Frank Rimerman Advisors LLC Invests $327,000 in Seagate Technology Holdings plc (NASDAQ:STX)

Frank Rimerman Advisors LLC purchased a new stake in shares of Seagate Technology Holdings plc (NASDAQ:STX) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 3,164 shares of the data storage provider’s stock, valued at approximately $327,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in 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 purchasing an additional 746,395 shares during the period. Capital Research Global Investors increased its holdings 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 worth $1,418,413,000 after buying an additional 4,685,454 shares during the last quarter. Sanders Capital LLC raised its position 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 acquiring an additional 443,768 shares during the period. Clearbridge Investments LLC boosted its stake in Seagate Technology by 14.5% in 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 acquiring an additional 337,464 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Seagate Technology by 0.9% during the 2nd 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. 92.87% of the stock is owned by hedge funds and other institutional investors.

Seagate Technology Price Performance

Shares of NASDAQ STX opened at $106.63 on Wednesday. The business has a 50-day moving average of $101.05 and a 200-day moving average of $96.73. Seagate Technology Holdings plc has a 12 month low of $63.32 and a 12 month high of $113.57.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.29. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same quarter in the prior year, the firm earned ($0.29) EPS. The business’s revenue for the quarter was up 17.8% compared to the same quarter last year. Analysts predict that Seagate Technology Holdings plc will post 6.72 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 23rd will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.63%. The ex-dividend date is Monday, September 23rd. Seagate Technology’s dividend payout ratio (DPR) is currently -217.05%.

Insider Transactions at Seagate Technology

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

Analyst Ratings Changes

Several equities analysts recently commented on STX shares. UBS Group upped their price objective on Seagate Technology from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. Robert W. Baird increased their price target on Seagate Technology from $100.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Citigroup boosted their price objective on Seagate Technology from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Mizuho increased their target price on shares of Seagate Technology from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Finally, Bank of America reissued a “buy” rating and issued a $110.00 price target on shares of Seagate Technology in a research report on Wednesday, June 5th. 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $115.94.

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.