Concentric Capital Strategies LP Acquires Shares of 44,413 Seagate Technology Holdings plc (NASDAQ:STX)

Concentric Capital Strategies LP bought a new position in shares of Seagate Technology Holdings plc (NASDAQ:STX) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 44,413 shares of the data storage provider’s stock, valued at approximately $4,865,000.

A number of other large investors have also made changes to their positions in STX. Sequoia Financial Advisors LLC boosted its stake in Seagate Technology by 3.6% during the third quarter. Sequoia Financial Advisors LLC now owns 2,560 shares of the data storage provider’s stock worth $281,000 after buying an additional 89 shares during the last quarter. CWM LLC boosted its position in shares of Seagate Technology by 3.0% during the 2nd quarter. CWM LLC now owns 3,307 shares of the data storage provider’s stock valued at $342,000 after acquiring an additional 97 shares during the last quarter. Affinity Capital Advisors LLC grew its holdings in shares of Seagate Technology by 1.5% in the third quarter. Affinity Capital Advisors LLC now owns 6,620 shares of the data storage provider’s stock valued at $725,000 after purchasing an additional 100 shares during the period. Kingswood Wealth Advisors LLC raised its stake in Seagate Technology by 3.7% during the second quarter. Kingswood Wealth Advisors LLC now owns 3,452 shares of the data storage provider’s stock worth $357,000 after purchasing an additional 122 shares during the period. Finally, Burney Co. boosted its holdings in Seagate Technology by 3.3% in the 1st quarter. Burney Co. now owns 3,948 shares of the data storage provider’s stock valued at $367,000 after purchasing an additional 125 shares during the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Seagate Technology

In other Seagate Technology news, EVP Ban Seng Teh sold 4,872 shares of the stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $110.00, for a total value of $535,920.00. Following the transaction, the executive vice president now directly owns 9,969 shares in the company, valued at $1,096,590. This represents a 32.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William D. Mosley sold 141,785 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $110.18, for a total transaction of $15,621,871.30. Following the sale, the chief executive officer now directly owns 668,616 shares in the company, valued at approximately $73,668,110.88. The trade was a 17.50 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 201,820 shares of company stock valued at $21,892,856. Insiders own 0.81% of the company’s stock.

Seagate Technology Price Performance

STX opened at $101.33 on Monday. The stock has a market capitalization of $21.43 billion, a price-to-earnings ratio of 26.46 and a beta of 1.05. The business has a fifty day moving average price of $104.51 and a 200 day moving average price of $102.01. Seagate Technology Holdings plc has a 12 month low of $76.87 and a 12 month high of $115.32.

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

Seagate Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.84%. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, December 13th. Seagate Technology’s dividend payout ratio (DPR) is presently 73.11%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on STX. Citigroup lifted their price target on shares of Seagate Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Northland Securities lifted their target price on Seagate Technology from $142.00 to $144.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Evercore ISI increased their price target on Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Benchmark restated a “hold” rating on shares of Seagate Technology in a report on Wednesday, October 23rd. Finally, StockNews.com raised shares of Seagate Technology from a “hold” rating to a “buy” rating in a research note on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, Seagate Technology presently has an average rating of “Moderate Buy” and an average price target of $118.83.

Seagate Technology Company 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.