Primecap Management Co. CA Buys 19,125 Shares of Seagate Technology Holdings plc (NASDAQ:STX)

Primecap Management Co. CA raised its position in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 3.3% in the third quarter, according to its most recent filing with the SEC. The firm owned 601,420 shares of the data storage provider’s stock after purchasing an additional 19,125 shares during the quarter. Primecap Management Co. CA’s holdings in Seagate Technology were worth $65,874,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in STX. Point72 Hong Kong Ltd acquired a new stake in shares of Seagate Technology during the second quarter worth $35,349,000. Duquesne Family Office LLC grew its holdings in Seagate Technology by 22.0% during the 2nd quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock worth $181,268,000 after acquiring an additional 316,295 shares during the period. Mizuho Markets Americas LLC bought a new position in shares of Seagate Technology in the 3rd quarter worth about $32,598,000. AQR Capital Management LLC lifted its stake in shares of Seagate Technology by 519.1% in the 2nd quarter. AQR Capital Management LLC now owns 323,401 shares of the data storage provider’s stock valued at $33,398,000 after purchasing an additional 271,160 shares during the period. Finally, Liontrust Investment Partners LLP bought a new stake in shares of Seagate Technology during the 2nd quarter valued at about $24,635,000. Institutional investors own 92.87% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. StockNews.com upgraded Seagate Technology from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. Benchmark reiterated a “hold” rating on shares of Seagate Technology in a research report on Wednesday, October 23rd. Northland Securities raised their price target on shares of Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Citigroup upped their price objective on shares of Seagate Technology from $125.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Evercore ISI raised their target price on Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $118.83.

Seagate Technology Trading Up 1.9 %

Shares of NASDAQ:STX opened at $99.91 on Friday. The stock has a market cap of $21.13 billion, a PE ratio of 26.09 and a beta of 1.05. The stock’s fifty day simple moving average is $104.76 and its two-hundred day simple moving average is $101.57. Seagate Technology Holdings plc has a 1-year low of $75.64 and a 1-year high of $115.32.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The company had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period last year, the firm earned ($0.34) earnings per share. The firm’s revenue was up 49.1% on a year-over-year basis. On average, sell-side analysts forecast that Seagate Technology Holdings plc will post 7.18 earnings per share for the current fiscal year.

Seagate Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be given a dividend of $0.72 per share. The ex-dividend date is Friday, December 13th. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.70. This represents a $2.88 annualized dividend and a dividend yield of 2.88%. Seagate Technology’s dividend payout ratio (DPR) is currently 75.20%.

Insiders Place Their Bets

In related news, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total transaction of $72,075.00. Following the sale, the director now owns 3,034 shares of the company’s stock, valued at approximately $291,567.40. This represents a 19.82 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $99.53, for a total transaction of $1,990,600.00. Following the completion of the transaction, the chief executive officer now directly owns 642,497 shares of the company’s stock, valued at approximately $63,947,726.41. The trade was a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 201,820 shares of company stock valued at $21,892,856. Company insiders own 0.81% of the company’s stock.

Seagate Technology Profile

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.