Old Port Advisors Sells 288 Shares of Seagate Technology Holdings plc (NASDAQ:STX)

Old Port Advisors decreased its holdings in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 0.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 35,844 shares of the data storage provider’s stock after selling 288 shares during the period. Seagate Technology comprises 0.9% of Old Port Advisors’ portfolio, making the stock its 28th biggest holding. Old Port Advisors’ holdings in Seagate Technology were worth $3,094,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its holdings in Seagate Technology by 74.2% during the 3rd quarter. Principal Financial Group Inc. now owns 354,013 shares of the data storage provider’s stock valued at $38,775,000 after purchasing an additional 150,734 shares during the last quarter. Retirement Systems of Alabama increased its holdings in shares of Seagate Technology by 7.3% during the third quarter. Retirement Systems of Alabama now owns 46,213 shares of the data storage provider’s stock worth $5,062,000 after buying an additional 3,135 shares in the last quarter. Oddo BHF Asset Management Sas bought a new position in shares of Seagate Technology in the third quarter valued at approximately $7,112,000. Franklin Resources Inc. boosted its holdings in shares of Seagate Technology by 29.5% in the 3rd quarter. Franklin Resources Inc. now owns 1,778,811 shares of the data storage provider’s stock worth $197,844,000 after acquiring an additional 405,232 shares in the last quarter. Finally, Synovus Financial Corp grew its position in Seagate Technology by 36.6% during the 3rd quarter. Synovus Financial Corp now owns 4,054 shares of the data storage provider’s stock worth $444,000 after acquiring an additional 1,087 shares during the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

Seagate Technology Price Performance

Shares of STX traded up $0.81 during midday trading on Thursday, hitting $87.12. The stock had a trading volume of 301,486 shares, compared to its average volume of 2,504,455. The firm has a market cap of $18.43 billion, a price-to-earnings ratio of 22.75 and a beta of 1.03. The company has a 50 day simple moving average of $97.12 and a two-hundred day simple moving average of $101.42. Seagate Technology Holdings plc has a twelve month low of $79.39 and a twelve month high of $115.32.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, beating the consensus estimate of $1.30 by $0.28. The firm had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The business’s quarterly revenue was up 49.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.34) EPS. Analysts forecast that Seagate Technology Holdings plc will post 7.18 EPS for the current fiscal year.

Seagate Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be issued a $0.72 dividend. This is a boost from Seagate Technology’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.88 annualized dividend and a dividend yield of 3.31%. Seagate Technology’s dividend payout ratio (DPR) is presently 75.20%.

Wall Street Analyst Weigh In

A number of research firms have commented on STX. Benchmark reissued a “hold” rating on shares of Seagate Technology in a research note on Wednesday, October 23rd. Citigroup upped their price target 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. Cantor Fitzgerald reissued a “neutral” rating and set a $125.00 price objective on shares of Seagate Technology in a report on Wednesday, October 23rd. Wedbush reiterated an “outperform” rating and set a $150.00 target price on shares of Seagate Technology in a research report on Wednesday, October 23rd. Finally, StockNews.com raised shares of Seagate Technology from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $118.83.

Insider Activity at Seagate Technology

In other news, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $101.82, for a total transaction of $76,365.00. Following the transaction, the director now directly owns 6,555 shares in the company, valued at $667,430.10. The trade was a 10.27 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $99.53, for a total value of $1,990,600.00. Following the transaction, the chief executive officer now owns 642,497 shares of the company’s stock, valued at $63,947,726.41. The trade was a 3.02 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 55,304 shares of company stock valued at $5,656,238. 0.81% of the stock is owned by insiders.

Seagate Technology 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.