Polar Asset Management Partners Inc. Invests $15.36 Million in Seagate Technology Holdings plc (NASDAQ:STX)

Polar Asset Management Partners Inc. purchased a new position in shares of Seagate Technology Holdings plc (NASDAQ:STX) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 140,200 shares of the data storage provider’s stock, valued at approximately $15,356,000.

Other institutional investors also recently modified their holdings of the company. Ashton Thomas Securities LLC bought a new position in Seagate Technology during the third quarter worth $26,000. Quarry LP bought a new position in shares of Seagate Technology during the 2nd quarter worth about $27,000. Kayne Anderson Rudnick Investment Management LLC raised its position 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 buying an additional 337 shares during the last quarter. Family Firm Inc. acquired a new stake in Seagate Technology during the second quarter worth about $41,000. Finally, Advisors Asset Management Inc. lifted its position in shares of Seagate Technology by 177.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock worth $44,000 after acquiring an additional 258 shares during the period. Institutional investors and hedge funds own 92.87% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Ban Seng Teh sold 4,872 shares of the stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $110.00, for a total transaction of $535,920.00. Following the sale, the executive vice president now owns 9,969 shares of the company’s stock, valued at $1,096,590. This represents a 32.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP John Christopher Morris sold 1,131 shares of Seagate Technology stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total value of $126,558.90. Following the completion of the transaction, the senior vice president now directly owns 7,191 shares of the company’s stock, valued at $804,672.90. This represents a 13.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 201,070 shares of company stock worth $21,820,781 over the last three months. Insiders own 0.81% of the company’s stock.

Seagate Technology Stock Down 4.2 %

Shares of STX opened at $98.80 on Wednesday. The company has a 50 day moving average of $104.30 and a 200-day moving average of $102.07. The stock has a market capitalization of $20.90 billion, a P/E ratio of 25.80 and a beta of 1.03. Seagate Technology Holdings plc has a twelve month low of $76.87 and a twelve month high of $115.32.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter last year, the company earned ($0.34) EPS. Seagate Technology’s revenue for the quarter was up 49.1% compared to the same quarter last year. On average, sell-side analysts anticipate 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 $0.72 dividend. The ex-dividend date is Friday, December 13th. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.70. This represents a $2.88 annualized dividend and a dividend yield of 2.91%. Seagate Technology’s dividend payout ratio is presently 75.20%.

Analysts Set New Price Targets

STX has been the topic of a number of recent research reports. Cantor Fitzgerald reiterated a “neutral” rating and set a $125.00 price target on shares of Seagate Technology in a research note on Wednesday, October 23rd. Rosenblatt Securities increased their target price 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 boosted their price target on Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Northland Securities increased their price objective on Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Benchmark restated a “hold” rating on shares of Seagate Technology in a research note on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $118.83.

Seagate Technology 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.