Truvestments Capital LLC Buys New Stake in Seagate Technology Holdings plc (NASDAQ:STX)

Truvestments Capital LLC bought a new stake in shares of Seagate Technology Holdings plc (NASDAQ:STX) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,000 shares of the data storage provider’s stock, valued at approximately $110,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of STX. Ashton Thomas Securities LLC acquired a new position in Seagate Technology during the 3rd quarter valued at approximately $26,000. Quarry LP acquired a new position in Seagate Technology during the 2nd 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 valued at $36,000 after purchasing an additional 337 shares in the last quarter. Family Firm Inc. acquired a new position in Seagate Technology during the 2nd quarter valued at approximately $41,000. Finally, Advisors Asset Management Inc. increased its stake in 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 purchasing an additional 258 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Seagate Technology Stock Up 0.3 %

Shares of NASDAQ STX opened at $101.66 on Wednesday. The company’s 50-day simple moving average is $104.69 and its 200-day simple moving average is $101.86. Seagate Technology Holdings plc has a 52-week low of $76.30 and a 52-week high of $115.32. The firm has a market cap of $21.50 billion, a price-to-earnings ratio of 26.54 and a beta of 1.05.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) 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 business had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same quarter last year, the business earned ($0.34) earnings per share. The company’s revenue for the quarter was up 49.1% compared to the same quarter last year. Equities research analysts anticipate 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. Stockholders of record on Sunday, December 15th will be given a $0.72 dividend. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.88 annualized dividend and a dividend yield of 2.83%. Seagate Technology’s dividend payout ratio (DPR) is 73.11%.

Insider Activity

In related news, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total transaction of $72,075.00. Following the transaction, the director now directly owns 3,034 shares in the company, valued at approximately $291,567.40. The trade was a 19.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Ban Seng Teh sold 4,872 shares of the business’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $110.00, for a total transaction of $535,920.00. Following the transaction, the executive vice president now owns 9,969 shares in the company, valued at $1,096,590. The trade was a 32.83 % decrease in their ownership of the stock. 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 over the last 90 days. 0.81% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Rosenblatt Securities upped their price target on shares of Seagate Technology from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Benchmark reiterated a “hold” rating on shares of Seagate Technology in a research note on Wednesday, October 23rd. Wedbush reiterated an “outperform” rating and issued a $150.00 price objective on shares of Seagate Technology in a research note on Wednesday, October 23rd. Evercore ISI increased their price objective on shares of Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $125.00 price objective on shares of Seagate Technology in a research note on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock 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.