M&G Plc Increases Stock Position in Seagate Technology Holdings plc (NASDAQ:STX)

M&G Plc raised its stake in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 2.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 148,370 shares of the data storage provider’s stock after purchasing an additional 3,943 shares during the period. M&G Plc owned 0.07% of Seagate Technology worth $16,321,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of STX. Quarry LP purchased a new position in Seagate Technology in the 2nd quarter valued at about $27,000. Kayne Anderson Rudnick Investment Management LLC raised its holdings in shares of 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 valued at $36,000 after acquiring an additional 337 shares during the last quarter. Family Firm Inc. acquired a new stake in shares of Seagate Technology in the second quarter worth approximately $41,000. JFS Wealth Advisors LLC increased its position in shares of Seagate Technology by 232.5% during the third quarter. JFS Wealth Advisors LLC now owns 419 shares of the data storage provider’s stock worth $46,000 after purchasing an additional 293 shares in the last quarter. Finally, Larson Financial Group LLC increased its position in shares of Seagate Technology by 15,766.7% during the second quarter. Larson Financial Group LLC now owns 476 shares of the data storage provider’s stock worth $49,000 after purchasing an additional 473 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Seagate Technology Stock Up 2.1 %

NASDAQ:STX opened at $105.11 on Friday. Seagate Technology Holdings plc has a 52 week low of $70.41 and a 52 week high of $115.32. The company has a market capitalization of $22.23 billion, a P/E ratio of 27.44 and a beta of 1.05. The stock’s fifty day moving average is $104.95 and its two-hundred day moving average is $100.67.

Seagate Technology (NASDAQ:STX) last posted 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. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The company had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the previous year, the business earned ($0.34) earnings per share. The company’s revenue for the quarter was up 49.1% on a year-over-year basis. Sell-side analysts anticipate that Seagate Technology Holdings plc will post 7.35 earnings per share for the current fiscal 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 issued a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 2.74%. The ex-dividend date is Friday, December 13th. This is an increase from Seagate Technology’s previous quarterly dividend of $0.70. Seagate Technology’s payout ratio is currently 73.11%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on STX shares. Northland Securities lifted their target price 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. UBS Group upped their price objective on shares of Seagate Technology from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. Barclays raised their target price on shares of Seagate Technology from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 24th. Wedbush restated an “outperform” rating and set a $150.00 target price on shares of Seagate Technology in a report on Wednesday, October 23rd. Finally, Rosenblatt Securities increased their price target on Seagate Technology from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Seagate Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $118.83.

Insider Activity at Seagate Technology

In related news, CEO William D. Mosley sold 141,785 shares of the business’s stock in a transaction on Thursday, September 26th. The stock was 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 in the company, valued at approximately $73,668,110.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Ban Seng Teh sold 4,872 shares of Seagate Technology stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $110.00, for a total value of $535,920.00. Following the completion of the transaction, the executive vice president now owns 9,969 shares in the company, valued at approximately $1,096,590. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William D. Mosley sold 141,785 shares of Seagate Technology 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 owns 668,616 shares of the company’s stock, valued at $73,668,110.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 192,638 shares of company stock worth $20,924,155. 0.81% of the stock is currently owned by company insiders.

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.