Seagate Technology Holdings PLC $STX Shares Sold by CCM Investment Advisers LLC

CCM Investment Advisers LLC lowered its stake in shares of Seagate Technology Holdings PLC (NASDAQ:STX) by 24.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 115,995 shares of the data storage provider’s stock after selling 38,338 shares during the quarter. Seagate Technology accounts for about 2.7% of CCM Investment Advisers LLC’s portfolio, making the stock its 9th largest position. CCM Investment Advisers LLC owned 0.05% of Seagate Technology worth $27,382,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Harbor Asset Planning Inc. purchased a new stake in Seagate Technology during the 2nd quarter worth about $27,000. Rakuten Securities Inc. boosted its stake in shares of Seagate Technology by 884.2% in the 2nd quarter. Rakuten Securities Inc. now owns 187 shares of the data storage provider’s stock valued at $27,000 after buying an additional 168 shares during the period. MTM Investment Management LLC acquired a new position in shares of Seagate Technology during the second quarter worth about $29,000. GoalVest Advisory LLC increased its stake in shares of Seagate Technology by 30.6% during the second quarter. GoalVest Advisory LLC now owns 320 shares of the data storage provider’s stock worth $46,000 after buying an additional 75 shares during the period. Finally, Trust Co. of Toledo NA OH acquired a new stake in Seagate Technology in the second quarter valued at approximately $57,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Seagate Technology Stock Performance

Shares of STX stock opened at $296.36 on Friday. The stock’s 50-day moving average is $260.33 and its two-hundred day moving average is $200.42. Seagate Technology Holdings PLC has a 1 year low of $63.19 and a 1 year high of $308.93. The firm has a market cap of $63.29 billion, a price-to-earnings ratio of 38.04, a PEG ratio of 1.16 and a beta of 1.59.

Seagate Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Shareholders of record on Wednesday, December 24th will be given a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a yield of 1.0%. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend is Wednesday, December 24th. Seagate Technology’s dividend payout ratio is presently 36.97%.

Insider Buying and Selling

In other news, CEO William D. Mosley sold 20,000 shares of the stock in a transaction that occurred on Monday, December 1st. The stock was 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 directly owned 445,668 shares of the company’s stock, valued at approximately $120,789,398.04. This represents a 4.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stephanie Tilenius sold 2,046 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $266.41, for a total transaction of $545,074.86. Following the transaction, the director owned 12,244 shares in the company, valued at approximately $3,261,924.04. This trade represents a 14.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 132,555 shares of company stock valued at $36,030,007 in the last 90 days. Company insiders own 0.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on STX. UBS Group lowered their price target on shares of Seagate Technology from $235.00 to $230.00 and set a “neutral” rating for the company in a report on Wednesday, October 29th. Rosenblatt Securities boosted their target price on shares of Seagate Technology from $250.00 to $270.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Citigroup raised their price target on Seagate Technology from $275.00 to $320.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Seagate Technology in a report on Monday, December 15th. Finally, The Goldman Sachs Group increased their price objective on Seagate Technology from $170.00 to $270.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Seagate Technology has an average rating of “Moderate Buy” and an average target price of $293.13.

About Seagate Technology

Seagate Technology (NASDAQ: STX) is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm’s product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate’s products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.