Duality Advisers LP Purchases New Position in Seagate Technology Holdings plc (NASDAQ:STX)

Duality Advisers LP acquired a new stake in Seagate Technology Holdings plc (NASDAQ:STX) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 6,144 shares of the data storage provider’s stock, valued at approximately $406,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Panagora Asset Management Inc. grew its position in Seagate Technology by 65.3% during the 1st quarter. Panagora Asset Management Inc. now owns 11,805 shares of the data storage provider’s stock worth $1,061,000 after acquiring an additional 4,663 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of Seagate Technology by 0.6% during the first quarter. Rhumbline Advisers now owns 182,883 shares of the data storage provider’s stock worth $16,441,000 after purchasing an additional 1,037 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Seagate Technology by 4.8% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 26,946 shares of the data storage provider’s stock worth $2,422,000 after buying an additional 1,237 shares during the period. Sei Investments Co. grew its holdings in Seagate Technology by 153.5% during the 1st quarter. Sei Investments Co. now owns 89,250 shares of the data storage provider’s stock worth $8,059,000 after acquiring an additional 54,038 shares during the last quarter. Finally, Aviva PLC increased its position in Seagate Technology by 44.3% in the 1st quarter. Aviva PLC now owns 95,541 shares of the data storage provider’s stock valued at $8,589,000 after acquiring an additional 29,329 shares during the period. Institutional investors and hedge funds own 85.26% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Katherine Schuelke sold 7,832 shares of the business’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $63.10, for a total value of $494,199.20. Following the transaction, the senior vice president now owns 28,812 shares in the company, valued at approximately $1,818,037.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Seagate Technology news, CEO William D. Mosley sold 200,000 shares of Seagate Technology stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $70.28, for a total value of $14,056,000.00. Following the sale, the chief executive officer now owns 616,309 shares of the company’s stock, valued at $43,314,196.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Katherine Schuelke sold 7,832 shares of the stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $63.10, for a total transaction of $494,199.20. Following the transaction, the senior vice president now directly owns 28,812 shares of the company’s stock, valued at $1,818,037.20. The disclosure for this sale can be found here. 0.89% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

STX has been the subject of several recent research reports. Barclays cut Seagate Technology from an “overweight” rating to an “equal weight” rating and set a $65.00 price target for the company. in a research note on Thursday, September 7th. StockNews.com upgraded shares of Seagate Technology from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. Bank of America decreased their price objective on shares of Seagate Technology from $71.00 to $70.00 in a research report on Thursday, June 8th. Wedbush restated a “neutral” rating and issued a $55.00 target price on shares of Seagate Technology in a report on Wednesday, September 6th. Finally, Susquehanna increased their price target on Seagate Technology from $33.00 to $40.00 in a report on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $62.28.

Seagate Technology Stock Performance

STX stock opened at $64.23 on Tuesday. The business has a 50-day simple moving average of $64.80 and a two-hundred day simple moving average of $62.61. The company has a market capitalization of $13.35 billion, a P/E ratio of -25.19 and a beta of 1.08. Seagate Technology Holdings plc has a 52-week low of $47.47 and a 52-week high of $74.51.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Wednesday, July 26th. The data storage provider reported ($0.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.23) by $0.05. Seagate Technology had a negative return on equity of 69.08% and a negative net margin of 7.16%. The company had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter in the previous year, the firm earned $1.41 earnings per share. Seagate Technology’s quarterly revenue was down 39.0% on a year-over-year basis. As a group, sell-side analysts forecast that Seagate Technology Holdings plc will post -0.29 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Tuesday, September 26th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 4.36%. The ex-dividend date is Monday, September 25th. Seagate Technology’s dividend payout ratio (DPR) is presently -109.80%.

About Seagate Technology

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.