Renaissance Technologies LLC Acquires Shares of 120,893 Seagate Technology Holdings plc (NASDAQ:STX)

Renaissance Technologies LLC bought a new stake in shares of Seagate Technology Holdings plc (NASDAQ:STX) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 120,893 shares of the data storage provider’s stock, valued at approximately $12,485,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Capital Research Global Investors boosted its position in Seagate Technology by 39.3% during the fourth quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock valued at $1,418,413,000 after purchasing an additional 4,685,454 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Seagate Technology by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock valued at $2,303,274,000 after buying an additional 746,395 shares in the last quarter. Sanders Capital LLC increased its holdings in Seagate Technology by 3.0% in the fourth quarter. Sanders Capital LLC now owns 15,486,153 shares of the data storage provider’s stock worth $1,322,053,000 after buying an additional 443,768 shares during the last quarter. Putnam Investments LLC raised its position in Seagate Technology by 124.3% during the fourth quarter. Putnam Investments LLC now owns 680,456 shares of the data storage provider’s stock valued at $58,091,000 after acquiring an additional 377,148 shares in the last quarter. Finally, Delta Global Management LP acquired a new stake in Seagate Technology in the first quarter valued at approximately $33,478,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Seagate Technology Stock Up 0.6 %

STX stock opened at $104.74 on Monday. The business’s 50-day simple moving average is $101.15 and its 200 day simple moving average is $96.54. The company has a market cap of $21.99 billion, a PE ratio of -81.19 and a beta of 1.03. Seagate Technology Holdings plc has a twelve month low of $63.32 and a twelve month high of $113.57.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.29. The business had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.87 billion. Seagate Technology had a negative return on equity of 8.41% and a net margin of 5.11%. Seagate Technology’s quarterly revenue was up 17.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.29) earnings per share. On average, equities research analysts anticipate that Seagate Technology Holdings plc will post 6.72 EPS for the current year.

Seagate Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 23rd will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Monday, September 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.67%. Seagate Technology’s dividend payout ratio (DPR) is currently -217.05%.

Wall Street Analysts Forecast Growth

STX has been the topic of several analyst reports. Susquehanna increased their price target on shares of Seagate Technology from $55.00 to $65.00 and gave the stock a “negative” rating in a research note on Wednesday, July 24th. TD Cowen increased their target price on shares of Seagate Technology from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Barclays boosted their price target on Seagate Technology from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 24th. Bank of America reissued a “buy” rating and set a $110.00 price objective on shares of Seagate Technology in a report on Wednesday, June 5th. Finally, Cantor Fitzgerald boosted their target price on Seagate Technology from $120.00 to $125.00 and gave the stock a “neutral” rating in a report on Wednesday, July 24th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Seagate Technology currently has a consensus rating of “Hold” and a consensus target price of $115.94.

Insider Activity at Seagate Technology

In related news, Director Yolanda Lee Conyers sold 750 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now owns 3,034 shares in the company, valued at approximately $291,567.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Seagate Technology news, EVP Ban Seng Teh sold 10,117 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $110.00, for a total transaction of $1,112,870.00. Following the sale, the executive vice president now directly owns 5,387 shares of the company’s stock, valued at $592,570. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction that occurred 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 owns 3,034 shares of the company’s stock, valued at approximately $291,567.40. The disclosure for this sale can be found here. Insiders have sold a total of 56,627 shares of company stock valued at $5,489,495 over the last quarter. 0.89% of the stock is owned by company insiders.

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.