Chapin Davis Inc. Makes New $9.06 Million Investment in Seagate Technology Holdings PLC $STX

Chapin Davis Inc. purchased a new stake in shares of Seagate Technology Holdings PLC (NASDAQ:STX) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 38,399 shares of the data storage provider’s stock, valued at approximately $9,064,000. Seagate Technology accounts for about 2.2% of Chapin Davis Inc.’s investment portfolio, making the stock its 11th biggest position.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vision Financial Markets LLC acquired a new stake in Seagate Technology in the 2nd quarter valued at about $173,000. Nordea Investment Management AB raised its holdings in shares of Seagate Technology by 18.0% in the 2nd quarter. Nordea Investment Management AB now owns 18,422 shares of the data storage provider’s stock worth $2,632,000 after purchasing an additional 2,808 shares in the last quarter. Central Asset Investments & Management Holdings HK Ltd lifted its stake in Seagate Technology by 185.8% during the second quarter. Central Asset Investments & Management Holdings HK Ltd now owns 18,734 shares of the data storage provider’s stock valued at $2,704,000 after purchasing an additional 12,178 shares during the last quarter. Retirement Planning Co of New England Inc. acquired a new stake in Seagate Technology during the first quarter valued at approximately $272,000. Finally, Channing Capital Management LLC bought a new stake in Seagate Technology during the second quarter worth approximately $4,542,000. Institutional investors own 92.87% of the company’s stock.

Seagate Technology Trading Up 5.2%

NASDAQ:STX opened at $292.00 on Friday. The business’s fifty day moving average price is $258.69 and its 200 day moving average price is $198.65. The firm has a market capitalization of $62.36 billion, a price-to-earnings ratio of 37.48, a PEG ratio of 1.09 and a beta of 1.59. Seagate Technology Holdings PLC has a 1-year low of $63.19 and a 1-year high of $308.93.

Seagate Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 9th. Stockholders of record on Wednesday, December 24th will be issued a $0.74 dividend. The ex-dividend date is Wednesday, December 24th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 1.0%. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.72. Seagate Technology’s dividend payout ratio is currently 36.97%.

Insiders Place Their Bets

In related news, CFO Gianluca Romano sold 54,021 shares of the firm’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $285.16, for a total transaction of $15,404,628.36. Following the completion of the sale, the chief financial officer directly owned 56,293 shares in the company, valued at approximately $16,052,511.88. This trade represents a 48.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $271.03, for a total transaction of $5,420,600.00. Following the completion of the transaction, the chief executive officer owned 445,668 shares in the company, valued at approximately $120,789,398.04. This represents a 4.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 132,555 shares of company stock valued at $36,030,007 over the last ninety days. Insiders own 0.79% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on STX. Rosenblatt Securities increased their price objective on Seagate Technology from $250.00 to $270.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. BNP Paribas Exane cut their target price on Seagate Technology from $240.00 to $230.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 29th. Sanford C. Bernstein increased their price target on Seagate Technology from $275.00 to $370.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Citigroup lifted their price target on Seagate Technology from $275.00 to $320.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Finally, Argus upped their price objective on shares of Seagate Technology from $170.00 to $300.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 30th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Seagate Technology has a consensus rating of “Moderate Buy” and an average target price of $293.13.

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.