Macquarie Group Ltd. increased its position in Seagate Technology Holdings plc (NASDAQ:STX – Get Rating) by 25.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 43,234 shares of the data storage provider’s stock after buying an additional 8,844 shares during the period. Macquarie Group Ltd.’s holdings in Seagate Technology were worth $2,301,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the company. Redwood Investment Management LLC increased its holdings in Seagate Technology by 29.8% in the third quarter. Redwood Investment Management LLC now owns 47,474 shares of the data storage provider’s stock worth $2,527,000 after buying an additional 10,912 shares during the last quarter. LMR Partners LLP acquired a new position in Seagate Technology in the third quarter worth approximately $2,661,000. Guggenheim Capital LLC increased its holdings in Seagate Technology by 14.6% in the third quarter. Guggenheim Capital LLC now owns 81,780 shares of the data storage provider’s stock worth $4,354,000 after buying an additional 10,418 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Seagate Technology by 328.3% in the third quarter. Renaissance Technologies LLC now owns 1,266,366 shares of the data storage provider’s stock worth $67,409,000 after buying an additional 970,673 shares during the last quarter. Finally, Verition Fund Management LLC increased its holdings in Seagate Technology by 227.8% in the third quarter. Verition Fund Management LLC now owns 12,599 shares of the data storage provider’s stock worth $671,000 after buying an additional 8,755 shares during the last quarter. Institutional investors and hedge funds own 82.69% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on STX. Wedbush upped their target price on Seagate Technology from $45.00 to $55.00 in a research report on Thursday, January 26th. Northland Securities upped their target price on Seagate Technology from $70.00 to $74.00 and gave the stock an “outperform” rating in a research report on Thursday, January 26th. Morgan Stanley upped their target price on Seagate Technology from $69.00 to $72.00 in a research report on Thursday, January 26th. Cowen upped their target price on Seagate Technology from $65.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, January 26th. Finally, Rosenblatt Securities upped their target price on Seagate Technology from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, January 26th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $69.58.
Seagate Technology Stock Performance
Seagate Technology stock opened at $63.25 on Friday. The company has a debt-to-equity ratio of 46.44, a current ratio of 1.13 and a quick ratio of 0.69. The stock has a fifty day moving average price of $63.78 and a two-hundred day moving average price of $59.32. Seagate Technology Holdings plc has a 52-week low of $47.47 and a 52-week high of $94.72. The firm has a market capitalization of $13.06 billion, a P/E ratio of 22.51, a P/E/G ratio of 53.88 and a beta of 1.07.
Seagate Technology (NASDAQ:STX – Get Rating) last announced its earnings results on Wednesday, January 25th. The data storage provider reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.05. Seagate Technology had a negative return on equity of 1,031.05% and a net margin of 6.61%. The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.83 billion. During the same period last year, the company posted $2.28 earnings per share. The firm’s quarterly revenue was down 39.4% compared to the same quarter last year. As a group, analysts anticipate that Seagate Technology Holdings plc will post 0.98 EPS for the current fiscal year.
Seagate Technology Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 6th. Stockholders of record on Wednesday, March 22nd will be paid a $0.70 dividend. The ex-dividend date is Tuesday, March 21st. This represents a $2.80 dividend on an annualized basis and a dividend yield of 4.43%. Seagate Technology’s dividend payout ratio (DPR) is presently 99.64%.
About Seagate Technology
Seagate Technology Holdings Plc operates as holding company that is engaged in the development, production, and distribution of data storage products and electronic data storage solutions. Its products include hard disk drives, solid state hybrid drives, solid state drives, peripheral component interconnect express cards, serial advanced technology attachment controllers, storage subsystems and computing solutions.
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