Mirae Asset Global Investments Co. Ltd. Increases Stake in Seagate Technology Holdings plc (NASDAQ:STX)

Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 42.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,623 shares of the data storage provider’s stock after acquiring an additional 4,372 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Seagate Technology were worth $1,590,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of STX. Quarry LP purchased a new stake in shares of Seagate Technology in the second quarter valued at approximately $27,000. Kayne Anderson Rudnick Investment Management LLC increased its position in shares of Seagate Technology by 2,407.1% in 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 buying an additional 337 shares in the last quarter. Family Firm Inc. purchased a new stake in shares of Seagate Technology in the second quarter valued at approximately $41,000. Larson Financial Group LLC increased its position in shares of Seagate Technology by 15,766.7% in the second quarter. Larson Financial Group LLC now owns 476 shares of the data storage provider’s stock valued at $49,000 after buying an additional 473 shares in the last quarter. Finally, Gilliland Jeter Wealth Management LLC purchased a new stake in shares of Seagate Technology in the third quarter valued at approximately $55,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP John Christopher Morris sold 1,131 shares of the company’s stock in a transaction dated 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 sale, the senior vice president now directly owns 7,191 shares of the company’s stock, valued at $804,672.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP John Christopher Morris sold 1,131 shares of the company’s stock in a transaction dated 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 sale, the senior vice president now directly owns 7,191 shares of the company’s stock, valued at $804,672.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jay L. Geldmacher sold 4,100 shares of the company’s stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $103.30, for a total value of $423,530.00. Following the completion of the sale, the director now directly owns 2,852 shares of the company’s stock, valued at approximately $294,611.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 218,398 shares of company stock worth $23,238,106. 0.89% of the stock is currently owned by insiders.

Seagate Technology Stock Performance

STX opened at $100.37 on Friday. Seagate Technology Holdings plc has a one year low of $66.93 and a one year high of $115.32. The company has a market cap of $21.08 billion, a P/E ratio of -77.81 and a beta of 1.04. The business’s 50-day simple moving average is $104.97 and its 200-day simple moving average is $100.03.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 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 business had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the prior year, the business posted ($0.34) EPS. The business’s revenue for the quarter was up 49.1% on a year-over-year basis. As a group, analysts predict 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 disclosed a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be issued a $0.72 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.87%. This is an increase from Seagate Technology’s previous quarterly dividend of $0.70. Seagate Technology’s dividend payout ratio is presently -223.26%.

Analyst Upgrades and Downgrades

STX has been the subject of a number of recent analyst reports. Rosenblatt Securities boosted their price objective on Seagate Technology from $125.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Loop Capital boosted their price target on Seagate Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. UBS Group boosted their price target on Seagate Technology from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Benchmark reiterated a “hold” rating on shares of Seagate Technology in a research report on Wednesday, October 23rd. Finally, The Goldman Sachs Group boosted their price target on Seagate Technology from $96.00 to $107.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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.