GM Advisory Group LLC Takes $210,000 Position in Seagate Technology Holdings plc (NASDAQ:STX)

GM Advisory Group LLC bought a new stake in shares of Seagate Technology Holdings plc (NASDAQ:STX) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 1,915 shares of the data storage provider’s stock, valued at approximately $210,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Bessemer Group Inc. increased its position in shares of Seagate Technology by 68.7% during the first quarter. Bessemer Group Inc. now owns 17,564 shares of the data storage provider’s stock worth $1,634,000 after purchasing an additional 7,150 shares in the last quarter. CreativeOne Wealth LLC purchased a new stake in shares of Seagate Technology during the first quarter worth $259,000. Lazard Asset Management LLC raised its position in shares of Seagate Technology by 6.9% in the first quarter. Lazard Asset Management LLC now owns 13,609 shares of the data storage provider’s stock valued at $1,266,000 after buying an additional 881 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Seagate Technology by 2.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 258,033 shares of the data storage provider’s stock worth $24,011,000 after acquiring an additional 6,044 shares during the last quarter. Finally, SVB Wealth LLC grew its stake in Seagate Technology by 18.7% during the 1st quarter. SVB Wealth LLC now owns 6,273 shares of the data storage provider’s stock valued at $584,000 after acquiring an additional 987 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on STX. Benchmark reissued a “hold” rating on shares of Seagate Technology in a research note on Wednesday, October 23rd. StockNews.com upgraded Seagate Technology from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. Rosenblatt Securities upped their target price on Seagate Technology from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Wedbush reiterated an “outperform” rating and set a $150.00 price target on shares of Seagate Technology in a report on Wednesday, October 23rd. Finally, Northland Securities boosted their price target on shares of Seagate Technology from $142.00 to $144.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $118.83.

Insider Transactions at Seagate Technology

In related news, SVP John Christopher Morris sold 1,131 shares of Seagate Technology stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total transaction of $126,558.90. Following the sale, the senior vice president now directly owns 7,191 shares in the company, valued at $804,672.90. This trade represents a 13.59 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ban Seng Teh sold 4,872 shares of the company’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $110.00, for a total transaction of $535,920.00. Following the completion of the transaction, the executive vice president now owns 9,969 shares of the company’s stock, valued at $1,096,590. This represents a 32.83 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 201,820 shares of company stock valued at $21,892,856. 0.81% of the stock is currently owned by corporate insiders.

Seagate Technology Price Performance

Shares of NASDAQ STX opened at $99.62 on Friday. The stock’s 50-day moving average is $104.74 and its two-hundred day moving average is $101.56. The company has a market cap of $21.07 billion, a price-to-earnings ratio of 26.01 and a beta of 1.05. Seagate Technology Holdings plc has a 1-year low of $75.64 and a 1-year high of $115.32.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.30 by $0.28. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The firm had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period in the prior year, the firm earned ($0.34) earnings per share. The business’s quarterly revenue was up 49.1% compared to the same quarter last year. Equities research analysts anticipate that Seagate Technology Holdings plc will post 7.18 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. Shareholders of record on Sunday, December 15th will be issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 2.89%. This is an increase from Seagate Technology’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, December 13th. Seagate Technology’s payout ratio is 73.11%.

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.