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Nuveen Asset Management LLC trimmed its position in shares of Seagate Technology Holdings plc (NASDAQ:STX – Free Report) by 50.5% during the 4th quarter, Holdings Channel reports. The fund owned 213,739 shares of the data storage provider’s stock after selling 218,237 shares during the period. Nuveen Asset Management LLC’s holdings in Seagate Technology were worth $18,448,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Berkshire Bank boosted its stake in Seagate Technology by 2.6% during the fourth quarter. Berkshire Bank now owns 4,118 shares of the data storage provider’s stock worth $355,000 after buying an additional 103 shares during the period. MWA Asset Management raised its stake in shares of Seagate Technology by 0.5% in the fourth quarter. MWA Asset Management now owns 19,636 shares of the data storage provider’s stock valued at $1,695,000 after acquiring an additional 104 shares during the period. Johnson Financial Group Inc. raised its stake in shares of Seagate Technology by 22.7% in the fourth quarter. Johnson Financial Group Inc. now owns 606 shares of the data storage provider’s stock valued at $52,000 after acquiring an additional 112 shares during the period. JFS Wealth Advisors LLC raised its stake in shares of Seagate Technology by 27.0% in the fourth quarter. JFS Wealth Advisors LLC now owns 532 shares of the data storage provider’s stock valued at $46,000 after acquiring an additional 113 shares during the period. Finally, Signaturefd LLC raised its stake in shares of Seagate Technology by 2.3% in the fourth quarter. Signaturefd LLC now owns 4,988 shares of the data storage provider’s stock valued at $431,000 after acquiring an additional 113 shares during the period. 92.87% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling at Seagate Technology
In other news, CEO William D. Mosley sold 70,000 shares of the firm’s stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $109.47, for a total value of $7,662,900.00. Following the sale, the chief executive officer now directly owns 485,677 shares in the company, valued at approximately $53,167,061.19. This trade represents a 12.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kian Fatt Chong sold 6,410 shares of the firm’s stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $111.26, for a total transaction of $713,176.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 106,856 shares of company stock valued at $11,202,861. Company insiders own 0.81% of the company’s stock.
Analyst Upgrades and Downgrades
STX has been the topic of several recent analyst reports. Rosenblatt Securities reissued a “buy” rating and issued a $130.00 target price on shares of Seagate Technology in a research note on Friday. Morgan Stanley increased their target price on shares of Seagate Technology from $99.00 to $140.00 and gave the company an “overweight” rating in a research note on Friday. Bank of America increased their target price on shares of Seagate Technology from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Friday. Wedbush reissued an “outperform” rating and issued a $140.00 target price on shares of Seagate Technology in a research note on Wednesday. Finally, Cantor Fitzgerald increased their target price on shares of Seagate Technology from $110.00 to $125.00 and gave the company a “neutral” rating in a research note on Monday, May 19th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Seagate Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $118.37.
Get Our Latest Stock Report on Seagate Technology
Seagate Technology Price Performance
STX stock opened at $112.74 on Friday. The company has a market capitalization of $23.93 billion, a PE ratio of 20.61 and a beta of 1.32. The firm’s 50-day moving average is $86.62 and its 200 day moving average is $92.67. Seagate Technology Holdings plc has a 12 month low of $63.19 and a 12 month high of $115.32.
Seagate Technology (NASDAQ:STX – Get Free Report) last posted its earnings results on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. The business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. Seagate Technology had a net margin of 14.67% and a negative return on equity of 63.48%. The company’s revenue for the quarter was up 30.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.33 EPS. Sell-side analysts forecast that Seagate Technology Holdings plc will post 6.83 EPS for the current fiscal year.
Seagate Technology announced that its board has authorized a share repurchase plan on Thursday, May 22nd that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the data storage provider to purchase up to 21.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
Seagate Technology Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Wednesday, June 25th will be given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend is Wednesday, June 25th. Seagate Technology’s dividend payout ratio (DPR) is 41.62%.
About Seagate Technology
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.
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