Stanley Laman Group Ltd. Acquires New Stake in Seagate Technology Holdings plc (NASDAQ:STX)

Stanley Laman Group Ltd. acquired a new stake in shares of Seagate Technology Holdings plc (NASDAQ:STX) during the third quarter, Holdings Channel reports. The firm acquired 48,500 shares of the data storage provider’s stock, valued at approximately $5,312,000.

A number of other hedge funds have also made changes to their positions in STX. Park Avenue Securities LLC increased its stake in shares of Seagate Technology by 7.1% during the first quarter. Park Avenue Securities LLC now owns 5,590 shares of the data storage provider’s stock valued at $520,000 after acquiring an additional 371 shares during the period. RFG Advisory LLC bought a new stake in Seagate Technology during the first quarter worth approximately $235,000. Sunbelt Securities Inc. boosted its holdings in Seagate Technology by 269.1% during the first quarter. Sunbelt Securities Inc. now owns 753 shares of the data storage provider’s stock worth $70,000 after buying an additional 549 shares in the last quarter. Viking Fund Management LLC boosted its holdings in 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 in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in Seagate Technology by 20.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,105 shares of the data storage provider’s stock worth $1,219,000 after buying an additional 2,217 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Insider Buying and Selling at Seagate Technology

In other Seagate Technology news, SVP John Christopher Morris sold 1,131 shares of the business’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 transaction, the senior vice president now directly owns 7,191 shares in the company, valued at $804,672.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Seagate Technology news, CEO William D. Mosley sold 141,785 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 668,616 shares of the company’s stock, valued at approximately $73,668,110.88. The trade was a 0.00 % 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, SVP John Christopher Morris sold 1,131 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $111.90, for a total transaction of $126,558.90. Following the completion of the transaction, the senior vice president now directly owns 7,191 shares of the company’s stock, valued at approximately $804,672.90. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 214,298 shares of company stock worth $22,814,576 over the last ninety days. Corporate insiders own 0.81% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wedbush raised their target price on shares of Seagate Technology from $100.00 to $130.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Rosenblatt Securities raised their price objective on shares of Seagate Technology from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Northland Securities raised their price objective on shares of Seagate Technology from $119.00 to $142.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. UBS Group raised their price objective on shares of Seagate Technology from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 24th. Finally, Morgan Stanley raised their price objective on shares of Seagate Technology from $115.00 to $133.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $115.94.

Seagate Technology Price Performance

NASDAQ STX opened at $112.64 on Wednesday. The company’s fifty day moving average is $104.92 and its two-hundred day moving average is $99.52. Seagate Technology Holdings plc has a 52-week low of $64.12 and a 52-week high of $115.32. The firm has a market capitalization of $23.71 billion, a price-to-earnings ratio of 73.14 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.32. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The business had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period in the previous year, the business earned ($0.34) EPS. The firm’s revenue was up 49.1% on a year-over-year basis. As a group, sell-side analysts expect that Seagate Technology Holdings plc will post 7.09 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. Shareholders of record on Sunday, December 15th will be given a $0.72 dividend. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.70. This represents a $2.88 dividend on an annualized basis and a yield of 2.56%. Seagate Technology’s payout ratio is 181.82%.

Seagate Technology 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.