CenterBook Partners LP Makes New Investment in Seagate Technology Holdings PLC $STX

CenterBook Partners LP purchased a new stake in Seagate Technology Holdings PLC (NASDAQ:STX) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 9,803 shares of the data storage provider’s stock, valued at approximately $9,042,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. International Assets Investment Management LLC grew its holdings in Seagate Technology by 56.0% during the 3rd quarter. International Assets Investment Management LLC now owns 2,593 shares of the data storage provider’s stock valued at $2,452,000 after buying an additional 931 shares during the last quarter. Allegiance Financial Group Advisory Services LLC boosted its stake in shares of Seagate Technology by 30.4% during the 3rd quarter. Allegiance Financial Group Advisory Services LLC now owns 747 shares of the data storage provider’s stock worth $690,000 after purchasing an additional 174 shares during the last quarter. Calamos Wealth Management LLC grew its holdings in shares of Seagate Technology by 3.4% during the third quarter. Calamos Wealth Management LLC now owns 15,849 shares of the data storage provider’s stock worth $14,618,000 after buying an additional 515 shares in the last quarter. Calamos Advisors LLC raised its position in shares of Seagate Technology by 219.2% in the third quarter. Calamos Advisors LLC now owns 87,625 shares of the data storage provider’s stock valued at $80,820,000 after buying an additional 60,177 shares during the last quarter. Finally, Alta Advisers Ltd lifted its stake in shares of Seagate Technology by 28.8% during the third quarter. Alta Advisers Ltd now owns 15,668 shares of the data storage provider’s stock valued at $14,451,000 after buying an additional 3,502 shares during the period. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

More Seagate Technology News

Here are the key news stories impacting Seagate Technology this week:

• Positive Sentiment: Recent fiscal first-quarter results beat estimates, with revenue of $4.23 billion and EPS of $7.72. Seagate also guided to about $4.8 billion in fiscal second-quarter revenue, supporting the growth case. Earnings Beat Might Change The Case For Seagate Stock
• Positive Sentiment: Growth-focused commentary argues Seagate has attributes that could support above-market performance, adding to the bullish earnings narrative. The articles do not specify additional catalysts. 3 Reasons Growth Investors Will Love Seagate
• Negative Sentiment: A report attributed a sharp decline in Seagate shares to insider selling, which can raise concerns about insiders’ confidence, even though selling alone does not establish their outlook. Seagate Technology Stock Falls on Insider Selling
• Negative Sentiment: Seagate and other AI-linked stocks faced pressure amid a wider AI-trade selloff and calls from a lawmaker to pause advanced AI development. That uncertainty may temper enthusiasm around data-storage demand tied to AI investment. Seagate Sinks as Lawmaker Urges a Pause on Advanced AI Development

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on STX shares. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $1,350.00 price objective on shares of Seagate Technology in a research note on Wednesday, July 29th. Robert W. Baird set a $1,350.00 price target on Seagate Technology in a report on Wednesday, October 28th. Wells Fargo & Company dropped their price objective on shares of Seagate Technology from $865.00 to $820.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 28th. Wedbush reiterated an “outperform” rating and issued a $1,000.00 price objective on shares of Seagate Technology in a report on Wednesday, October 28th. Finally, Summit Insights downgraded Seagate Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, October 28th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $1,000.88.

Seagate Technology Stock Performance

STX stock traded down $5.54 on Friday, reaching $460.99. The company’s stock had a trading volume of 8,272,008 shares, compared to its average volume of 5,627,659. Seagate Technology Holdings PLC has a 52 week low of $228.61 and a 52 week high of $1,145.00. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.82 and a quick ratio of 1.25. The company has a market capitalization of $105.82 billion, a P/E ratio of 24.21 and a beta of 2.16. The firm has a fifty day moving average of $769.59 and a two-hundred day moving average of $693.82.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, October 27th. The data storage provider reported $7.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.44 by $0.24. Seagate Technology had a return on equity of 252.47% and a net margin of 31.86%. The company had revenue of $4.23 billion during the quarter, compared to analyst estimates of $4.15 billion. During the same quarter in the previous year, the firm posted $2.61 EPS. The firm’s quarterly revenue was up 61.0% on a year-over-year basis. As a group, analysts predict that Seagate Technology Holdings PLC will post 37.96 EPS for the current fiscal year.

Seagate Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 7th. Stockholders of record on Wednesday, December 23rd will be paid a $0.76 dividend. The ex-dividend date of this dividend is Wednesday, December 23rd. This represents a $3.04 dividend on an annualized basis and a dividend yield of 0.7%. This is an increase from Seagate Technology’s previous quarterly dividend of $0.74. Seagate Technology’s dividend payout ratio (DPR) is currently 15.55%.

Insider Activity at Seagate Technology

In related news, CFO Gianluca Romano sold 49,984 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $772.16, for a total transaction of $38,595,645.44. Following the transaction, the chief financial officer owned 70,756 shares in the company, valued at $54,634,952.96. This trade represents a 41.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 company’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 sale, the executive vice president owned 5,810 shares of the company’s stock, valued at $4,543,884.80. This trade 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. Over the last three months, insiders have sold 447,108 shares of company stock valued at $356,049,743. Insiders own 0.51% of the company’s stock.

About Seagate Technology

Seagate Technology develops and supplies data-storage products and solutions for businesses and consumers. Its portfolio includes hard disk drives (HDDs), solid-state drives, and storage systems designed for applications ranging from personal computing to large-scale data centers.

The company’s products support cloud and enterprise storage, network-attached storage, video surveillance, gaming, and other uses that require digital data to be stored and accessed. Seagate also offers data-management and storage services through its Lyve platform.

Founded in 1979, Seagate has a long history in the hard disk drive industry.