Patton Fund Management Inc. Purchases Shares of 17,564 Seagate Technology Holdings PLC $STX

Patton Fund Management Inc. acquired a new position in Seagate Technology Holdings PLC (NASDAQ:STX) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 17,564 shares of the data storage provider’s stock, valued at approximately $4,146,000. Seagate Technology makes up 0.7% of Patton Fund Management Inc.’s portfolio, making the stock its 25th largest holding.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Harbor Asset Planning Inc. acquired a new stake in Seagate Technology in the 2nd quarter valued at $27,000. Rakuten Securities Inc. boosted its position in shares of Seagate Technology by 884.2% in the second quarter. Rakuten Securities Inc. now owns 187 shares of the data storage provider’s stock worth $27,000 after buying an additional 168 shares during the period. MTM Investment Management LLC purchased a new stake in shares of Seagate Technology in the second quarter worth about $29,000. GoalVest Advisory LLC grew its stake in shares of Seagate Technology by 30.6% in the second quarter. GoalVest Advisory LLC now owns 320 shares of the data storage provider’s stock valued at $46,000 after buying an additional 75 shares in the last quarter. Finally, Trust Co. of Toledo NA OH purchased a new stake in shares of Seagate Technology during the 2nd quarter valued at about $57,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

Seagate Technology Price Performance

NASDAQ STX opened at $282.85 on Tuesday. The company has a market capitalization of $60.41 billion, a price-to-earnings ratio of 36.31, a price-to-earnings-growth ratio of 1.16 and a beta of 1.59. Seagate Technology Holdings PLC has a 12 month low of $63.19 and a 12 month high of $308.93. The company’s fifty day moving average price is $261.60 and its two-hundred day moving average price is $202.02.

Seagate Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Stockholders of record on Wednesday, December 24th will be given a dividend of $0.74 per share. The ex-dividend date of this dividend is Wednesday, December 24th. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.72. This represents a $2.96 annualized dividend and a dividend yield of 1.0%. Seagate Technology’s dividend payout ratio is 36.97%.

Insider Transactions at Seagate Technology

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $271.03, for a total transaction of $5,420,600.00. Following the sale, the chief executive officer owned 445,668 shares in the company, valued at $120,789,398.04. This represents a 4.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Stephanie Tilenius sold 2,046 shares of Seagate Technology stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $266.41, for a total value of $545,074.86. Following the completion of the transaction, the director owned 12,244 shares of the company’s stock, valued at approximately $3,261,924.04. The trade was a 14.32% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 132,555 shares of company stock valued at $36,030,007 over the last 90 days. Corporate insiders own 0.79% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on STX. Zacks Research raised shares of Seagate Technology from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 2nd. Cantor Fitzgerald raised their price target on shares of Seagate Technology from $280.00 to $400.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Robert W. Baird lifted their price target on shares of Seagate Technology from $188.00 to $270.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 29th. UBS Group decreased their price objective on shares of Seagate Technology from $235.00 to $230.00 and set a “neutral” rating for the company in a research report on Wednesday, October 29th. Finally, Bank of America lifted their target price on Seagate Technology from $275.00 to $320.00 and gave the stock a “buy” rating in a research report on Thursday, November 20th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $293.13.

Seagate Technology Profile

Seagate Technology (NASDAQ: STX) is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm’s product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate’s products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.