Jay L. Geldmacher Sells 4,100 Shares of Seagate Technology Holdings plc (NASDAQ:STX) Stock

Seagate Technology Holdings plc (NASDAQ:STX) Director Jay L. Geldmacher sold 4,100 shares of the business’s stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $103.30, for a total transaction of $423,530.00. Following the transaction, the director now owns 2,852 shares in the company, valued at approximately $294,611.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Seagate Technology Stock Down 0.9 %

Shares of NASDAQ:STX opened at $103.01 on Friday. The company has a market capitalization of $21.63 billion, a P/E ratio of -79.85 and a beta of 1.04. Seagate Technology Holdings plc has a 52-week low of $64.12 and a 52-week high of $115.32. The stock’s fifty day simple moving average is $105.16 and its 200-day simple moving average is $99.68.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. The company had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 30.18%. The firm’s quarterly revenue was up 49.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.34) EPS. On average, sell-side analysts anticipate that Seagate Technology Holdings plc will post 7.09 earnings per share for the current year.

Seagate Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Sunday, December 15th will be paid a $0.72 dividend. This is a boost from Seagate Technology’s previous quarterly dividend of $0.70. This represents a $2.88 annualized dividend and a yield of 2.80%. The ex-dividend date is Friday, December 13th. Seagate Technology’s payout ratio is presently -217.05%.

Wall Street Analyst Weigh In

STX has been the topic of several recent analyst reports. StockNews.com upgraded Seagate Technology from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. Loop Capital increased their price objective on Seagate Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Evercore ISI upped their price target on shares of Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Wednesday. TD Cowen upped their target price on shares of Seagate Technology from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Finally, Robert W. Baird lifted their price target on shares of Seagate Technology from $100.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $118.83.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Bessemer Group Inc. boosted its position in shares of Seagate Technology by 68.7% in the first quarter. Bessemer Group Inc. now owns 17,564 shares of the data storage provider’s stock worth $1,634,000 after acquiring an additional 7,150 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Seagate Technology by 2.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 258,033 shares of the data storage provider’s stock worth $24,011,000 after buying an additional 6,044 shares during the last quarter. Chapin Davis Inc. raised its position in shares of Seagate Technology by 210.8% in the 1st quarter. Chapin Davis Inc. now owns 29,152 shares of the data storage provider’s stock worth $2,713,000 after buying an additional 19,773 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Seagate Technology by 21.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 232,957 shares of the data storage provider’s stock valued at $21,677,000 after acquiring an additional 40,649 shares during the last quarter. Finally, Illinois Municipal Retirement Fund increased its stake in Seagate Technology by 15.7% during the first quarter. Illinois Municipal Retirement Fund now owns 60,702 shares of the data storage provider’s stock worth $5,648,000 after acquiring an additional 8,242 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

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.