Allstate Corp Increases Holdings in Seagate Technology Holdings PLC $STX

Key Points

• Allstate Corp more than doubled its stake in Seagate Technology in the fourth quarter, buying 8,237 additional shares and bringing its total to 16,109 shares valued at about $4.44 million.
• Seagate reported strong quarterly results, with EPS of $4.10 beating estimates by $0.59 and revenue of $3.11 billion topping forecasts, while revenue jumped 44.1% year over year.
• Analysts turned more bullish on the stock, with multiple firms raising price targets; the consensus rating is Moderate Buy and the average target price is $736.21.

Allstate Corp raised its stake in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 104.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,109 shares of the data storage provider's stock after buying an additional 8,237 shares during the quarter. Allstate Corp's holdings in Seagate Technology were worth $4,436,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in STX. Integrated Wealth Concepts LLC raised its stake in Seagate Technology by 168.0% during the first quarter. Integrated Wealth Concepts LLC now owns 7,177 shares of the data storage provider's stock valued at $610,000 after buying an additional 4,499 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in Seagate Technology in the 2nd quarter worth about $262,000. Cerity Partners LLC increased its holdings in Seagate Technology by 25.8% in the 2nd quarter. Cerity Partners LLC now owns 36,682 shares of the data storage provider's stock worth $5,294,000 after buying an additional 7,517 shares in the last quarter. Sei Investments Co. increased its holdings in Seagate Technology by 64.8% in the 2nd quarter. Sei Investments Co. now owns 8,543 shares of the data storage provider's stock worth $1,233,000 after buying an additional 3,358 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in Seagate Technology by 0.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 127,887 shares of the data storage provider's stock worth $18,458,000 after buying an additional 462 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company's stock.

Seagate Technology Stock Up 4.1%

Seagate Technology stock opened at $845.76 on Wednesday. The stock has a market cap of $189.64 billion, a PE ratio of 80.24 and a beta of 1.98. The company has a debt-to-equity ratio of 3.16, a quick ratio of 0.85 and a current ratio of 1.33. Seagate Technology Holdings PLC has a one year low of $113.20 and a one year high of $862.65. The stock has a fifty day moving average of $583.93 and a 200 day moving average of $420.46.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The data storage provider reported $4.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.51 by $0.59. The business had revenue of $3.11 billion during the quarter, compared to analyst estimates of $2.96 billion. Seagate Technology had a return on equity of 1,005.65% and a net margin of 21.60%.Seagate Technology's revenue for the quarter was up 44.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.90 earnings per share. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. As a group, sell-side analysts predict that Seagate Technology Holdings PLC will post 14.1 EPS for the current year.

Seagate Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 7th. Investors of record on Wednesday, June 24th will be issued a $0.74 dividend. This represents a $2.96 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Wednesday, June 24th. Seagate Technology's dividend payout ratio is currently 28.08%.

Insider Buying and Selling

In related news, Director Stephanie Tilenius sold 1,580 shares of the stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $766.61, for a total transaction of $1,211,243.80. Following the completion of the sale, the director owned 10,664 shares in the company, valued at approximately $8,175,129.04. This trade represents a 12.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Gianluca Romano sold 1,902 shares of the stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $770.00, for a total value of $1,464,540.00. Following the sale, the chief financial officer owned 40,945 shares of the company's stock, valued at $31,527,650. This represents a 4.44% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 142,437 shares of company stock worth $86,093,575 in the last ninety days. Corporate insiders own 0.79% of the company's stock.

Analysts Set New Price Targets

STX has been the subject of several research analyst reports. Morgan Stanley lifted their price objective on Seagate Technology from $582.00 to $767.00 and gave the stock an "overweight" rating in a report on Wednesday, April 29th. Jefferies Financial Group reiterated a "hold" rating on shares of Seagate Technology in a report on Wednesday, February 4th. Wells Fargo & Company lifted their price objective on Seagate Technology from $450.00 to $700.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 29th. The Goldman Sachs Group lifted their price objective on Seagate Technology from $385.00 to $700.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Finally, Cantor Fitzgerald lifted their price objective on Seagate Technology from $700.00 to $1,000.00 and gave the stock an "overweight" rating in a report on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $736.21.

Seagate Technology Company Profile

Seagate Technology NASDAQ: STX is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm's product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate's products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.

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