Royal Bank of Canada Increases Holdings in Seagate Technology Holdings plc (NASDAQ:STX)

Royal Bank of Canada lifted its position in Seagate Technology Holdings plc (NASDAQ:STX) by 4.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,616,517 shares of the data storage provider’s stock after buying an additional 62,847 shares during the period. Royal Bank of Canada owned approximately 0.76% of Seagate Technology worth $139,521,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of STX. Vanguard Group Inc. boosted its position in Seagate Technology by 6.9% in the fourth quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider’s stock worth $2,414,446,000 after purchasing an additional 1,814,821 shares during the last quarter. Sanders Capital LLC boosted its holdings in shares of Seagate Technology by 1.0% in the fourth quarter. Sanders Capital LLC now owns 16,530,152 shares of the data storage provider’s stock worth $1,426,717,000 after buying an additional 162,561 shares during the last quarter. Capital Research Global Investors boosted its holdings in shares of Seagate Technology by 56.5% in the fourth quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider’s stock worth $1,348,262,000 after buying an additional 5,640,443 shares during the last quarter. Geode Capital Management LLC grew its position in Seagate Technology by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 4,295,225 shares of the data storage provider’s stock valued at $370,013,000 after buying an additional 132,713 shares during the period. Finally, Invesco Ltd. increased its holdings in Seagate Technology by 14.6% during the fourth quarter. Invesco Ltd. now owns 2,761,534 shares of the data storage provider’s stock valued at $238,348,000 after buying an additional 352,300 shares during the last quarter. Institutional investors own 92.87% of the company’s stock.

Insiders Place Their Bets

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 555,677 shares in the company, valued at $46,988,047.12. This represents a 3.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.81% of the stock is currently owned by company insiders.

Analyst Ratings Changes

STX has been the subject of a number of recent research reports. Rosenblatt Securities reissued a “buy” rating and set a $130.00 price objective on shares of Seagate Technology in a research report on Wednesday, April 30th. Morgan Stanley cut their price target on Seagate Technology from $133.00 to $129.00 and set an “overweight” rating for the company in a report on Tuesday, January 21st. Barclays boosted their price target on shares of Seagate Technology from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 30th. BNP Paribas Exane upgraded Seagate Technology from an “underperform” rating to a “neutral” rating and set a $100.00 price objective for the company in a research report on Friday. Finally, Wells Fargo & Company reduced their target price on Seagate Technology from $120.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $114.11.

Seagate Technology Stock Up 0.3%

STX stock opened at $107.79 on Monday. Seagate Technology Holdings plc has a twelve month low of $63.19 and a twelve month high of $115.32. The firm has a market cap of $22.87 billion, a price-to-earnings ratio of 19.71 and a beta of 1.32. The business’s fifty day simple moving average is $84.56 and its two-hundred day simple moving average is $92.35.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.75 by $0.15. The company 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 firm’s revenue was up 30.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.33 EPS. Research analysts expect that Seagate Technology Holdings plc will post 6.83 EPS for the current year.

Seagate Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th will be paid a $0.72 dividend. The ex-dividend date is Wednesday, June 25th. This represents a $2.88 annualized dividend and a yield of 2.67%. Seagate Technology’s dividend payout ratio (DPR) is currently 41.62%.

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.