LGT Group Foundation Lowers Position in Seagate Technology Holdings plc (NASDAQ:STX)

LGT Group Foundation cut its stake in Seagate Technology Holdings plc (NASDAQ:STX) by 8.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 62,741 shares of the data storage provider’s stock after selling 5,603 shares during the quarter. LGT Group Foundation’s holdings in Seagate Technology were worth $5,445,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in shares of Seagate Technology during the fourth quarter valued at approximately $26,000. CVA Family Office LLC purchased a new stake in shares of Seagate Technology during the fourth quarter valued at approximately $27,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Seagate Technology during the fourth quarter valued at approximately $28,000. Parkside Financial Bank & Trust increased its position in Seagate Technology by 85.4% in the third quarter. Parkside Financial Bank & Trust now owns 445 shares of the data storage provider’s stock worth $29,000 after buying an additional 205 shares during the last quarter. Finally, Valley National Advisers Inc. raised its stake in shares of Seagate Technology by 39.7% in the fourth quarter. Valley National Advisers Inc. now owns 507 shares of the data storage provider’s stock valued at $43,000 after buying an additional 144 shares during the period. 92.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

STX has been the topic of several research reports. Wells Fargo & Company boosted their target price on Seagate Technology from $80.00 to $90.00 and gave the company an “equal weight” rating in a research note on Thursday, February 1st. The Goldman Sachs Group boosted their price objective on Seagate Technology from $84.00 to $96.00 and gave the company a “neutral” rating in a research note on Wednesday, April 24th. Rosenblatt Securities boosted their price objective on Seagate Technology from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. UBS Group boosted their price objective on Seagate Technology from $90.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, April 24th. Finally, Cantor Fitzgerald boosted their price objective on Seagate Technology from $95.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, April 24th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $94.53.

Seagate Technology Stock Performance

Shares of Seagate Technology stock traded up $1.34 during midday trading on Friday, hitting $87.63. The company had a trading volume of 1,069,821 shares, compared to its average volume of 2,802,175. The stock has a market capitalization of $18.40 billion, a P/E ratio of -66.89, a P/E/G ratio of 237.98 and a beta of 1.06. The company has a 50 day moving average of $89.19 and a 200 day moving average of $83.30. Seagate Technology Holdings plc has a 52-week low of $54.47 and a 52-week high of $101.26.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.29 by $0.04. The business had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.68 billion. The business’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.43) earnings per share. Equities research analysts forecast that Seagate Technology Holdings plc will post 0.3 EPS for the current year.

Seagate Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 20th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $2.80 annualized dividend and a dividend yield of 3.20%. Seagate Technology’s payout ratio is -217.05%.

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.