Seagate Technology Holdings plc (NASDAQ:STX) Stock Holdings Cut by Mengis Capital Management Inc.

Mengis Capital Management Inc. lessened its position in Seagate Technology Holdings plc (NASDAQ:STX) by 2.8% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,870 shares of the data storage provider’s stock after selling 200 shares during the period. Mengis Capital Management Inc.’s holdings in Seagate Technology were worth $752,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Seagate Technology by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock worth $2,303,274,000 after purchasing an additional 746,395 shares during the last quarter. Delta Global Management LP acquired a new position in Seagate Technology in the first quarter worth approximately $33,478,000. Point72 Hong Kong Ltd acquired a new position in Seagate Technology in the second quarter worth approximately $35,349,000. Clearbridge Investments LLC increased its holdings in shares of Seagate Technology by 14.5% in the first quarter. Clearbridge Investments LLC now owns 2,656,828 shares of the data storage provider’s stock valued at $247,218,000 after buying an additional 337,464 shares in the last quarter. Finally, Duquesne Family Office LLC lifted its position in shares of Seagate Technology by 22.0% during the 2nd quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock valued at $181,268,000 after acquiring an additional 316,295 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Insider Activity at Seagate Technology

In related 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 transaction of $15,621,871.30. Following the completion of the sale, the chief executive officer now directly owns 668,616 shares of the company’s stock, valued at approximately $73,668,110.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $107.68, for a total value of $2,153,600.00. Following the sale, the chief executive officer now owns 648,616 shares of the company’s stock, valued at $69,842,970.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO William D. Mosley sold 141,785 shares of the company’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 value of $15,621,871.30. Following the transaction, the chief executive officer now owns 668,616 shares of the company’s stock, valued at approximately $73,668,110.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 201,820 shares of company stock valued at $21,892,856. Corporate insiders own 0.81% of the company’s stock.

Analyst Ratings Changes

STX has been the subject of several analyst reports. Morgan Stanley upped their target price on Seagate Technology from $115.00 to $133.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Susquehanna raised their target price on shares of Seagate Technology from $55.00 to $65.00 and gave the stock a “negative” rating in a report on Wednesday, July 24th. Robert W. Baird lifted their target price on shares of Seagate Technology from $100.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Wells Fargo & Company upped their price target on shares of Seagate Technology from $90.00 to $120.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 24th. Finally, Evercore ISI lifted their price objective on shares of Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Two research 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $118.83.

Seagate Technology Stock Performance

Shares of STX opened at $99.80 on Wednesday. The firm has a market cap of $21.11 billion, a PE ratio of 26.06 and a beta of 1.05. The firm’s 50 day moving average price is $105.16 and its 200 day moving average price is $101.20. Seagate Technology Holdings plc has a twelve month low of $71.67 and a twelve month high of $115.32.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. The business 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%. Seagate Technology’s revenue for the quarter was up 49.1% on a year-over-year basis. During the same quarter last year, the firm earned ($0.34) EPS. On average, sell-side analysts anticipate that Seagate Technology Holdings plc will post 7.35 earnings per share for the current fiscal year.

Seagate Technology Increases Dividend

The business 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 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 dividend on an annualized basis and a dividend yield of 2.89%. Seagate Technology’s dividend payout ratio is currently 75.20%.

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.