Flputnam Investment Management Co. Grows Holdings in Seagate Technology Holdings PLC $STX

Flputnam Investment Management Co. raised its holdings in shares of Seagate Technology Holdings PLC (NASDAQ:STX) by 14.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,836 shares of the data storage provider’s stock after purchasing an additional 2,084 shares during the quarter. Flputnam Investment Management Co.’s holdings in Seagate Technology were worth $3,974,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in STX. Vision Financial Markets LLC purchased a new stake in Seagate Technology in the 2nd quarter valued at about $173,000. Nordea Investment Management AB increased its position in shares of Seagate Technology by 18.0% during the second quarter. Nordea Investment Management AB now owns 18,422 shares of the data storage provider’s stock worth $2,632,000 after acquiring an additional 2,808 shares during the period. Central Asset Investments & Management Holdings HK Ltd raised its stake in shares of 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 acquiring an additional 12,178 shares in the last quarter. Retirement Planning Co of New England Inc. purchased a new stake in shares of Seagate Technology in the first quarter valued at approximately $272,000. Finally, Channing Capital Management LLC bought a new position in Seagate Technology in the second quarter worth approximately $4,542,000. 92.87% of the stock is currently owned by institutional investors.

Seagate Technology Price Performance

STX opened at $296.36 on Monday. The firm has a market capitalization of $63.29 billion, a PE ratio of 38.04, a price-to-earnings-growth ratio of 1.16 and a beta of 1.59. The business’s 50-day moving average is $260.33 and its two-hundred day moving average is $200.93. 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 company also recently disclosed a quarterly dividend, which will be paid on Friday, January 9th. Stockholders of record on Wednesday, December 24th will be given a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Wednesday, December 24th. This is an increase from Seagate Technology’s previous quarterly dividend of $0.72. Seagate Technology’s payout ratio is presently 36.97%.

Insider Activity

In related news, CEO William D. Mosley sold 20,000 shares of the stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $249.90, for a total transaction of $4,998,000.00. Following the completion of the sale, the chief executive officer owned 485,668 shares of the company’s stock, valued at $121,368,433.20. This represents a 3.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Ban Seng Teh sold 6,000 shares of Seagate Technology stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $270.00, for a total transaction of $1,620,000.00. Following the completion of the transaction, the executive vice president directly owned 12,041 shares in the company, valued at $3,251,070. This represents a 33.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 132,555 shares of company stock worth $36,030,007 over the last 90 days. 0.79% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on STX shares. Fox Advisors lifted their target price on Seagate Technology from $245.00 to $270.00 in a research report on Wednesday, October 29th. Bank of America increased their price target on Seagate Technology from $275.00 to $320.00 and gave the stock a “buy” rating in a research report on Thursday, November 20th. Wells Fargo & Company lifted their price objective on Seagate Technology from $240.00 to $250.00 and gave the company an “equal weight” rating in a report on Wednesday, October 29th. China Renaissance assumed coverage on shares of Seagate Technology in a research note on Friday, December 5th. They issued a “buy” rating and a $325.00 price objective for the company. Finally, Mizuho increased their target price on shares of Seagate Technology from $245.00 to $280.00 and gave the stock an “outperform” rating in a report on Friday, October 17th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $293.13.

Seagate Technology Profile

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.