UBS Asset Management Americas Inc. cut its stake in shares of Seagate Technology Holdings plc (NASDAQ:STX – Get Rating) by 1.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,028,125 shares of the data storage provider’s stock after selling 10,648 shares during the quarter. UBS Asset Management Americas Inc. owned 0.50% of Seagate Technology worth $54,727,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Panagora Asset Management Inc. grew its holdings in Seagate Technology by 65.3% during the 1st quarter. Panagora Asset Management Inc. now owns 11,805 shares of the data storage provider’s stock worth $1,061,000 after acquiring an additional 4,663 shares during the last quarter. Rhumbline Advisers lifted its position in shares of Seagate Technology by 0.6% in the 1st quarter. Rhumbline Advisers now owns 182,883 shares of the data storage provider’s stock worth $16,441,000 after purchasing an additional 1,037 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Seagate Technology by 4.8% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 26,946 shares of the data storage provider’s stock worth $2,422,000 after purchasing an additional 1,237 shares during the period. Sei Investments Co. lifted its position in shares of Seagate Technology by 153.5% in the 1st quarter. Sei Investments Co. now owns 89,250 shares of the data storage provider’s stock worth $8,059,000 after purchasing an additional 54,038 shares during the period. Finally, Aviva PLC lifted its position in shares of Seagate Technology by 44.3% in the 1st quarter. Aviva PLC now owns 95,541 shares of the data storage provider’s stock worth $8,589,000 after purchasing an additional 29,329 shares during the period. 82.69% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
STX has been the topic of a number of research reports. Mizuho upgraded shares of Seagate Technology from a “neutral” rating to a “buy” rating and boosted their target price for the company from $62.00 to $82.00 in a research report on Friday, February 10th. Northland Securities upped their price objective on shares of Seagate Technology from $70.00 to $74.00 and gave the stock an “outperform” rating in a report on Thursday, January 26th. Wells Fargo & Company upped their price objective on shares of Seagate Technology from $55.00 to $65.00 and gave the stock an “equal weight” rating in a report on Thursday, January 26th. Rosenblatt Securities upped their price objective on shares of Seagate Technology from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, January 26th. Finally, Morgan Stanley upped their price objective on shares of Seagate Technology from $69.00 to $72.00 in a report on Thursday, January 26th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat, Seagate Technology currently has a consensus rating of “Hold” and an average target price of $69.58.
Seagate Technology Price Performance
Seagate Technology (NASDAQ:STX – Get Rating) last issued its earnings results on Wednesday, January 25th. The data storage provider reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.05. Seagate Technology had a net margin of 6.61% and a negative return on equity of 1,031.05%. The firm had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.83 billion. During the same quarter last year, the business earned $2.28 earnings per share. The company’s quarterly revenue was down 39.4% on a year-over-year basis. Equities analysts forecast that Seagate Technology Holdings plc will post 0.98 EPS for the current year.
Seagate Technology Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, April 6th. Stockholders of record on Wednesday, March 22nd will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 4.53%. The ex-dividend date of this dividend is Tuesday, March 21st. Seagate Technology’s payout ratio is 99.64%.
Insider Transactions at Seagate Technology
In other news, EVP Jeffrey D. Nygaard sold 36,809 shares of the stock in a transaction dated Wednesday, February 1st. The shares were sold at an average price of $69.14, for a total value of $2,544,974.26. Following the sale, the executive vice president now directly owns 30,360 shares of the company’s stock, valued at $2,099,090.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.00% of the company’s stock.
About Seagate Technology
Seagate Technology Holdings Plc operates as holding company that is engaged in the development, production, and distribution of data storage products and electronic data storage solutions. Its products include hard disk drives, solid state hybrid drives, solid state drives, peripheral component interconnect express cards, serial advanced technology attachment controllers, storage subsystems and computing solutions.
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