Bridgewater Associates LP Makes New Investment in Seagate Technology Holdings plc (NASDAQ:STX)

Bridgewater Associates LP purchased a new position in shares of Seagate Technology Holdings plc (NASDAQ:STXGet Rating) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 98,367 shares of the data storage provider’s stock, valued at approximately $7,027,000.

A number of other large investors also recently bought and sold shares of STX. JPMorgan Chase & Co. raised its stake in Seagate Technology by 10.8% during the second quarter. JPMorgan Chase & Co. now owns 14,358,118 shares of the data storage provider’s stock worth $1,025,744,000 after purchasing an additional 1,400,931 shares during the period. Sanders Capital LLC raised its stake in Seagate Technology by 31.1% during the first quarter. Sanders Capital LLC now owns 5,240,802 shares of the data storage provider’s stock worth $517,577,000 after purchasing an additional 1,242,350 shares during the period. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in Seagate Technology during the second quarter worth approximately $83,163,000. Bank of New York Mellon Corp raised its stake in Seagate Technology by 41.1% during the first quarter. Bank of New York Mellon Corp now owns 3,898,164 shares of the data storage provider’s stock worth $350,445,000 after purchasing an additional 1,134,751 shares during the period. Finally, Deutsche Bank AG purchased a new position in Seagate Technology during the second quarter worth approximately $32,456,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Northland Securities cut their target price on shares of Seagate Technology from $88.00 to $70.00 in a research note on Thursday, October 27th. StockNews.com assumed coverage on shares of Seagate Technology in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Barclays cut their target price on shares of Seagate Technology from $65.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 27th. Stifel Nicolaus cut their target price on shares of Seagate Technology from $120.00 to $97.00 and set a “buy” rating on the stock in a research note on Thursday, September 1st. Finally, The Goldman Sachs Group cut their target price on shares of Seagate Technology from $71.00 to $61.00 and set a “neutral” rating on the stock in a research note on Friday, October 28th. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $70.17.

Seagate Technology Price Performance

Shares of STX stock opened at $54.81 on Thursday. The firm has a market cap of $11.32 billion, a P/E ratio of 10.54, a P/E/G ratio of 22.45 and a beta of 1.09. The company has a debt-to-equity ratio of 46.44, a current ratio of 1.19 and a quick ratio of 0.68. Seagate Technology Holdings plc has a 1-year low of $47.47 and a 1-year high of $117.67. The firm has a fifty day moving average of $54.66 and a two-hundred day moving average of $69.14.

Seagate Technology (NASDAQ:STXGet Rating) last posted its quarterly earnings results on Wednesday, October 26th. The data storage provider reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.15). The business had revenue of $2.04 billion during the quarter, compared to the consensus estimate of $2.11 billion. Seagate Technology had a return on equity of 716.97% and a net margin of 10.89%. The company’s quarterly revenue was down 34.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.27 earnings per share. As a group, research analysts anticipate that Seagate Technology Holdings plc will post 1.99 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 5th. Shareholders of record on Wednesday, December 21st will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Tuesday, December 20th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 5.11%. Seagate Technology’s dividend payout ratio (DPR) is 53.85%.

About Seagate Technology

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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.

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Institutional Ownership by Quarter for Seagate Technology (NASDAQ:STX)

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