Simmons Bank Sells 750 Shares of Seagate Technology Holdings plc (NASDAQ:STX)

Simmons Bank lowered its position in Seagate Technology Holdings plc (NASDAQ:STX) by 19.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,029 shares of the data storage provider’s stock after selling 750 shares during the period. Simmons Bank’s holdings in Seagate Technology were worth $332,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Victory Capital Management Inc. grew its stake in Seagate Technology by 133.8% in the 3rd quarter. Victory Capital Management Inc. now owns 171,952 shares of the data storage provider’s stock worth $18,834,000 after acquiring an additional 98,418 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Seagate Technology by 2.2% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 465,428 shares of the data storage provider’s stock worth $50,978,000 after purchasing an additional 10,122 shares during the last quarter. GSA Capital Partners LLP bought a new stake in shares of Seagate Technology in the 3rd quarter valued at about $259,000. Entropy Technologies LP boosted its stake in Seagate Technology by 42.2% in the third quarter. Entropy Technologies LP now owns 7,617 shares of the data storage provider’s stock valued at $834,000 after acquiring an additional 2,260 shares in the last quarter. Finally, Apollon Wealth Management LLC boosted its position in shares of Seagate Technology by 4.3% in the 3rd quarter. Apollon Wealth Management LLC now owns 12,194 shares of the data storage provider’s stock worth $1,336,000 after purchasing an additional 503 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Insiders Place Their Bets

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

Seagate Technology Price Performance

Shares of NASDAQ:STX opened at $97.46 on Friday. The firm has a market capitalization of $20.62 billion, a PE ratio of 25.45 and a beta of 1.05. Seagate Technology Holdings plc has a 1 year low of $74.06 and a 1 year high of $115.32. The firm’s 50-day moving average is $105.11 and its two-hundred day moving average is $101.18.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.28. The firm had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The firm’s revenue for the quarter was up 49.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.34) EPS. Analysts expect that Seagate Technology Holdings plc will post 7.35 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 issued a $0.72 dividend. 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 dividend on an annualized basis and a yield of 2.96%. Seagate Technology’s dividend payout ratio (DPR) is 73.11%.

Analysts Set New Price Targets

STX has been the topic of several research analyst reports. Citigroup boosted their target price on shares of Seagate Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. The Goldman Sachs Group boosted their price target on Seagate Technology from $96.00 to $107.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Northland Securities lifted their price target on Seagate Technology from $142.00 to $144.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Rosenblatt Securities upped their price objective on shares of Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, Loop Capital raised their target price on Seagate Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Seagate Technology currently has a consensus rating of “Moderate Buy” and an average target price of $118.83.

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.