The Manufacturers Life Insurance Company Grows Holdings in Seagate Technology Holdings plc (NASDAQ:STX)

The Manufacturers Life Insurance Company raised its stake in shares of Seagate Technology Holdings plc (NASDAQ:STX - Free Report) by 4.3% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 126,374 shares of the data storage provider's stock after purchasing an additional 5,246 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.06% of Seagate Technology worth $13,842,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Ashton Thomas Securities LLC purchased a new position in Seagate Technology in the third quarter valued at approximately $26,000. Quarry LP bought a new position in shares of Seagate Technology in the second quarter worth $27,000. Kayne Anderson Rudnick Investment Management LLC raised its position in Seagate Technology by 2,407.1% during the second 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. purchased a new stake in Seagate Technology during the second quarter valued at about $41,000. Finally, Advisors Asset Management Inc. grew its stake in shares of Seagate Technology by 177.9% during the third quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider's stock valued at $44,000 after buying an additional 258 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company's stock.

Seagate Technology Trading Up 3.5 %

Shares of NASDAQ STX traded up $3.57 during midday trading on Monday, reaching $104.90. The company had a trading volume of 1,033,837 shares, compared to its average volume of 2,465,859. The business's 50-day simple moving average is $104.51 and its 200 day simple moving average is $102.01. The stock has a market cap of $22.19 billion, a P/E ratio of 26.46 and a beta of 1.05. Seagate Technology Holdings plc has a 1 year low of $76.87 and a 1 year high of $115.32.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted 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 business had revenue of $2.17 billion during the quarter, compared to analysts' expectations of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The business's quarterly revenue was up 49.1% on a year-over-year basis. During the same quarter last year, the company posted ($0.34) earnings per share. Analysts predict that Seagate Technology Holdings plc will post 7.18 earnings per share for the current year.

Seagate Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Investors 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 2.75%. The ex-dividend date is Friday, December 13th. This is a boost from Seagate Technology's previous quarterly dividend of $0.70. Seagate Technology's dividend payout ratio (DPR) is 73.11%.

Analyst Ratings Changes

Several analysts recently issued reports on STX shares. Northland Securities raised their target price on Seagate Technology from $142.00 to $144.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 23rd. Wedbush restated an "outperform" rating and issued a $150.00 price objective on shares of Seagate Technology in a report on Wednesday, October 23rd. Rosenblatt Securities lifted their target price on shares of Seagate Technology from $125.00 to $140.00 and gave the company a "buy" rating in a report on Wednesday, October 23rd. Cantor Fitzgerald reiterated a "neutral" rating and set a $125.00 target price on shares of Seagate Technology in a report on Wednesday, October 23rd. Finally, Benchmark restated a "hold" rating on shares of Seagate Technology in a report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Seagate Technology has a consensus rating of "Moderate Buy" and an average price target of $118.83.

Insider Buying and Selling

In related news, Director Yolanda Lee Conyers sold 750 shares of the firm's 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 sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Ban Seng Teh sold 4,872 shares of the firm's stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $110.00, for a total transaction of $535,920.00. Following the sale, the executive vice president now owns 9,969 shares in the company, valued at approximately $1,096,590. This represents a 32.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 201,820 shares of company stock valued at $21,892,856 over the last 90 days. Insiders own 0.81% of the company's stock.

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.