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

Stanley Laman Group Ltd. bought a new stake in Seagate Technology Holdings plc (NASDAQ:STX) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 48,500 shares of the data storage provider’s stock, valued at approximately $5,312,000.

A number of other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Seagate Technology by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock worth $2,303,274,000 after acquiring an additional 746,395 shares during the period. Delta Global Management LP acquired a new stake in Seagate Technology during the 1st quarter worth approximately $33,478,000. Point72 Hong Kong Ltd acquired a new stake in Seagate Technology during the 2nd quarter worth approximately $35,349,000. Clearbridge Investments LLC lifted its position in Seagate Technology by 14.5% during the 1st quarter. Clearbridge Investments LLC now owns 2,656,828 shares of the data storage provider’s stock worth $247,218,000 after acquiring an additional 337,464 shares during the period. Finally, Duquesne Family Office LLC lifted its position in Seagate Technology by 22.0% during 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 acquiring an additional 316,295 shares during the period. 92.87% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, SVP John Christopher Morris sold 1,131 shares of the 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 sale, the senior vice president now owns 7,191 shares in the company, valued at $804,672.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO William D. Mosley sold 141,785 shares of the 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 sale, the chief executive officer now owns 668,616 shares of the company’s stock, valued at $73,668,110.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John Christopher Morris sold 1,131 shares of the firm’s stock in a transaction that occurred on 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 owns 7,191 shares in the company, valued at $804,672.90. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 214,298 shares of company stock valued at $22,814,576 over the last 90 days. 0.81% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently commented on STX shares. Evercore ISI raised their price target on Seagate Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a report on Tuesday, July 16th. The Goldman Sachs Group raised their price objective on Seagate Technology from $96.00 to $107.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. Wedbush raised their price objective on Seagate Technology from $100.00 to $130.00 and gave the company an “outperform” rating in a research note on Monday, July 22nd. TD Cowen lifted their price objective on Seagate Technology from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Finally, Cantor Fitzgerald lifted their target price on Seagate Technology from $120.00 to $125.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Seagate Technology has a consensus rating of “Hold” and an average price target of $115.94.

Seagate Technology Price Performance

Shares of STX opened at $112.64 on Wednesday. The stock’s 50-day moving average is $104.92 and its two-hundred day moving average is $99.52. The stock has a market cap of $23.71 billion, a PE ratio of 73.14 and a beta of 1.04. Seagate Technology Holdings plc has a 12 month low of $64.12 and a 12 month high of $115.32.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.32. Seagate Technology had a negative return on equity of 8.41% and a net margin of 5.11%. 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 company earned ($0.34) earnings per share. The company’s revenue for the quarter was up 49.1% compared to the same quarter last year. On average, research analysts anticipate that Seagate Technology Holdings plc will post 7.09 earnings per share for the current year.

Seagate Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Sunday, December 15th will be paid a dividend of $0.72 per share. This is a boost from Seagate Technology’s previous quarterly dividend of $0.70. This represents a $2.88 annualized dividend and a yield of 2.56%. Seagate Technology’s dividend payout ratio (DPR) is 181.82%.

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.