Corton Capital Inc. Cuts Holdings in Seagate Technology Holdings plc (NASDAQ:STX)

Corton Capital Inc. trimmed its position in Seagate Technology Holdings plc (NASDAQ:STX) by 55.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,650 shares of the data storage provider’s stock after selling 4,543 shares during the quarter. Corton Capital Inc.’s holdings in Seagate Technology were worth $315,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. World Investment Advisors LLC purchased a new position in shares of Seagate Technology in the 3rd quarter worth $217,000. Wilmington Savings Fund Society FSB purchased a new position in Seagate Technology in the third quarter worth about $54,000. Tidal Investments LLC increased its stake in Seagate Technology by 21.3% during the third quarter. Tidal Investments LLC now owns 5,441 shares of the data storage provider’s stock worth $596,000 after acquiring an additional 956 shares during the last quarter. Synovus Financial Corp raised its position in Seagate Technology by 36.6% during the third quarter. Synovus Financial Corp now owns 4,054 shares of the data storage provider’s stock valued at $444,000 after purchasing an additional 1,087 shares during the period. Finally, Retirement Systems of Alabama lifted its stake in shares of Seagate Technology by 7.3% in the 3rd quarter. Retirement Systems of Alabama now owns 46,213 shares of the data storage provider’s stock valued at $5,062,000 after purchasing an additional 3,135 shares during the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on STX shares. Mizuho decreased their price target on Seagate Technology from $115.00 to $95.00 and set an “outperform” rating on the stock in a report on Thursday, April 10th. Rosenblatt Securities restated a “buy” rating and issued a $130.00 target price on shares of Seagate Technology in a report on Wednesday, April 30th. Wells Fargo & Company cut their price target on shares of Seagate Technology from $120.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 30th. Bank of America decreased their price objective on shares of Seagate Technology from $130.00 to $112.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. Finally, Benchmark raised Seagate Technology from a “hold” rating to a “buy” rating and set a $120.00 target price on the stock in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $114.89.

Seagate Technology Price Performance

STX opened at $93.90 on Wednesday. The firm has a market capitalization of $19.88 billion, a PE ratio of 17.17 and a beta of 1.32. The business’s 50-day moving average is $82.99 and its two-hundred day moving average is $92.56. Seagate Technology Holdings plc has a 1 year low of $63.19 and a 1 year high of $115.32.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.75 by $0.15. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. Seagate Technology had a net margin of 14.67% and a negative return on equity of 63.48%. The company’s quarterly revenue was up 30.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.33 EPS. As a group, sell-side analysts expect that Seagate Technology Holdings plc will post 6.83 EPS for the current year.

Seagate Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Wednesday, June 25th will be given a $0.72 dividend. The ex-dividend date is Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.07%. Seagate Technology’s payout ratio is 41.62%.

Insider Buying and Selling

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $84.56, for a total transaction of $1,691,200.00. Following the sale, the chief executive officer now owns 555,677 shares of the company’s stock, valued at approximately $46,988,047.12. The trade was a 3.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.81% of the stock is owned by company insiders.

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.