GRIMES & Co WEALTH MANAGEMENT LLC Invests $546,000 in Seagate Technology Holdings PLC $STX

GRIMES & Co WEALTH MANAGEMENT LLC acquired a new position in Seagate Technology Holdings PLC (NASDAQ:STX) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 2,313 shares of the data storage provider’s stock, valued at approximately $546,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. First Horizon Corp acquired a new stake in shares of Seagate Technology in the third quarter valued at approximately $33,000. Harbor Asset Planning Inc. bought a new position in Seagate Technology in the 2nd quarter worth approximately $27,000. Rakuten Securities Inc. increased its position in 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 acquiring an additional 168 shares during the period. MTM Investment Management LLC bought a new stake in Seagate Technology during the 2nd quarter valued at $29,000. Finally, True Wealth Design LLC boosted its position in Seagate Technology by 665.7% during the 3rd quarter. True Wealth Design LLC now owns 268 shares of the data storage provider’s stock worth $63,000 after acquiring an additional 233 shares during the period. 92.87% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Seagate Technology

In other Seagate Technology news, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $272.91, for a total transaction of $204,682.50. Following the completion of the sale, the director directly owned 5,601 shares of the company’s stock, valued at approximately $1,528,568.91. This represents a 11.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Gianluca Romano sold 54,021 shares of Seagate Technology stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $285.16, for a total transaction of $15,404,628.36. Following the completion of the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 132,557 shares of company stock valued at $36,847,793 over the last ninety days. Company insiders own 0.79% of the company’s stock.

Seagate Technology Price Performance

STX stock opened at $312.28 on Thursday. The firm has a market cap of $66.69 billion, a PE ratio of 40.09, a P/E/G ratio of 1.25 and a beta of 1.60. Seagate Technology Holdings PLC has a 12 month low of $63.19 and a 12 month high of $332.00. The firm has a 50 day simple moving average of $281.33 and a 200 day simple moving average of $220.88.

Seagate Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 9th. Investors of record on Wednesday, December 24th were issued a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Wednesday, December 24th. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.72. Seagate Technology’s payout ratio is presently 38.00%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on STX shares. Cantor Fitzgerald upped their price objective on shares of Seagate Technology from $280.00 to $400.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. The Goldman Sachs Group boosted their price target on shares of Seagate Technology from $170.00 to $270.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Argus upped their price target on shares of Seagate Technology from $170.00 to $300.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 30th. Mizuho raised their price objective on shares of Seagate Technology from $245.00 to $280.00 and gave the company an “outperform” rating in a research note on Friday, October 17th. Finally, Fox Advisors upped their target price on Seagate Technology from $245.00 to $270.00 in a research report on Wednesday, October 29th. Two investment 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, the stock presently has an average rating of “Moderate Buy” and a consensus price target 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.