Fifth Third Bancorp Trims Stock Position in Seagate Technology Holdings plc (NASDAQ:STX)

Posted by Defense World Staff on Apr 8th, 2023

Fifth Third Bancorp cut its stake in shares of Seagate Technology Holdings plc (NASDAQ:STX – Get Rating) by 3.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 39,121 shares of the data storage provider’s stock after selling 1,382 shares during the quarter. Fifth Third Bancorp’s holdings in Seagate Technology were worth $2,058,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Ronald Blue Trust Inc. purchased a new position in shares of Seagate Technology during the second quarter worth approximately $33,000. CENTRAL TRUST Co increased its holdings in Seagate Technology by 50.0% during the third quarter. CENTRAL TRUST Co now owns 900 shares of the data storage provider’s stock valued at $48,000 after buying an additional 300 shares during the period. Private Trust Co. NA purchased a new position in Seagate Technology during the fourth quarter valued at approximately $55,000. Eagle Bay Advisors LLC purchased a new position in Seagate Technology during the second quarter valued at approximately $62,000. Finally, Wipfli Financial Advisors LLC purchased a new position in Seagate Technology during the third quarter valued at approximately $74,000. 82.69% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Seagate Technology

In other news, EVP Jeffrey D. Nygaard sold 36,809 shares of the business’s stock in a transaction dated Wednesday, February 1st. The shares were sold at an average price of $69.14, for a total transaction of $2,544,974.26. Following the completion of the sale, the executive vice president now owns 30,360 shares of the company’s stock, valued at $2,099,090.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.00% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Mizuho raised shares of Seagate Technology from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $62.00 to $82.00 in a report on Friday, February 10th. Wells Fargo & Company lifted their price target 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 lifted their price target 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. StockNews.com lowered shares of Seagate Technology from a “hold” rating to a “sell” rating in a report on Monday, April 3rd. Finally, Cowen lifted their price target on shares of Seagate Technology from $65.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, January 26th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $69.58.

Seagate Technology Price Performance

NASDAQ STX opened at $64.40 on Friday. Seagate Technology Holdings plc has a 1 year low of $47.47 and a 1 year high of $88.25. The company has a fifty day moving average of $65.70 and a 200 day moving average of $58.46. The company has a market capitalization of $13.30 billion, a PE ratio of 22.92, a P/E/G ratio of 54.92 and a beta of 1.09.

Seagate Technology (NASDAQ:STX – Get Rating) last released its quarterly earnings data on Wednesday, January 25th. The data storage provider reported $0.16 earnings per share for the quarter, beating 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 company had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter in the previous year, the company earned $2.28 earnings per share. The firm’s revenue for the quarter was down 39.4% on a year-over-year basis. Research analysts expect that Seagate Technology Holdings plc will post 0.98 earnings per share for the current year.

Seagate Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, April 6th. Stockholders of record on Wednesday, March 22nd were paid a dividend of $0.70 per share. The ex-dividend date was Tuesday, March 21st. This represents a $2.80 dividend on an annualized basis and a dividend yield of 4.35%. Seagate Technology’s dividend payout ratio is currently 99.64%.

Seagate Technology Profile

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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.