1832 Asset Management L.P. Invests $12.44 Million in Seagate Technology Holdings PLC $STX

1832 Asset Management L.P. acquired a new stake in Seagate Technology Holdings PLC (NASDAQ:STX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 86,206 shares of the data storage provider’s stock, valued at approximately $12,442,000.

A number of other institutional investors have also recently made changes to their positions in the business. Harbor Asset Planning Inc. acquired a new stake in Seagate Technology in the 2nd quarter valued at about $27,000. MTM Investment Management LLC purchased a new stake in shares of Seagate Technology during the second quarter worth approximately $29,000. Zions Bancorporation National Association UT acquired a new stake in Seagate Technology in the first quarter valued at approximately $42,000. GoalVest Advisory LLC lifted its stake in Seagate Technology by 30.6% in the second quarter. GoalVest Advisory LLC now owns 320 shares of the data storage provider’s stock worth $46,000 after acquiring an additional 75 shares during the last quarter. Finally, Trust Co. of Toledo NA OH acquired a new position in Seagate Technology during the 2nd quarter worth approximately $57,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

Wall Street Analyst Weigh In

STX has been the subject of several recent analyst reports. Evercore ISI lifted their price objective on shares of Seagate Technology from $160.00 to $330.00 and gave the stock an “outperform” rating in a research report on Monday, October 13th. Susquehanna lifted their price target on Seagate Technology from $80.00 to $150.00 and gave the stock a “negative” rating in a report on Wednesday, October 29th. BNP Paribas Exane lowered their price objective on Seagate Technology from $240.00 to $230.00 and set a “neutral” rating for the company in a research report on Wednesday, October 29th. Citigroup increased their price objective on Seagate Technology from $275.00 to $320.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Barclays boosted their target price on Seagate Technology from $200.00 to $240.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 29th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Seagate Technology currently has an average rating of “Moderate Buy” and an average target price of $285.45.

Insider Activity

In other news, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $271.03, for a total value of $5,420,600.00. Following the completion of the sale, the chief executive officer owned 445,668 shares in the company, valued at approximately $120,789,398.04. This trade represents a 4.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephanie Tilenius sold 2,046 shares of Seagate Technology stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $266.41, for a total transaction of $545,074.86. Following the completion of the sale, the director directly owned 12,244 shares in the company, valued at approximately $3,261,924.04. The trade was a 14.32% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 152,011 shares of company stock valued at $39,835,990. 0.79% of the stock is currently owned by company insiders.

Seagate Technology Stock Performance

NASDAQ STX opened at $265.63 on Friday. The firm’s fifty day moving average is $248.21 and its two-hundred day moving average is $186.43. Seagate Technology Holdings PLC has a one year low of $63.19 and a one year high of $297.88. The firm has a market cap of $56.73 billion, a PE ratio of 34.10, a P/E/G ratio of 1.01 and a beta of 1.59.

Seagate Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Stockholders of record on Wednesday, December 24th will be paid a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a dividend yield of 1.1%. This is a boost from Seagate Technology’s previous quarterly dividend of $0.72. The ex-dividend date is Wednesday, December 24th. Seagate Technology’s dividend payout ratio (DPR) is currently 36.97%.

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.