Seagate Technology Holdings PLC $STX Stock: Fifth Third Bancorp Lowers Holdings

Fifth Third Bancorp lessened its holdings in shares of Seagate Technology Holdings PLC (NASDAQ:STX) by 18.9% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 20,978 shares of the data storage provider’s stock after selling 4,876 shares during the period. Fifth Third Bancorp’s holdings in Seagate Technology were worth $19,349,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Retirement Wealth Solutions LLC grew its position in shares of Seagate Technology by 70.6% during the second quarter. Retirement Wealth Solutions LLC now owns 29 shares of the data storage provider’s stock worth $28,000 after acquiring an additional 12 shares during the last quarter. Bridgewater Advisors Inc. increased its holdings in shares of Seagate Technology by 0.9% in the 1st quarter. Bridgewater Advisors Inc. now owns 1,477 shares of the data storage provider’s stock valued at $579,000 after acquiring an additional 13 shares during the period. Baker Tilly Wealth Management LLC raised its position in Seagate Technology by 4.6% in the 3rd quarter. Baker Tilly Wealth Management LLC now owns 319 shares of the data storage provider’s stock valued at $295,000 after purchasing an additional 14 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC raised its position in Seagate Technology by 23.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 80 shares of the data storage provider’s stock valued at $31,000 after purchasing an additional 15 shares during the last quarter. Finally, One River Asset Management LLC boosted its stake in Seagate Technology by 50.0% during the 3rd quarter. One River Asset Management LLC now owns 45 shares of the data storage provider’s stock worth $42,000 after purchasing an additional 15 shares during the period. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Insider Buying and Selling

In related news, CEO William Mosley sold 97,889 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $772.14, for a total transaction of $75,584,012.46. Following the transaction, the chief executive officer owned 378,108 shares of the company’s stock, valued at approximately $291,952,311.12. This represents a 20.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Morris sold 15,466 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $772.15, for a total transaction of $11,942,071.90. Following the sale, the executive vice president owned 31,132 shares in the company, valued at approximately $24,038,573.80. This trade represents a 33.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 439,747 shares of company stock valued at $349,271,735. 0.51% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on STX. Wall Street Zen upgraded shares of Seagate Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 26th. JPMorgan Chase & Co. increased their target price on shares of Seagate Technology from $1,095.00 to $1,240.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. TD Cowen lowered their price target on Seagate Technology from $1,000.00 to $900.00 and set a “buy” rating on the stock in a report on Wednesday, October 28th. Summit Insights lowered Seagate Technology from a “buy” rating to a “hold” rating in a report on Wednesday, October 28th. Finally, Evercore restated an “outperform” rating on shares of Seagate Technology in a research report on Wednesday, October 28th. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $1,000.88.

Seagate Technology Trading Down 3.1%

Shares of Seagate Technology stock opened at $528.29 on Friday. Seagate Technology Holdings PLC has a 12-month low of $228.61 and a 12-month high of $1,145.00. The company has a current ratio of 1.82, a quick ratio of 1.25 and a debt-to-equity ratio of 0.68. The stock has a market cap of $121.27 billion, a PE ratio of 27.75 and a beta of 2.16. The company has a 50-day moving average of $740.61 and a two-hundred day moving average of $698.15.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, October 27th. The data storage provider reported $7.68 earnings per share for the quarter, topping analysts’ consensus estimates of $7.44 by $0.24. Seagate Technology had a return on equity of 252.47% and a net margin of 31.86%. The business had revenue of $4.23 billion for the quarter, compared to analysts’ expectations of $4.15 billion. During the same quarter in the prior year, the firm posted $2.61 EPS. The company’s revenue was up 61.0% compared to the same quarter last year. On average, research analysts anticipate that Seagate Technology Holdings PLC will post 37.96 EPS for the current fiscal year.

Seagate Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 7th. Shareholders of record on Wednesday, December 23rd will be given a dividend of $0.76 per share. The ex-dividend date of this dividend is Wednesday, December 23rd. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.74. This represents a $3.04 annualized dividend and a yield of 0.6%. Seagate Technology’s dividend payout ratio (DPR) is 15.97%.

Seagate Technology Profile

Seagate Technology develops and supplies data-storage products and solutions for businesses and consumers. Its portfolio includes hard disk drives (HDDs), solid-state drives, and storage systems designed for applications ranging from personal computing to large-scale data centers. The company’s products support cloud and enterprise storage, network-attached storage, video surveillance, gaming, and other uses that require digital data to be stored and accessed. Seagate also offers data-management and storage services through its Lyve platform.