Icon Advisers Inc. Co. Makes New Investment in Seagate Technology Holdings PLC $STX

Icon Advisers Inc. Co. purchased a new position in Seagate Technology Holdings PLC (NASDAQ:STX) in the 2nd quarter, HoldingsChannel reports. The fund purchased 47,494 shares of the data storage provider’s stock, valued at approximately $6,855,000. Seagate Technology comprises approximately 1.6% of Icon Advisers Inc. Co.’s holdings, making the stock its 7th biggest position.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Seagate Technology by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 28,743,126 shares of the data storage provider’s stock valued at $2,441,729,000 after buying an additional 769,009 shares during the period. JPMorgan Chase & Co. raised its holdings in Seagate Technology by 12.9% in the first quarter. JPMorgan Chase & Co. now owns 18,920,792 shares of the data storage provider’s stock valued at $1,607,321,000 after acquiring an additional 2,161,191 shares in the last quarter. Geode Capital Management LLC lifted its stake in Seagate Technology by 1.9% in the second quarter. Geode Capital Management LLC now owns 4,567,181 shares of the data storage provider’s stock worth $656,066,000 after acquiring an additional 85,660 shares during the last quarter. Invesco Ltd. grew its holdings in Seagate Technology by 3.6% during the 1st quarter. Invesco Ltd. now owns 2,861,418 shares of the data storage provider’s stock worth $243,077,000 after acquiring an additional 99,884 shares in the last quarter. Finally, Royal Bank of Canada increased its position in shares of Seagate Technology by 0.8% in the 1st quarter. Royal Bank of Canada now owns 1,628,941 shares of the data storage provider’s stock valued at $138,378,000 after purchasing an additional 12,424 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Fox Advisors boosted their target price on shares of Seagate Technology from $245.00 to $270.00 in a research note on Wednesday, October 29th. Cantor Fitzgerald lifted their price target on Seagate Technology from $280.00 to $400.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Robert W. Baird raised their target price on Seagate Technology from $188.00 to $270.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 29th. Wedbush boosted their target price on Seagate Technology from $260.00 to $290.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 29th. Finally, TD Cowen increased their price target on shares of Seagate Technology from $270.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday, November 11th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $283.41.

Insiders Place Their Bets

In other Seagate Technology news, EVP Kian Fatt Chong sold 7,078 shares of the stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $272.14, for a total value of $1,926,206.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ban Seng Teh sold 6,000 shares of the stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $270.00, for a total transaction of $1,620,000.00. Following the completion of the transaction, the executive vice president owned 12,041 shares of the company’s stock, valued at $3,251,070. This represents a 33.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 131,261 shares of company stock valued at $34,210,708. 0.79% of the stock is owned by company insiders.

Seagate Technology Trading Up 1.6%

Shares of NASDAQ STX opened at $276.60 on Friday. The stock has a market cap of $59.07 billion, a P/E ratio of 35.51, a P/E/G ratio of 1.17 and a beta of 1.63. Seagate Technology Holdings PLC has a twelve month low of $63.19 and a twelve month high of $297.88. The stock has a 50 day moving average of $245.01 and a two-hundred day moving average of $182.55.

Seagate Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 9th. Shareholders of record on Wednesday, December 24th will be given a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Wednesday, December 24th. This is an increase from Seagate Technology’s previous quarterly dividend of $0.72. Seagate Technology’s payout ratio is 38.00%.

Seagate Technology Company Profile

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.