Commerce Bank Raises Stock Position in Seagate Technology Holdings plc (NASDAQ:STX)

Commerce Bank grew its stake in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 6.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,070 shares of the data storage provider’s stock after acquiring an additional 245 shares during the period. Commerce Bank’s holdings in Seagate Technology were worth $446,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Sequoia Financial Advisors LLC grew its holdings in Seagate Technology by 3.6% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 2,560 shares of the data storage provider’s stock worth $281,000 after acquiring an additional 89 shares in the last quarter. CWM LLC increased its holdings in Seagate Technology by 3.0% during the second quarter. CWM LLC now owns 3,307 shares of the data storage provider’s stock valued at $342,000 after buying an additional 97 shares during the period. Affinity Capital Advisors LLC raised its stake in Seagate Technology by 1.5% in the third quarter. Affinity Capital Advisors LLC now owns 6,620 shares of the data storage provider’s stock worth $725,000 after buying an additional 100 shares in the last quarter. Kingswood Wealth Advisors LLC raised its stake in Seagate Technology by 3.7% in the second quarter. Kingswood Wealth Advisors LLC now owns 3,452 shares of the data storage provider’s stock worth $357,000 after buying an additional 122 shares in the last quarter. Finally, Burney Co. lifted its holdings in Seagate Technology by 3.3% during the first quarter. Burney Co. now owns 3,948 shares of the data storage provider’s stock worth $367,000 after buying an additional 125 shares during the period. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Seagate Technology Trading Up 0.3 %

Shares of NASDAQ STX opened at $101.66 on Wednesday. The company has a 50 day simple moving average of $104.69 and a two-hundred day simple moving average of $101.86. The stock has a market cap of $21.50 billion, a price-to-earnings ratio of 26.54 and a beta of 1.05. Seagate Technology Holdings plc has a 12 month low of $76.30 and a 12 month high of $115.32.

Seagate Technology (NASDAQ:STX) last posted 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 during the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The firm’s quarterly revenue was up 49.1% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.34) earnings per share. Analysts forecast that Seagate Technology Holdings plc will post 7.18 EPS for the current year.

Seagate Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Sunday, December 15th will be issued a $0.72 dividend. The ex-dividend date is Friday, December 13th. This is an increase from Seagate Technology’s previous quarterly dividend of $0.70. This represents a $2.88 dividend on an annualized basis and a yield of 2.83%. Seagate Technology’s payout ratio is presently 75.20%.

Wall Street Analyst Weigh In

Several research firms have recently commented on STX. Wedbush reissued an “outperform” rating and issued a $150.00 price target on shares of Seagate Technology in a research report on Wednesday, October 23rd. Rosenblatt Securities boosted their target price on shares of Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Citigroup lifted their price objective on shares of Seagate Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Benchmark reissued a “hold” rating on shares of Seagate Technology in a research report on Wednesday, October 23rd. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $125.00 price target on shares of Seagate Technology in a report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $118.83.

Insiders Place Their Bets

In other news, CEO William D. Mosley sold 141,785 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $110.18, for a total transaction of $15,621,871.30. Following the sale, the chief executive officer now directly owns 668,616 shares in the company, valued at $73,668,110.88. This trade represents a 17.50 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total value 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 $291,567.40. The trade was a 19.82 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 201,820 shares of company stock worth $21,892,856. Corporate insiders own 0.81% 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.