Metis Global Partners LLC Increases Position in Seagate Technology Holdings plc (NASDAQ:STX)

Metis Global Partners LLC raised its holdings in Seagate Technology Holdings plc (NASDAQ:STX) by 2.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,663 shares of the data storage provider’s stock after purchasing an additional 192 shares during the period. Metis Global Partners LLC’s holdings in Seagate Technology were worth $1,058,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Bessemer Group Inc. raised its position in Seagate Technology by 68.7% during the first quarter. Bessemer Group Inc. now owns 17,564 shares of the data storage provider’s stock worth $1,634,000 after acquiring an additional 7,150 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Seagate Technology by 2.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 258,033 shares of the data storage provider’s stock worth $24,011,000 after purchasing an additional 6,044 shares during the last quarter. Versor Investments LP purchased a new position in Seagate Technology in the 3rd quarter valued at about $2,146,000. Lighthouse Investment Partners LLC acquired a new stake in Seagate Technology in the 2nd quarter worth about $499,000. Finally, Lazard Asset Management LLC increased its stake in Seagate Technology by 6.9% during the 1st quarter. Lazard Asset Management LLC now owns 13,609 shares of the data storage provider’s stock worth $1,266,000 after buying an additional 881 shares in the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

Seagate Technology Price Performance

Shares of STX stock opened at $96.79 on Monday. Seagate Technology Holdings plc has a 1-year low of $74.33 and a 1-year high of $115.32. The firm has a market cap of $20.47 billion, a PE ratio of 25.27 and a beta of 1.05. The company has a 50-day moving average of $105.02 and a two-hundred day moving average of $101.34.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter last year, the firm earned ($0.34) EPS. The firm’s revenue for the quarter was up 49.1% on a year-over-year basis. Sell-side analysts anticipate that Seagate Technology Holdings plc will post 7.18 EPS for the current fiscal year.

Seagate Technology Increases Dividend

The company 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. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, December 13th. This represents a $2.88 annualized dividend and a yield of 2.98%. Seagate Technology’s dividend payout ratio is presently 75.20%.

Insider Buying and Selling at Seagate Technology

In related news, CEO William D. Mosley sold 141,785 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now directly owns 668,616 shares of the company’s stock, valued at $73,668,110.88. The trade was a 17.50 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP John Christopher Morris sold 1,131 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total value of $126,558.90. Following the completion of the sale, the senior vice president now directly owns 7,191 shares in the company, valued at $804,672.90. This represents a 13.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 201,820 shares of company stock valued at $21,892,856 in the last three months. 0.81% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Morgan Stanley lifted their price target on Seagate Technology from $115.00 to $133.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Rosenblatt Securities upped their target price on shares of Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Cantor Fitzgerald reissued a “neutral” rating and issued a $125.00 price target on shares of Seagate Technology in a research note 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 research note on Wednesday, October 23rd. Finally, Robert W. Baird raised their target price on shares of Seagate Technology from $100.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. 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. According to data from MarketBeat.com, Seagate Technology currently has an average rating of “Moderate Buy” and a consensus target price 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.