one year low of $76.30 and a one year high of $115.32. The stock has a market capitalization of $21.67 billion, a price-to-earnings ratio of 26.46 and a beta of 1.05. The company has a 50-day simple moving average of $104.69 and a 200-day simple moving average of $101.86.

Seagate Technology (NASDAQ:STX) last issued its quarterly 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 firm had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter in the previous year, the firm posted ($0.34) EPS. The firm’s revenue for the quarter was up 49.1% on a year-over-year basis. As a group, research analysts forecast 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. Investors 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 is an increase from Seagate Technology’s previous quarterly dividend of $0.70. This represents a $2.88 annualized dividend and a dividend yield of 2.81%. Seagate Technology’s dividend payout ratio (DPR) is currently 73.11%.

Insider Activity at Seagate Technology

In related news, SVP John Christopher Morris sold 1,131 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The shares were 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 $804,672.90. This trade represents a 13.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Kian Fatt Chong sold 9,182 shares of Seagate Technology stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $105.50, for a total value of $968,701.00. The disclosure for this sale can be found here. Insiders have sold a total of 201,820 shares of company stock worth $21,892,856 in the last three months. Insiders own 0.81% of the company’s stock.

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.