GAM Holding AG Cuts Stock Position in Seagate Technology Holdings plc (NASDAQ:STX)

GAM Holding AG lessened its stake in Seagate Technology Holdings plc (NASDAQ:STX - Free Report) by 64.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,823 shares of the data storage provider's stock after selling 58,898 shares during the quarter. GAM Holding AG's holdings in Seagate Technology were worth $3,595,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Seagate Technology by 3.1% during the first quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider's stock valued at $2,303,274,000 after purchasing an additional 746,395 shares in the last quarter. Clearbridge Investments LLC raised its stake in Seagate Technology by 14.5% during 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 purchasing an additional 337,464 shares in the last quarter. Duquesne Family Office LLC raised its stake in shares of Seagate Technology by 22.0% in the second 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 period. Dimensional Fund Advisors LP raised its stake in shares of Seagate Technology by 0.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,019,657 shares of the data storage provider's stock valued at $105,306,000 after acquiring an additional 9,062 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Seagate Technology by 6.2% in the 1st quarter. Russell Investments Group Ltd. now owns 688,996 shares of the data storage provider's stock worth $64,130,000 after acquiring an additional 40,100 shares during the last quarter. Hedge funds and other 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 stock. Wells Fargo & Company raised their target price on shares of Seagate Technology from $90.00 to $120.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 24th. Wedbush restated an "outperform" rating and issued a $150.00 target price on shares of Seagate Technology in a report on Wednesday. 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. The Goldman Sachs Group raised their target price on shares of Seagate Technology from $96.00 to $107.00 and gave the stock a "neutral" rating in a report on Wednesday, July 24th. Finally, Rosenblatt Securities raised their target price on shares of Seagate Technology from $125.00 to $140.00 and gave the stock a "buy" rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $118.83.

Seagate Technology Trading Down 8.1 %

NASDAQ STX traded down $9.12 on Wednesday, hitting $103.52. 8,771,794 shares of the company's stock traded hands, compared to its average volume of 2,517,590. Seagate Technology Holdings plc has a 1-year low of $64.12 and a 1-year high of $115.32. The firm's 50-day moving average price is $104.92 and its two-hundred day moving average price is $99.52. The firm has a market capitalization of $21.79 billion, a PE ratio of 67.22 and a beta of 1.04.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, beating the consensus estimate of $1.30 by $0.28. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The business had revenue of $2.17 billion during the quarter, compared to analysts' expectations of $2.13 billion. During the same period in the previous year, the business posted ($0.34) EPS. The business's quarterly revenue was up 49.1% compared to the same quarter last year. On average, research analysts anticipate that Seagate Technology Holdings plc will post 7.09 earnings per share for the current fiscal year.

Seagate Technology Increases Dividend

The company also recently announced 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 represents a $2.88 annualized dividend and a dividend yield of 2.78%. This is a positive change from Seagate Technology's previous quarterly dividend of $0.70. Seagate Technology's payout ratio is 181.82%.

Insider Activity

In other news, SVP John Christopher Morris sold 1,131 shares of Seagate Technology stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total transaction of $126,558.90. Following the completion of the transaction, the senior vice president now directly owns 7,191 shares of the company's stock, valued at $804,672.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP John Christopher Morris sold 1,131 shares of the business's stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total value of $126,558.90. Following the completion of the sale, the senior vice president now owns 7,191 shares of the company's stock, valued at approximately $804,672.90. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Yolanda Lee Conyers sold 750 shares of the business's stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total transaction of $72,075.00. Following the completion of the sale, the director now directly owns 3,034 shares of the company's stock, valued at approximately $291,567.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 214,298 shares of company stock valued at $22,814,576 in the last three months. 0.81% of the stock is currently owned by corporate 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.