Oppenheimer & Co. Inc. Cuts Stock Position in Seagate Technology Holdings plc (NASDAQ:STX)

Oppenheimer & Co. Inc. decreased its holdings in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 14.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,090 shares of the data storage provider’s stock after selling 3,593 shares during the period. Oppenheimer & Co. Inc.’s holdings in Seagate Technology were worth $2,310,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its stake in Seagate Technology by 133.8% in the 3rd quarter. Victory Capital Management Inc. now owns 171,952 shares of the data storage provider’s stock valued at $18,834,000 after buying an additional 98,418 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Seagate Technology by 2.2% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 465,428 shares of the data storage provider’s stock valued at $50,978,000 after acquiring an additional 10,122 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in shares of Seagate Technology in the third quarter worth approximately $259,000. Entropy Technologies LP increased its position in shares of Seagate Technology by 42.2% during the third quarter. Entropy Technologies LP now owns 7,617 shares of the data storage provider’s stock worth $834,000 after purchasing an additional 2,260 shares in the last quarter. Finally, Apollon Wealth Management LLC raised its stake in Seagate Technology by 4.3% in the 3rd quarter. Apollon Wealth Management LLC now owns 12,194 shares of the data storage provider’s stock valued at $1,336,000 after purchasing an additional 503 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Seagate Technology Stock Performance

NASDAQ:STX opened at $96.79 on Friday. Seagate Technology Holdings plc has a fifty-two week low of $74.33 and a fifty-two week high of $115.32. The company has a 50 day moving average price of $105.02 and a 200 day moving average price of $101.34. The stock has a market capitalization of $20.47 billion, a P/E ratio of 25.27 and a beta of 1.05.

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

Seagate Technology Increases Dividend

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

Insider Activity

In related news, SVP John Christopher Morris sold 1,131 shares of Seagate Technology stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $111.90, for a total value of $126,558.90. Following the completion of the transaction, the senior vice president now directly owns 7,191 shares in the company, valued at approximately $804,672.90. This trade represents a 13.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total value 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 201,820 shares of company stock valued at $21,892,856. 0.81% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on STX. Robert W. Baird upped their target price on shares of Seagate Technology from $100.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $125.00 price objective on shares of Seagate Technology in a research note on Wednesday, October 23rd. 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 research note on Wednesday, July 24th. StockNews.com upgraded Seagate Technology from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. Finally, Evercore ISI lifted their price objective on Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Two investment 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. Based on data from MarketBeat, Seagate Technology currently has an average rating of “Moderate Buy” and a consensus price target 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.