TCW Group Inc. Grows Position in Seagate Technology Holdings plc (NASDAQ:STX)

TCW Group Inc. grew its holdings in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 62.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 359,042 shares of the data storage provider’s stock after purchasing an additional 138,001 shares during the quarter. TCW Group Inc.’s holdings in Seagate Technology were worth $39,326,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. CWM LLC raised its stake in shares of Seagate Technology by 3.0% during the 2nd quarter. CWM LLC now owns 3,307 shares of the data storage provider’s stock valued at $342,000 after purchasing an additional 97 shares during the period. Sequoia Financial Advisors LLC bought a new stake in shares of Seagate Technology during the second quarter valued at about $255,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Seagate Technology by 26.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 16,612 shares of the data storage provider’s stock worth $1,716,000 after buying an additional 3,507 shares in the last quarter. ORG Partners LLC bought a new position in shares of Seagate Technology in the second quarter valued at approximately $84,000. Finally, AdvisorNet Financial Inc grew its stake in Seagate Technology by 31.2% during the second quarter. AdvisorNet Financial Inc now owns 1,681 shares of the data storage provider’s stock valued at $174,000 after acquiring an additional 400 shares in the last quarter. Institutional investors own 92.87% of the company’s stock.

Seagate Technology Stock Performance

STX stock opened at $97.59 on Wednesday. The firm has a market cap of $20.64 billion, a P/E ratio of 25.48 and a beta of 1.03. The firm’s fifty day moving average is $103.23 and its 200 day moving average is $102.19. Seagate Technology Holdings plc has a 52 week low of $79.39 and a 52 week high of $115.32.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The firm had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same period last year, the firm earned ($0.34) earnings per share. The company’s revenue for the quarter was up 49.1% compared to the same quarter last year. As a group, analysts forecast that Seagate Technology Holdings plc will post 7.18 EPS for the current year.

Seagate Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Sunday, December 15th will be given a $0.72 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.88 annualized dividend and a yield of 2.95%. This is an increase from Seagate Technology’s previous quarterly dividend of $0.70. Seagate Technology’s payout ratio is presently 73.11%.

Wall Street Analyst Weigh In

STX has been the subject of several analyst reports. Rosenblatt Securities raised their price target 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. Wedbush reissued an “outperform” rating and set a $150.00 price objective on shares of Seagate Technology in a research note on Wednesday, October 23rd. Evercore ISI upped their target price on Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Benchmark reiterated a “hold” rating on shares of Seagate Technology in a research report on Wednesday, October 23rd. Finally, StockNews.com upgraded shares of Seagate Technology from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Seagate Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $118.83.

Insider Activity

In other Seagate Technology news, SVP Kian Fatt Chong sold 9,182 shares of the 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William D. Mosley sold 141,785 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $110.18, for a total value of $15,621,871.30. Following the transaction, the chief executive officer now directly owns 668,616 shares in the company, valued at $73,668,110.88. This trade represents a 17.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 221,820 shares of company stock valued at $23,953,746. 0.81% of the stock is currently owned by company 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.