MWA Asset Management Trims Position in Seagate Technology Holdings plc (NASDAQ:STX)

MWA Asset Management trimmed its stake in Seagate Technology Holdings plc (NASDAQ:STX) by 0.7% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 19,453 shares of the data storage provider’s stock after selling 140 shares during the period. Seagate Technology makes up about 1.4% of MWA Asset Management’s investment portfolio, making the stock its 19th biggest position. MWA Asset Management’s holdings in Seagate Technology were worth $2,009,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. International Assets Investment Management LLC bought a new position in shares of Seagate Technology during the 4th quarter worth $15,341,000. abrdn plc grew its holdings in Seagate Technology by 78.8% during the 4th quarter. abrdn plc now owns 88,343 shares of the data storage provider’s stock worth $7,542,000 after acquiring an additional 38,938 shares in the last quarter. CWM LLC increased its position in Seagate Technology by 3.9% during the 4th quarter. CWM LLC now owns 3,441 shares of the data storage provider’s stock valued at $294,000 after purchasing an additional 130 shares during the period. California Public Employees Retirement System raised its holdings in shares of Seagate Technology by 4.9% in the 4th quarter. California Public Employees Retirement System now owns 392,701 shares of the data storage provider’s stock valued at $33,525,000 after purchasing an additional 18,443 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its position in shares of Seagate Technology by 68.8% in the 4th quarter. New York State Common Retirement Fund now owns 143,049 shares of the data storage provider’s stock worth $12,212,000 after purchasing an additional 58,300 shares during the period. 92.87% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Ban Seng Teh sold 10,742 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $100.00, for a total value of $1,074,200.00. Following the completion of the transaction, the executive vice president now owns 5,042 shares of the company’s stock, valued at approximately $504,200. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $93.46, for a total value of $1,869,200.00. Following the completion of the transaction, the chief executive officer now owns 654,270 shares of the company’s stock, valued at approximately $61,148,074.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ban Seng Teh sold 10,742 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $100.00, for a total value of $1,074,200.00. Following the transaction, the executive vice president now owns 5,042 shares in the company, valued at approximately $504,200. The disclosure for this sale can be found here. In the last three months, insiders have sold 72,547 shares of company stock valued at $7,084,361. Company insiders own 0.89% of the company’s stock.

Analyst Ratings Changes

STX has been the subject of a number of recent research reports. Cantor Fitzgerald boosted their price objective on shares of Seagate Technology from $120.00 to $125.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 24th. Bank of America reiterated a “buy” rating and issued a $110.00 target price on shares of Seagate Technology in a research note on Wednesday, June 5th. Susquehanna increased their price target on shares of Seagate Technology from $55.00 to $65.00 and gave the company a “negative” rating in a research report on Wednesday, July 24th. Wedbush lifted their price objective on shares of Seagate Technology from $100.00 to $130.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Finally, Northland Securities increased their target price on shares of Seagate Technology from $119.00 to $142.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $115.94.

Seagate Technology Trading Down 3.9 %

Shares of STX stock traded down $4.05 during mid-day trading on Tuesday, reaching $100.71. The stock had a trading volume of 2,422,401 shares, compared to its average volume of 2,597,897. Seagate Technology Holdings plc has a 1-year low of $62.43 and a 1-year high of $113.57. The firm has a market cap of $21.17 billion, a price-to-earnings ratio of -78.07 and a beta of 1.02. The business’s fifty day moving average is $102.20 and its 200-day moving average is $95.22.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.29. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.87 billion. During the same quarter in the prior year, the company earned ($0.29) EPS. Seagate Technology’s quarterly revenue was up 17.8% on a year-over-year basis. On average, analysts forecast that Seagate Technology Holdings plc will post 6.72 earnings per share for the current year.

Seagate Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 23rd will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.78%. The ex-dividend date is Monday, September 23rd. Seagate Technology’s payout ratio is -217.05%.

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.