Point72 Hong Kong Ltd Acquires New Position in Seagate Technology Holdings plc (NASDAQ:STX)

Point72 Hong Kong Ltd bought a new position in shares of Seagate Technology Holdings plc (NASDAQ:STX - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 342,299 shares of the data storage provider's stock, valued at approximately $35,349,000. Seagate Technology makes up 2.1% of Point72 Hong Kong Ltd's investment portfolio, making the stock its 7th biggest position. Point72 Hong Kong Ltd owned approximately 0.16% of Seagate Technology at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in STX. Insigneo Advisory Services LLC lifted its position in shares of Seagate Technology by 16.8% in the second quarter. Insigneo Advisory Services LLC now owns 2,532 shares of the data storage provider's stock worth $261,000 after buying an additional 364 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of Seagate Technology by 60.7% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 38,119 shares of the data storage provider's stock worth $3,937,000 after acquiring an additional 14,393 shares in the last quarter. Davidson Kempner Capital Management LP boosted its position in shares of Seagate Technology by 44.8% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 100,000 shares of the data storage provider's stock valued at $10,327,000 after acquiring an additional 30,940 shares during the last quarter. Xponance Inc. grew its holdings in shares of Seagate Technology by 3.8% in the second quarter. Xponance Inc. now owns 20,333 shares of the data storage provider's stock valued at $2,100,000 after purchasing an additional 753 shares in the last quarter. Finally, Bank of Montreal Can increased its position in Seagate Technology by 11.6% in the second quarter. Bank of Montreal Can now owns 218,618 shares of the data storage provider's stock worth $22,693,000 after purchasing an additional 22,775 shares during the last quarter. Institutional investors own 92.87% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Morgan Stanley raised their price objective on Seagate Technology from $115.00 to $133.00 and gave the company an "overweight" rating in a research note on Wednesday, July 24th. Barclays boosted their price objective on shares of Seagate Technology from $80.00 to $95.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 24th. Wedbush raised their target price on shares of Seagate Technology from $100.00 to $130.00 and gave the stock an "outperform" rating in a report on Monday, July 22nd. Mizuho increased their price objective on shares of Seagate Technology from $100.00 to $110.00 and gave the stock a "buy" rating in a research report on Friday, May 31st. Finally, TD Cowen boosted their target price on Seagate Technology from $110.00 to $135.00 and gave the company a "buy" rating in a research report on Wednesday, July 24th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $115.94.

Seagate Technology Stock Up 1.1 %

Shares of Seagate Technology stock traded up $1.13 during trading on Wednesday, reaching $107.76. The company's stock had a trading volume of 1,693,569 shares, compared to its average volume of 2,550,081. Seagate Technology Holdings plc has a 1-year low of $63.32 and a 1-year high of $113.57. The company has a 50-day simple moving average of $101.05 and a two-hundred day simple moving average of $96.73. The company has a market cap of $22.68 billion, a price-to-earnings ratio of -82.95 and a beta of 1.03.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 EPS for the quarter, topping analysts' consensus estimates of $0.76 by $0.29. The company had revenue of $1.89 billion during the quarter, compared to analysts' expectations of $1.87 billion. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. Seagate Technology's revenue for the quarter was up 17.8% on a year-over-year basis. During the same period last year, the business earned ($0.29) EPS. As a group, analysts anticipate that Seagate Technology Holdings plc will post 6.72 earnings per share for the current year.

Seagate Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 23rd will be issued a $0.70 dividend. The ex-dividend date of this dividend is Monday, September 23rd. This represents a $2.80 annualized dividend and a yield of 2.60%. Seagate Technology's dividend payout ratio (DPR) is presently -217.05%.

Insiders Place Their Bets

In other Seagate Technology news, Director Yolanda Lee Conyers sold 750 shares of the company's stock in a transaction 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 sale, the director now directly owns 3,034 shares of the company's stock, valued at $291,567.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Gianluca Romano sold 25,760 shares of the stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $94.54, for a total transaction of $2,435,350.40. Following the sale, the chief financial officer now directly owns 52,620 shares of the company's stock, valued at $4,974,694.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total transaction of $72,075.00. Following the completion of the transaction, the director now directly owns 3,034 shares of the company's stock, valued at approximately $291,567.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 56,627 shares of company stock valued at $5,489,495. 0.89% of the stock is owned by insiders.

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.