TSG Advice Partners LLC Purchases New Stake in Seagate Technology Holdings PLC $STX

TSG Advice Partners LLC acquired a new stake in shares of Seagate Technology Holdings PLC (NASDAQ:STX) in the third quarter, HoldingsChannel reports. The institutional investor acquired 1,451 shares of the data storage provider’s stock, valued at approximately $1,400,000.

A number of other large investors have also added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its holdings in Seagate Technology by 2,655.9% in the second quarter. Wellington Management Group LLP now owns 2,414,136 shares of the data storage provider’s stock worth $2,329,641,000 after acquiring an additional 2,326,538 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of Seagate Technology by 3,872.1% in the first quarter. Janus Henderson Group PLC now owns 967,528 shares of the data storage provider’s stock worth $378,985,000 after acquiring an additional 943,170 shares during the last quarter. Swedbank AB grew its stake in shares of Seagate Technology by 67.6% in the first quarter. Swedbank AB now owns 709,160 shares of the data storage provider’s stock worth $277,821,000 after acquiring an additional 285,949 shares during the last quarter. Amundi grew its stake in shares of Seagate Technology by 32.2% in the first quarter. Amundi now owns 965,565 shares of the data storage provider’s stock worth $378,267,000 after acquiring an additional 235,359 shares during the last quarter. Finally, Hsbc Holdings PLC increased its holdings in shares of Seagate Technology by 119.7% during the first quarter. Hsbc Holdings PLC now owns 378,527 shares of the data storage provider’s stock valued at $147,753,000 after acquiring an additional 206,196 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Wall Street Analyst Weigh In

STX has been the subject of several analyst reports. Wedbush restated an “outperform” rating and set a $1,000.00 price target on shares of Seagate Technology in a report on Wednesday, October 28th. Citigroup dropped their price target on shares of Seagate Technology from $1,300.00 to $1,050.00 and set a “buy” rating on the stock in a research note on Wednesday, October 28th. JPMorgan Chase & Co. increased their price objective on shares of Seagate Technology from $1,095.00 to $1,240.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. 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. Finally, Wells Fargo & Company reduced their price objective on shares of Seagate Technology from $865.00 to $820.00 and set an “overweight” rating for the company in a research note on Wednesday, October 28th. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $1,000.88.

Seagate Technology Stock Performance

STX stock opened at $593.76 on Tuesday. The stock has a market capitalization of $135.02 billion, a PE ratio of 35.54 and a beta of 2.06. 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 1.17 and a debt-to-equity ratio of 0.68. The stock’s 50 day simple moving average is $793.96 and its 200 day simple moving average is $689.79.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, October 27th. The data storage provider reported $7.68 EPS for the quarter, beating the consensus estimate of $7.44 by $0.24. The business had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $4.15 billion. Seagate Technology had a return on equity of 252.47% and a net margin of 31.86%. The company’s revenue was up 61.0% compared to the same quarter last year. During the same period last year, the business posted $2.61 EPS. As a group, research analysts forecast that Seagate Technology Holdings PLC will post 37.44 earnings per share for the current fiscal year.

Seagate Technology Increases Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Wednesday, December 23rd. This is an increase from Seagate Technology’s previous quarterly dividend of $0.74. This represents a $3.04 dividend on an annualized basis and a dividend yield of 0.5%. Seagate Technology’s dividend payout ratio is currently 15.55%.

Insiders Place Their Bets

In related news, CEO William Mosley sold 97,889 shares of Seagate Technology stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $772.14, for a total transaction of $75,584,012.46. Following the sale, the chief executive officer owned 378,108 shares of the company’s stock, valued at approximately $291,952,311.12. This trade represents a 20.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Ban Teh sold 52,730 shares of the business’s stock in a transaction that occurred 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 in the company, valued at approximately $4,543,884.80. This represents a 90.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 436,644 shares of company stock valued at $353,934,542. Company insiders own 0.51% of the company’s stock.

Seagate Technology Profile

Seagate Technology Holdings plc (NASDAQ: STX) is a data storage company that develops and manufactures mass-capacity storage products and solutions. Its portfolio is centered on hard disk drives (HDDs) used in cloud data centers, enterprise systems, network-attached storage, video and imaging applications, and personal computers.

The company also provides storage-related services and solutions designed to help organizations store, manage, protect, and access large volumes of digital information.