West Tower Group LLC Makes New Investment in Seagate Technology Holdings plc (NASDAQ:STX)

West Tower Group LLC bought a new position in Seagate Technology Holdings plc (NASDAQ:STX) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,000 shares of the data storage provider’s stock, valued at approximately $110,000.

Other institutional investors have also recently made changes to their positions in the company. Point72 Hong Kong Ltd bought a new position in shares of Seagate Technology during the second quarter valued at approximately $35,349,000. Duquesne Family Office LLC raised its holdings in shares of Seagate Technology by 22.0% during the second quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock valued at $181,268,000 after acquiring an additional 316,295 shares in the last quarter. Mizuho Markets Americas LLC bought a new position in shares of Seagate Technology during the third quarter valued at approximately $32,598,000. AQR Capital Management LLC raised its holdings in shares of Seagate Technology by 519.1% during the second quarter. AQR Capital Management LLC now owns 323,401 shares of the data storage provider’s stock valued at $33,398,000 after acquiring an additional 271,160 shares in the last quarter. Finally, Liontrust Investment Partners LLP bought a new position in shares of Seagate Technology during the second quarter valued at approximately $24,635,000. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on STX shares. Rosenblatt Securities increased their price objective on Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Evercore ISI increased their price objective on Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Benchmark reiterated a “hold” rating on shares of Seagate Technology in a report on Wednesday, October 23rd. StockNews.com upgraded Seagate Technology from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. Finally, Wedbush reiterated an “outperform” rating and issued a $150.00 price objective on shares of Seagate Technology 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 issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $118.83.

Insider Activity

In other news, SVP John Christopher Morris sold 1,131 shares of Seagate Technology stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $111.90, for a total transaction of $126,558.90. Following the transaction, the senior vice president now directly owns 7,191 shares of the company’s stock, valued at $804,672.90. The trade was a 13.59 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William D. Mosley sold 141,785 shares of Seagate Technology stock in a transaction that occurred on 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 directly owns 668,616 shares in the company, valued at $73,668,110.88. This trade represents a 17.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 201,820 shares of company stock valued at $21,892,856 in the last ninety days. Corporate insiders own 0.81% of the company’s stock.

Seagate Technology Stock Performance

Shares of NASDAQ:STX opened at $101.36 on Tuesday. The stock has a market capitalization of $21.44 billion, a price-to-earnings ratio of 26.46 and a beta of 1.05. The stock’s 50-day simple moving average is $104.69 and its two-hundred day simple moving average is $101.86. Seagate Technology Holdings plc has a 52-week low of $76.30 and a 52-week 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 the consensus estimate of $1.30 by $0.28. The business had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The business’s revenue for the quarter was up 49.1% on a year-over-year basis. During the same period last year, the firm posted ($0.34) earnings per share. As a group, equities analysts forecast that Seagate Technology Holdings plc will post 7.18 earnings per share for the current fiscal year.

Seagate Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be given 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 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date of this dividend is Friday, December 13th. Seagate Technology’s payout ratio is presently 73.11%.

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.