Central Asset Investments & Management Holdings HK Ltd Trims Holdings in Seagate Technology Holdings plc (NASDAQ:STX)

Central Asset Investments & Management Holdings HK Ltd cut its position in shares of Seagate Technology Holdings plc (NASDAQ:STX - Free Report) by 83.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,056 shares of the data storage provider's stock after selling 35,693 shares during the period. Seagate Technology comprises 0.8% of Central Asset Investments & Management Holdings HK Ltd's portfolio, making the stock its 20th biggest position. Central Asset Investments & Management Holdings HK Ltd's holdings in Seagate Technology were worth $773,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Ashton Thomas Securities LLC bought a new position in shares of Seagate Technology in the 3rd quarter worth $26,000. Quarry LP bought a new position in shares of Seagate Technology in the 2nd quarter worth $27,000. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Seagate Technology by 2,407.1% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider's stock worth $36,000 after acquiring an additional 337 shares in the last quarter. Family Firm Inc. bought a new position in shares of Seagate Technology in the 2nd quarter worth $41,000. Finally, JFS Wealth Advisors LLC raised its position in shares of Seagate Technology by 232.5% in the 3rd quarter. JFS Wealth Advisors LLC now owns 419 shares of the data storage provider's stock worth $46,000 after acquiring an additional 293 shares in the last quarter. 92.87% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on STX. Rosenblatt Securities boosted their price target on Seagate Technology from $125.00 to $140.00 and gave the stock a "buy" rating in a research report on Wednesday, October 23rd. StockNews.com raised Seagate Technology from a "hold" rating to a "buy" rating in a research report on Thursday, October 17th. Cantor Fitzgerald restated a "neutral" rating and set a $125.00 target price on shares of Seagate Technology in a research note on Wednesday, October 23rd. Citigroup boosted their target price on Seagate Technology from $125.00 to $130.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Finally, Barclays boosted their target price on Seagate Technology from $80.00 to $95.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 24th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $118.83.

Insiders Place Their Bets

In other news, SVP Kian Fatt Chong sold 9,182 shares of the firm's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $105.50, for a total value of $968,701.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Yolanda Lee Conyers sold 750 shares of the firm's stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total value of $72,075.00. Following the completion of the transaction, the director now owns 3,034 shares in the company, valued at approximately $291,567.40. This trade represents a 19.82 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 201,820 shares of company stock worth $21,892,856. 0.81% of the stock is owned by corporate insiders.

Seagate Technology Stock Performance

Seagate Technology stock traded down $0.67 during midday trading on Friday, hitting $96.79. 1,926,370 shares of the company were exchanged, compared to its average volume of 2,486,239. The firm has a market capitalization of $20.47 billion, a PE ratio of 25.27 and a beta of 1.05. Seagate Technology Holdings plc has a fifty-two week low of $74.33 and a fifty-two week high of $115.32. The business has a fifty day simple moving average of $105.02 and a two-hundred day simple moving average of $101.34.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.30 by $0.28. The company had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. Seagate Technology's revenue for the quarter was up 49.1% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.34) earnings per share. As a group, equities analysts expect that Seagate Technology Holdings plc will post 7.35 earnings per share for the current year.

Seagate Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Sunday, December 15th will be given a dividend of $0.72 per share. The ex-dividend date is Friday, December 13th. This represents a $2.88 dividend on an annualized basis and a yield of 2.98%. This is an increase from Seagate Technology's previous quarterly dividend of $0.70. Seagate Technology's dividend payout ratio is currently 73.11%.

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.