Victory Capital Management Inc. Increases Stock Holdings in Seagate Technology Holdings plc (NASDAQ:STX)

Victory Capital Management Inc. increased its holdings in Seagate Technology Holdings plc (NASDAQ:STX) by 133.8% in the third quarter, Holdings Channel.com reports. The firm owned 171,952 shares of the data storage provider’s stock after purchasing an additional 98,418 shares during the period. Victory Capital Management Inc.’s holdings in Seagate Technology were worth $18,834,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in STX. Ashton Thomas Securities LLC acquired a new position in Seagate Technology in the third quarter valued at $26,000. Quarry LP acquired a new position in Seagate Technology in the second quarter valued at $27,000. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in Seagate Technology by 2,407.1% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock valued at $36,000 after acquiring an additional 337 shares during the last quarter. Family Firm Inc. acquired a new position in Seagate Technology in the second quarter valued at $41,000. Finally, JFS Wealth Advisors LLC boosted its holdings in Seagate Technology by 232.5% in the third quarter. JFS Wealth Advisors LLC now owns 419 shares of the data storage provider’s stock valued at $46,000 after acquiring an additional 293 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Seagate Technology Stock Up 0.2 %

Shares of Seagate Technology stock opened at $97.02 on Tuesday. The firm has a market cap of $20.52 billion, a P/E ratio of 25.21 and a beta of 1.05. Seagate Technology Holdings plc has a fifty-two week low of $75.52 and a fifty-two week high of $115.32. The business has a 50-day moving average price of $105.02 and a 200 day moving average price of $101.45.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.28. The firm had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.13 billion. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. Seagate Technology’s quarterly revenue was up 49.1% on a year-over-year basis. During the same period in the previous year, the company earned ($0.34) earnings per share. As a group, equities research analysts anticipate that Seagate Technology Holdings plc will post 7.18 earnings per share for the current year.

Seagate Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Sunday, December 15th will be issued a $0.72 dividend. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.70. This represents a $2.88 annualized dividend and a yield of 2.97%. The ex-dividend date of this dividend is Friday, December 13th. Seagate Technology’s payout ratio is currently 75.20%.

Analyst Ratings Changes

A number of brokerages recently weighed in on STX. Citigroup lifted their target price on Seagate Technology from $125.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Evercore ISI boosted their price objective on Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Barclays boosted their price objective on Seagate Technology from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 24th. TD Cowen boosted their price objective on Seagate Technology from $110.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Finally, Wedbush restated an “outperform” rating and set a $150.00 price objective on shares of Seagate Technology in a research note on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, Seagate Technology currently has a consensus rating of “Moderate Buy” and an average price target of $118.83.

Insider Activity

In other news, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total transaction of $72,075.00. Following the completion of the transaction, the director now directly owns 3,034 shares of the company’s stock, valued at approximately $291,567.40. This represents a 19.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John Christopher Morris sold 1,131 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $111.90, for a total value of $126,558.90. Following the transaction, the senior vice president now owns 7,191 shares of the company’s stock, valued at approximately $804,672.90. This represents a 13.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 201,820 shares of company stock valued at $21,892,856. 0.81% of the stock is currently owned by 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.