Maple Rock Capital Partners Inc. Has $30.11 Million Position in Seagate Technology Holdings plc (NASDAQ:STX)

Maple Rock Capital Partners Inc. reduced its stake in Seagate Technology Holdings plc (NASDAQ:STX) by 31.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 274,900 shares of the data storage provider’s stock after selling 127,900 shares during the period. Seagate Technology accounts for approximately 0.9% of Maple Rock Capital Partners Inc.’s investment portfolio, making the stock its 21st biggest position. Maple Rock Capital Partners Inc.’s holdings in Seagate Technology were worth $30,110,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of STX. Ashton Thomas Securities LLC acquired a new stake in shares of Seagate Technology during the third quarter worth $26,000. Quarry LP bought a new stake in shares of Seagate Technology in the second quarter valued at approximately $27,000. Kayne Anderson Rudnick Investment Management LLC increased its stake in Seagate Technology by 2,407.1% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock worth $36,000 after acquiring an additional 337 shares during the period. Family Firm Inc. acquired a new position in Seagate Technology in the 2nd quarter valued at $41,000. Finally, Advisors Asset Management Inc. lifted its position in shares of Seagate Technology by 177.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock valued at $44,000 after acquiring an additional 258 shares during the period. Institutional investors and hedge funds own 92.87% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on STX shares. Rosenblatt Securities boosted their price target on Seagate Technology from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Cantor Fitzgerald restated a “neutral” rating and set a $125.00 price objective on shares of Seagate Technology in a research report on Wednesday, October 23rd. Wedbush reaffirmed an “outperform” rating and issued a $150.00 target price on shares of Seagate Technology in a report on Wednesday, October 23rd. Evercore ISI increased their target price on shares of Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, Benchmark reiterated a “hold” rating on shares of Seagate Technology in a research report on Wednesday, October 23rd. 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 MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $118.83.

Seagate Technology Trading Down 4.2 %

Shares of STX opened at $98.80 on Wednesday. The firm’s fifty day simple moving average is $104.30 and its two-hundred day simple moving average is $102.07. Seagate Technology Holdings plc has a 12 month low of $76.87 and a 12 month high of $115.32. The stock has a market capitalization of $20.90 billion, a P/E ratio of 25.80 and a beta of 1.03.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, beating the consensus estimate of $1.30 by $0.28. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The company had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same quarter in the prior year, the company earned ($0.34) EPS. The firm’s revenue for the quarter was up 49.1% compared to the same quarter last year. As a group, research analysts predict that Seagate Technology Holdings plc will post 7.18 EPS for the current fiscal year.

Seagate Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Sunday, December 15th will be paid a dividend of $0.72 per share. The ex-dividend date of this dividend 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 yield of 2.91%. Seagate Technology’s dividend payout ratio is currently 75.20%.

Insider Buying and Selling at Seagate Technology

In other news, CEO William D. Mosley sold 141,785 shares of the business’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 completion of the sale, the chief executive officer now owns 668,616 shares in the company, valued at $73,668,110.88. The trade was a 17.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jay L. Geldmacher sold 4,100 shares of the stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $103.30, for a total value of $423,530.00. Following the completion of the transaction, the director now owns 2,852 shares in the company, valued at approximately $294,611.60. This represents a 58.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 201,070 shares of company stock valued at $21,820,781. Corporate insiders own 0.81% of the company’s stock.

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.