Seagate Technology Holdings plc (NASDAQ:STX) Stake Trimmed by Corton Capital Inc.

Corton Capital Inc. cut its holdings in shares of Seagate Technology Holdings plc (NASDAQ:STX - Free Report) by 55.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,650 shares of the data storage provider's stock after selling 4,543 shares during the period. Corton Capital Inc.'s holdings in Seagate Technology were worth $315,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of STX. Wilmington Savings Fund Society FSB purchased a new stake in Seagate Technology during the third quarter valued at approximately $54,000. JFS Wealth Advisors LLC raised its holdings in shares of Seagate Technology by 27.0% in the fourth quarter. JFS Wealth Advisors LLC now owns 532 shares of the data storage provider's stock worth $46,000 after buying an additional 113 shares during the last quarter. Human Investing LLC purchased a new position in shares of Seagate Technology in the fourth quarter worth $48,000. Mizuho Bank Ltd. increased its stake in shares of Seagate Technology by 140.0% in the fourth quarter. Mizuho Bank Ltd. now owns 600 shares of the data storage provider's stock worth $52,000 after acquiring an additional 350 shares during the period. Finally, Johnson Financial Group Inc. increased its stake in shares of Seagate Technology by 22.7% in the fourth quarter. Johnson Financial Group Inc. now owns 606 shares of the data storage provider's stock worth $52,000 after acquiring an additional 112 shares during the period. 92.87% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on STX. Wells Fargo & Company cut their price objective on shares of Seagate Technology from $120.00 to $105.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 30th. Morgan Stanley cut their price objective on shares of Seagate Technology from $133.00 to $129.00 and set an "overweight" rating on the stock in a research note on Tuesday, January 21st. Mizuho cut their price objective on shares of Seagate Technology from $115.00 to $95.00 and set an "outperform" rating on the stock in a research note on Thursday, April 10th. Barclays increased their price objective on shares of Seagate Technology from $80.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 30th. Finally, Northland Securities reiterated an "outperform" rating and issued a $160.00 target price (up previously from $144.00) on shares of Seagate Technology in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Seagate Technology currently has an average rating of "Moderate Buy" and a consensus price target of $114.89.

Insiders Place Their Bets

In related news, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $84.56, for a total transaction of $1,691,200.00. Following the sale, the chief executive officer now directly owns 555,677 shares in the company, valued at $46,988,047.12. The trade was a 3.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.81% of the stock is currently owned by corporate insiders.

Seagate Technology Stock Up 6.0%

Shares of STX stock traded up $5.73 during trading hours on Monday, hitting $101.44. 2,624,255 shares of the company were exchanged, compared to its average volume of 2,874,046. The firm has a market cap of $21.53 billion, a PE ratio of 18.58 and a beta of 1.32. Seagate Technology Holdings plc has a 1 year low of $63.19 and a 1 year high of $115.32. The firm has a fifty day moving average of $82.82 and a 200 day moving average of $92.19.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.75 by $0.15. Seagate Technology had a net margin of 14.67% and a negative return on equity of 63.48%. The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.14 billion. During the same quarter last year, the firm posted $0.33 earnings per share. Seagate Technology's revenue for the quarter was up 30.5% compared to the same quarter last year. Analysts expect that Seagate Technology Holdings plc will post 6.83 earnings per share for the current year.

Seagate Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th will be paid a $0.72 dividend. The ex-dividend date of this dividend is Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.84%. Seagate Technology's dividend payout ratio (DPR) is presently 41.62%.

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.