Simmons Bank Trims Stock Position in Seagate Technology Holdings plc (NASDAQ:STX)

Simmons Bank trimmed its stake in Seagate Technology Holdings plc (NASDAQ:STX) by 19.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,029 shares of the data storage provider’s stock after selling 750 shares during the period. Simmons Bank’s holdings in Seagate Technology were worth $332,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Ashton Thomas Securities LLC bought a new position in Seagate Technology in the third quarter worth $26,000. Quarry LP bought a new stake in Seagate Technology during the second quarter worth about $27,000. Kayne Anderson Rudnick Investment Management LLC grew its holdings in Seagate Technology by 2,407.1% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock worth $36,000 after purchasing an additional 337 shares during the period. Family Firm Inc. purchased a new position in Seagate Technology during the second quarter valued at $41,000. Finally, JFS Wealth Advisors LLC raised its position in shares of Seagate Technology by 232.5% in the 3rd 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 during the last quarter. Institutional investors own 92.87% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on STX. Wedbush reiterated an “outperform” rating and issued a $150.00 price objective on shares of Seagate Technology in a report on Wednesday, October 23rd. Loop Capital raised their target price on shares of Seagate Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. UBS Group increased their price target on Seagate Technology from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. StockNews.com raised Seagate Technology from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $125.00 target price on shares of Seagate Technology in a research report on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $118.83.

Seagate Technology Stock Performance

STX opened at $97.46 on Friday. The firm’s fifty day moving average is $105.11 and its 200 day moving average is $101.18. Seagate Technology Holdings plc has a fifty-two week low of $74.06 and a fifty-two week high of $115.32. The stock has a market cap of $20.62 billion, a price-to-earnings ratio of 25.45 and a beta of 1.05.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, topping 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 analysts’ expectations of $2.13 billion. During the same period in the previous year, the firm earned ($0.34) EPS. The firm’s revenue was up 49.1% compared to the same quarter last year. On average, equities research analysts predict that Seagate Technology Holdings plc will post 7.35 earnings per share for the current year.

Seagate Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Sunday, December 15th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 2.96%. This is a boost from Seagate Technology’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, December 13th. Seagate Technology’s dividend payout ratio (DPR) is presently 73.11%.

Insider Buying and Selling at Seagate Technology

In other 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 completion of the transaction, the executive vice president now directly owns 9,969 shares in the company, valued at approximately $1,096,590. This represents a 32.83 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Kian Fatt Chong sold 9,182 shares of Seagate Technology stock in a transaction on Friday, November 8th. The stock was sold at an average price of $105.50, for a total transaction of $968,701.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 201,820 shares of company stock worth $21,892,856. Insiders own 0.81% of the company’s stock.

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.