Avala Global LP Reduces Stock Position in Seagate Technology Holdings plc (NASDAQ:STX)

Avala Global LP lessened its position in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 53.1% during the 3rd quarter, Holdings Channel reports. The firm owned 244,695 shares of the data storage provider’s stock after selling 277,000 shares during the quarter. Seagate Technology comprises 1.8% of Avala Global LP’s portfolio, making the stock its 25th largest holding. Avala Global LP’s holdings in Seagate Technology were worth $26,801,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in STX. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Seagate Technology by 341.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,308,958 shares of the data storage provider’s stock valued at $143,370,000 after purchasing an additional 1,012,638 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Seagate Technology in the 2nd quarter valued at about $35,349,000. Duquesne Family Office LLC lifted its holdings in shares of Seagate Technology by 22.0% in the 2nd quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock valued at $181,268,000 after buying an additional 316,295 shares during the period. Mizuho Markets Americas LLC acquired a new position in shares of Seagate Technology in the 3rd quarter valued at about $32,598,000. Finally, AQR Capital Management LLC lifted its holdings in shares of Seagate Technology by 519.1% in the 2nd quarter. AQR Capital Management LLC now owns 323,401 shares of the data storage provider’s stock valued at $33,398,000 after buying an additional 271,160 shares during the period. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Seagate Technology Price Performance

Shares of Seagate Technology stock opened at $101.33 on Monday. The business has a 50 day simple moving average of $104.51 and a two-hundred day simple moving average of $102.01. Seagate Technology Holdings plc has a 12 month low of $76.87 and a 12 month high of $115.32. The stock has a market capitalization of $21.43 billion, a P/E ratio of 26.46 and a beta of 1.05.

Seagate Technology (NASDAQ:STX) last announced its earnings results 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 during the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter in the prior year, the firm earned ($0.34) earnings per share. The business’s revenue was up 49.1% compared to the same quarter last year. As a group, research analysts anticipate that Seagate Technology Holdings plc will post 7.18 EPS for the current fiscal year.

Seagate Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be given a $0.72 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.70. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.84%. Seagate Technology’s dividend payout ratio is 73.11%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Cantor Fitzgerald reissued a “neutral” rating and issued a $125.00 price objective on shares of Seagate Technology in a report on Wednesday, October 23rd. Wedbush reissued an “outperform” rating and issued a $150.00 price objective on shares of Seagate Technology in a report on Wednesday, October 23rd. Benchmark reissued a “hold” rating on shares of Seagate Technology in a report on Wednesday, October 23rd. Citigroup upped their price target on Seagate Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, StockNews.com raised Seagate Technology from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $118.83.

Insider Activity

In other news, CEO William D. Mosley sold 141,785 shares of the company’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $110.18, for a total value of $15,621,871.30. Following the completion of the sale, the chief executive officer now directly owns 668,616 shares in the company, valued at $73,668,110.88. This represents a 17.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total value of $72,075.00. Following the completion of the sale, the director now owns 3,034 shares of the company’s stock, valued at $291,567.40. This trade represents a 19.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 201,820 shares of company stock worth $21,892,856 over the last ninety days. Corporate insiders own 0.81% of the company’s stock.

Seagate Technology 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.