Key Points
- Director sale: Seagate director Yolanda Lee Conyers sold 750 shares at an average price of $272.91 for $204,682.50, reducing her stake by 11.81% to 5,601 shares (≈$1.53M); the trade was disclosed in an SEC filing.
- Dividend increase: Seagate raised its quarterly dividend to $0.74 per share (annualized $2.96), with an ex-dividend date of Dec 24 and payment on Jan 9, implying a ~1.1% yield and a 38% payout ratio.
- Market and analyst backdrop: Seagate has a market cap of ~$57B, a P/E of 34.3 and a 52-week range of $63.19–$297.88; analysts give an average rating of "Moderate Buy" with an average price target of $285.45 and institutional ownership of 92.87%.
Seagate Technology Holdings PLC (NASDAQ:STX - Get Free Report) Director Yolanda Lee Conyers sold 750 shares of the stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $272.91, for a total value of $204,682.50. Following the completion of the sale, the director directly owned 5,601 shares of the company's stock, valued at approximately $1,528,568.91. This represents a 11.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
Seagate Technology Stock Performance
NASDAQ STX opened at $266.87 on Wednesday. The stock's fifty day moving average is $246.60 and its two-hundred day moving average is $185.36. The firm has a market capitalization of $56.99 billion, a P/E ratio of 34.26, a price-to-earnings-growth ratio of 1.17 and a beta of 1.63. Seagate Technology Holdings PLC has a fifty-two week low of $63.19 and a fifty-two week high of $297.88.
Seagate Technology Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Stockholders of record on Wednesday, December 24th will be given a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Wednesday, December 24th. This is a positive change from Seagate Technology's previous quarterly dividend of $0.72. Seagate Technology's dividend payout ratio is presently 38.00%.
Hedge Funds Weigh In On Seagate Technology
Several large investors have recently made changes to their positions in STX. Assetmark Inc. raised its position in Seagate Technology by 19.3% in the first quarter. Assetmark Inc. now owns 1,319 shares of the data storage provider's stock valued at $112,000 after purchasing an additional 213 shares during the period. LPL Financial LLC grew its stake in shares of Seagate Technology by 16.7% in the first quarter. LPL Financial LLC now owns 198,282 shares of the data storage provider's stock valued at $16,844,000 after buying an additional 28,364 shares in the last quarter. Natixis Advisors LLC raised its holdings in shares of Seagate Technology by 2.5% in the 1st quarter. Natixis Advisors LLC now owns 65,478 shares of the data storage provider's stock valued at $5,562,000 after buying an additional 1,582 shares during the period. US Bancorp DE raised its holdings in shares of Seagate Technology by 16.9% in the 1st quarter. US Bancorp DE now owns 21,138 shares of the data storage provider's stock valued at $1,796,000 after buying an additional 3,053 shares during the period. Finally, Jefferies Financial Group Inc. lifted its stake in Seagate Technology by 243.8% during the 1st quarter. Jefferies Financial Group Inc. now owns 16,415 shares of the data storage provider's stock worth $1,394,000 after acquiring an additional 11,641 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
STX has been the topic of a number of analyst reports. BNP Paribas Exane reduced their target price on shares of Seagate Technology from $240.00 to $230.00 and set a "neutral" rating on the stock in a research note on Wednesday, October 29th. UBS Group cut their price target on shares of Seagate Technology from $235.00 to $230.00 and set a "neutral" rating for the company in a report on Wednesday, October 29th. Citigroup lifted their price target on shares of Seagate Technology from $275.00 to $320.00 and gave the company a "buy" rating in a research report on Tuesday. Loop Capital increased their price objective on Seagate Technology from $350.00 to $465.00 and gave the stock a "buy" rating in a research report on Monday, November 10th. Finally, Wells Fargo & Company raised their target price on Seagate Technology from $240.00 to $250.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 29th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Seagate Technology currently has an average rating of "Moderate Buy" and an average price target of $285.45.
Check Out Our Latest Analysis on STX
Seagate Technology Company Profile
(
Get Free Report)
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.
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