Y Intercept Hong Kong Ltd Reduces Stock Position in Seagate Technology Holdings plc (NASDAQ:STX)

Y Intercept Hong Kong Ltd trimmed its stake in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 88.6% in the 3rd quarter, Holdings Channel reports. The firm owned 2,784 shares of the data storage provider’s stock after selling 21,623 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Seagate Technology were worth $305,000 as of its most recent filing with the Securities & Exchange Commission.

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

Insider Activity at Seagate Technology

In other news, SVP John Christopher Morris sold 1,131 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total transaction of $126,558.90. Following the sale, the senior vice president now directly owns 7,191 shares in the company, valued at approximately $804,672.90. This represents a 13.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William D. Mosley sold 141,785 shares of the stock in a transaction dated Thursday, September 26th. The shares were 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 approximately $73,668,110.88. The trade was a 17.50 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 221,961 shares of company stock valued at $23,967,629. Insiders own 0.81% of the company’s stock.

Seagate Technology Price Performance

Shares of STX opened at $94.49 on Wednesday. The firm has a market cap of $19.99 billion, a P/E ratio of 24.67 and a beta of 1.03. Seagate Technology Holdings plc has a 1 year low of $79.39 and a 1 year high of $115.32. The company has a 50 day simple moving average of $102.36 and a two-hundred day simple moving average of $102.25.

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. The company had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. Seagate Technology’s quarterly revenue was up 49.1% on a year-over-year basis. During the same period last year, the company posted ($0.34) earnings per share. On average, sell-side 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 announced a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Sunday, December 15th will be given a $0.72 dividend. This is an increase from Seagate Technology’s previous quarterly dividend of $0.70. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date is Friday, December 13th. Seagate Technology’s payout ratio is currently 75.20%.

Analysts Set New Price Targets

Several research firms have recently commented on STX. Citigroup upped 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. StockNews.com upgraded shares of Seagate Technology from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. Benchmark reiterated a “hold” rating on shares of Seagate Technology in a research note on Wednesday, October 23rd. Cantor Fitzgerald restated a “neutral” rating and issued a $125.00 price objective on shares of Seagate Technology in a research note on Wednesday, October 23rd. Finally, Rosenblatt Securities lifted their target price on Seagate Technology from $125.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus 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.