Texas Permanent School Fund Trims Stake in Seagate Technology Holdings plc (NASDAQ:STX)

Posted by Defense World Staff on May 14th, 2023

Texas Permanent School Fund reduced its position in shares of Seagate Technology Holdings plc (NASDAQ:STX – Get Rating) by 1.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,621 shares of the data storage provider’s stock after selling 470 shares during the quarter. Texas Permanent School Fund’s holdings in Seagate Technology were worth $1,401,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. CENTRAL TRUST Co increased its holdings in shares of Seagate Technology by 50.0% in the 3rd quarter. CENTRAL TRUST Co now owns 900 shares of the data storage provider’s stock valued at $48,000 after acquiring an additional 300 shares during the period. Private Trust Co. NA purchased a new position in shares of Seagate Technology in the 4th quarter valued at $55,000. Wipfli Financial Advisors LLC purchased a new position in shares of Seagate Technology in the 3rd quarter valued at $74,000. Lee Financial Co increased its holdings in shares of Seagate Technology by 9,233.3% in the 3rd quarter. Lee Financial Co now owns 1,400 shares of the data storage provider’s stock valued at $75,000 after acquiring an additional 1,385 shares during the period. Finally, Ronald Blue Trust Inc. grew its position in shares of Seagate Technology by 189.0% in the 4th quarter. Ronald Blue Trust Inc. now owns 1,445 shares of the data storage provider’s stock worth $77,000 after buying an additional 945 shares during the last quarter. 82.69% of the stock is currently owned by hedge funds and other institutional investors.

Seagate Technology Stock Up 1.4 %

STX stock opened at $57.57 on Friday. Seagate Technology Holdings plc has a 52-week low of $47.47 and a 52-week high of $88.25. The firm has a market cap of $11.89 billion, a P/E ratio of -68.54 and a beta of 1.09. The company’s 50-day simple moving average is $61.08 and its 200-day simple moving average is $59.24.

Seagate Technology (NASDAQ:STX – Get Rating) last announced its earnings results on Thursday, April 20th. The data storage provider reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.49). Seagate Technology had a negative net margin of 1.91% and a negative return on equity of 69.08%. The business had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.98 billion. During the same quarter last year, the business earned $1.65 EPS. The company’s quarterly revenue was down 33.6% on a year-over-year basis. On average, analysts anticipate that Seagate Technology Holdings plc will post -0.09 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 Wednesday, July 5th. Investors of record on Wednesday, June 21st will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 4.86%. The ex-dividend date of this dividend is Tuesday, June 20th. Seagate Technology’s dividend payout ratio is presently -333.33%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on STX. Wedbush reaffirmed a “neutral” rating and issued a $55.00 price objective on shares of Seagate Technology in a research report on Friday, April 14th. Evercore ISI decreased their price target on Seagate Technology from $70.00 to $65.00 and set an “inline” rating for the company in a research note on Friday, April 21st. Barclays dropped their price target on Seagate Technology from $75.00 to $65.00 and set an “overweight” rating on the stock in a research note on Friday, April 21st. Summit Insights upgraded shares of Seagate Technology from a “hold” rating to a “buy” rating in a research note on Thursday, January 26th. Finally, The Goldman Sachs Group upped their price target on shares of Seagate Technology from $61.00 to $68.00 and gave the company a “neutral” rating in a research note on Friday, January 27th. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $65.76.

Seagate Technology Profile

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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.