M&G Plc Boosts Stock Holdings in Seagate Technology Holdings plc (NASDAQ:STX)

M&G Plc grew its position in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 8.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 144,427 shares of the data storage provider’s stock after acquiring an additional 10,813 shares during the quarter. M&G Plc’s holdings in Seagate Technology were worth $14,876,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Seagate Technology by 3.1% during the first quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock valued at $2,303,274,000 after buying an additional 746,395 shares during the period. Capital Research Global Investors lifted its stake in Seagate Technology by 39.3% in the fourth quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock worth $1,418,413,000 after acquiring an additional 4,685,454 shares during the period. Sanders Capital LLC lifted its stake in Seagate Technology by 3.0% in the fourth quarter. Sanders Capital LLC now owns 15,486,153 shares of the data storage provider’s stock worth $1,322,053,000 after acquiring an additional 443,768 shares during the period. Clearbridge Investments LLC lifted its stake in Seagate Technology by 14.5% in the first quarter. Clearbridge Investments LLC now owns 2,656,828 shares of the data storage provider’s stock worth $247,218,000 after acquiring an additional 337,464 shares during the period. Finally, Norges Bank bought a new position in Seagate Technology in the fourth quarter worth $188,834,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

Seagate Technology Trading Up 2.5 %

Shares of STX opened at $98.20 on Wednesday. The stock’s 50 day moving average is $101.87 and its two-hundred day moving average is $94.10. The firm has a market cap of $20.64 billion, a P/E ratio of -76.12 and a beta of 1.02. Seagate Technology Holdings plc has a 12 month low of $62.43 and a 12 month high of $113.57.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.29. Seagate Technology had a negative return on equity of 8.41% and a net margin of 5.11%. The firm had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.87 billion. During the same quarter in the previous year, the business earned ($0.29) EPS. The company’s quarterly revenue was up 17.8% compared to the same quarter last year. Equities research analysts forecast that Seagate Technology Holdings plc will post 6.21 EPS for the current year.

Seagate Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 23rd will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.85%. The ex-dividend date is Monday, September 23rd. Seagate Technology’s dividend payout ratio is presently -217.05%.

Insider Transactions at Seagate Technology

In related news, CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 654,270 shares in the company, valued at approximately $61,148,074.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Seagate Technology news, SVP John Christopher Morris sold 5,928 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $99.99, for a total value of $592,740.72. Following the transaction, the senior vice president now directly owns 12,185 shares of the company’s stock, valued at $1,218,378.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were 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 directly owns 654,270 shares in the company, valued at $61,148,074.20. The disclosure for this sale can be found here. In the last three months, insiders sold 72,547 shares of company stock valued at $7,084,361. Corporate insiders own 0.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Wells Fargo & Company lifted their price objective on Seagate Technology from $90.00 to $120.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 24th. Robert W. Baird lifted their price objective on Seagate Technology from $100.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Susquehanna lifted their target price on Seagate Technology from $55.00 to $65.00 and gave the company a “negative” rating in a research note on Wednesday, July 24th. Benchmark reissued a “hold” rating on shares of Seagate Technology in a research report on Wednesday, July 24th. Finally, Northland Securities boosted their target price on Seagate Technology from $119.00 to $142.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Seagate Technology currently has a consensus rating of “Hold” and an average price target of $115.94.

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.