Y Intercept Hong Kong Ltd Trims Stake in Seagate Technology Holdings plc (NASDAQ:STX)

Y Intercept Hong Kong Ltd lowered its holdings in Seagate Technology Holdings plc (NASDAQ:STX) by 88.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,784 shares of the data storage provider’s stock after selling 21,623 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Seagate Technology were worth $305,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of STX. Ashton Thomas Securities LLC bought a new stake in shares of Seagate Technology during the 3rd quarter worth $26,000. Quarry LP bought a new stake in Seagate Technology during the second quarter worth about $27,000. Kayne Anderson Rudnick Investment Management LLC lifted its stake in 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. bought a new position in shares of Seagate Technology during the 2nd quarter valued at about $41,000. Finally, Advisors Asset Management Inc. raised its holdings in shares of Seagate Technology by 177.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock valued at $44,000 after buying an additional 258 shares in the last quarter. Institutional investors own 92.87% of the company’s stock.

Analysts Set New Price Targets

STX has been the subject of several research reports. Rosenblatt Securities upped their target price on Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Wedbush reaffirmed an “outperform” rating and set a $150.00 target price on shares of Seagate Technology in a report on Wednesday, October 23rd. Northland Securities boosted 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. Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a research note on Wednesday, October 23rd. Finally, Evercore ISI boosted their target price on Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $118.83.

Seagate Technology Stock Down 1.1 %

STX opened at $94.49 on Wednesday. Seagate Technology Holdings plc has a 52 week low of $79.39 and a 52 week high of $115.32. The stock has a market cap of $19.99 billion, a PE ratio of 24.67 and a beta of 1.03. The business has a 50 day moving average of $102.36 and a 200-day moving average of $102.25.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. The firm had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The company’s quarterly revenue was up 49.1% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.34) EPS. Equities analysts anticipate that Seagate Technology Holdings plc will post 7.18 EPS for the current year.

Seagate Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Sunday, December 15th will be paid a dividend of $0.72 per share. This is an increase from Seagate Technology’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, December 13th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.05%. Seagate Technology’s dividend payout ratio (DPR) is currently 75.20%.

Insider Activity

In other Seagate Technology 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 transaction of $126,558.90. Following the completion of the sale, the senior vice president now directly owns 7,191 shares in the company, valued at approximately $804,672.90. This trade represents a 13.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Ban Seng Teh sold 4,872 shares of the 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 sale, the executive vice president now owns 9,969 shares in the company, valued at approximately $1,096,590. The trade was a 32.83 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 221,961 shares of company stock worth $23,967,629. Insiders own 0.81% of the company’s stock.

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.