Seagate Technology Holdings PLC $STX Stock: Eurizon Capital SGR S.p.A. Grows Stake

Eurizon Capital SGR S.p.A. increased its holdings in Seagate Technology Holdings PLC (NASDAQ:STX) by 7.5% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 60,385 shares of the data storage provider’s stock after purchasing an additional 4,204 shares during the quarter. Eurizon Capital SGR S.p.A.’s holdings in Seagate Technology were worth $55,654,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Werba Rubin Papier Wealth Management grew its position in shares of Seagate Technology by 92.1% in the 3rd quarter. Werba Rubin Papier Wealth Management now owns 463 shares of the data storage provider’s stock worth $427,000 after buying an additional 222 shares during the last quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. raised its stake in shares of Seagate Technology by 6.5% during the 3rd quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. now owns 442 shares of the data storage provider’s stock worth $408,000 after acquiring an additional 27 shares in the last quarter. Artemis Wealth Advisors LLC purchased a new stake in Seagate Technology during the third quarter valued at approximately $2,767,000. FDx Advisors Inc. lifted its position in Seagate Technology by 5.7% during the third quarter. FDx Advisors Inc. now owns 1,945 shares of the data storage provider’s stock valued at $1,794,000 after acquiring an additional 105 shares during the last quarter. Finally, UNIVEST FINANCIAL Corp boosted its stake in Seagate Technology by 305.8% in the third quarter. UNIVEST FINANCIAL Corp now owns 1,396 shares of the data storage provider’s stock valued at $1,288,000 after acquiring an additional 1,052 shares in the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Barclays lifted their price target on shares of Seagate Technology from $1,000.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Thursday, July 30th. Bank of America upped their target price on Seagate Technology from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research report on Wednesday, October 21st. JPMorgan Chase & Co. increased their price target on Seagate Technology from $1,095.00 to $1,240.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Susquehanna dropped their price target on Seagate Technology from $925.00 to $765.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 28th. Finally, Summit Insights lowered shares of Seagate Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, October 28th. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,000.88.

Insider Activity

In related news, EVP Ban Teh sold 52,730 shares of the stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $782.08, for a total value of $41,239,078.40. Following the completion of the transaction, the executive vice president directly owned 5,810 shares of the company’s stock, valued at approximately $4,543,884.80. This represents a 90.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP John Morris sold 15,466 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president owned 31,132 shares in the company, valued at $24,038,573.80. The trade was a 33.19% decrease in their ownership of the stock. 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 90 days, insiders have sold 439,747 shares of company stock valued at $349,271,735. 0.51% of the stock is currently owned by company insiders.

Seagate Technology Stock Down 3.1%

NASDAQ:STX opened at $528.29 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.82 and a quick ratio of 1.25. The company’s fifty day moving average price is $740.61 and its 200-day moving average price is $698.15. Seagate Technology Holdings PLC has a 1-year low of $228.61 and a 1-year high of $1,145.00. The firm has a market capitalization of $121.27 billion, a P/E ratio of 27.75 and a beta of 2.16.

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

Seagate Technology Increases Dividend

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

About Seagate Technology

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.