Envestnet Asset Management Inc. raised its holdings in Seagate Technology Holdings plc (NASDAQ:STX – Get Rating) by 18.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 325,994 shares of the data storage provider’s stock after acquiring an additional 50,419 shares during the period. Envestnet Asset Management Inc. owned approximately 0.16% of Seagate Technology worth $17,151,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in STX. State Street Corp grew its stake in shares of Seagate Technology by 16.3% during the third quarter. State Street Corp now owns 8,951,455 shares of the data storage provider’s stock worth $482,736,000 after purchasing an additional 1,256,349 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new position in Seagate Technology during the third quarter worth about $58,716,000. Renaissance Technologies LLC grew its position in Seagate Technology by 328.3% during the third quarter. Renaissance Technologies LLC now owns 1,266,366 shares of the data storage provider’s stock worth $67,409,000 after buying an additional 970,673 shares during the period. Victory Capital Management Inc. grew its position in Seagate Technology by 264.2% during the third quarter. Victory Capital Management Inc. now owns 547,594 shares of the data storage provider’s stock worth $29,148,000 after buying an additional 397,221 shares during the period. Finally, Teachers Retirement System of The State of Kentucky acquired a new position in Seagate Technology during the third quarter worth about $16,411,000. Institutional investors and hedge funds own 82.69% of the company’s stock.
Seagate Technology Trading Up 1.5 %
NASDAQ STX opened at $55.94 on Monday. The company has a 50 day moving average price of $61.82 and a two-hundred day moving average price of $59.22. Seagate Technology Holdings plc has a 12-month low of $47.47 and a 12-month high of $88.25.
Seagate Technology (NASDAQ:STX – Get Rating) last issued its quarterly earnings data on Thursday, April 20th. The data storage provider reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.49). The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.98 billion. Seagate Technology had a negative return on equity of 69.08% and a negative net margin of 1.91%. Seagate Technology’s quarterly revenue was down 33.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.65 earnings per share. As a group, analysts anticipate that Seagate Technology Holdings plc will post -0.09 EPS for the current fiscal year.
Seagate Technology Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 5th. Stockholders of record on Wednesday, June 21st will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 5.01%. The ex-dividend date is Tuesday, June 20th. Seagate Technology’s payout ratio is -333.33%.
Analysts Set New Price Targets
Several research firms have recently commented on STX. Cowen increased their price target on shares of Seagate Technology from $65.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, January 26th. Loop Capital increased their price target on shares of Seagate Technology from $70.00 to $80.00 in a research report on Thursday, January 26th. TD Cowen lowered their price target on shares of Seagate Technology from $72.00 to $70.00 and set an “outperform” rating on the stock in a research report on Friday, April 21st. Morgan Stanley downgraded shares of Seagate Technology from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $72.00 to $60.00 in a research note on Friday, April 21st. Finally, UBS Group reduced their price objective on shares of Seagate Technology from $65.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, April 21st. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $65.76.
Seagate Technology Company Profile
Seagate Technology Holdings Plc operates as holding company that is engaged in the development, production, and distribution of data storage products and electronic data storage solutions. Its products include hard disk drives, solid state hybrid drives, solid state drives, peripheral component interconnect express cards, serial advanced technology attachment controllers, storage subsystems and computing solutions.
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