Seagate Technology Holdings PLC $STX Stock Acquired by AEGON ASSET MANAGEMENT UK Plc

Key Points

• AEGON Asset Management UK increased its Seagate stake by 697.5% in the third quarter, ending the period with 28,903 shares valued at about $26.7 million. Institutional investors collectively owned 92.87% of the stock.
• Seagate reported quarterly earnings of $7.68 per share, beating estimates of $7.44, while revenue rose 61% year over year to $4.23 billion. The company also raised its quarterly dividend from $0.74 to $0.76 per share.
• Company insiders sold 447,108 shares worth about $356 million over the past three months. Analyst sentiment remained broadly positive, with a “Moderate Buy” consensus rating.

AEGON ASSET MANAGEMENT UK Plc grew its holdings in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 697.5% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 28,903 shares of the data storage provider's stock after buying an additional 25,279 shares during the period. AEGON ASSET MANAGEMENT UK Plc's holdings in Seagate Technology were worth $26,658,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Gryphon Financial Partners LLC increased its stake in shares of Seagate Technology by 3.8% during the third quarter. Gryphon Financial Partners LLC now owns 1,007 shares of the data storage provider's stock worth $929,000 after acquiring an additional 37 shares during the period. Retirement Systems of Alabama lifted its holdings in shares of Seagate Technology by 0.9% in the 3rd quarter. Retirement Systems of Alabama now owns 47,530 shares of the data storage provider's stock valued at $43,839,000 after buying an additional 426 shares during the period. Clear Wave Wealth Management LLC lifted its holdings in shares of Seagate Technology by 185.3% in the 3rd quarter. Clear Wave Wealth Management LLC now owns 662 shares of the data storage provider's stock valued at $611,000 after buying an additional 430 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of Seagate Technology by 39.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 170,689 shares of the data storage provider's stock valued at $161,399,000 after buying an additional 48,549 shares during the period. Finally, Carret Asset Management LLC boosted its stake in shares of Seagate Technology by 2.5% in the third quarter. Carret Asset Management LLC now owns 1,250 shares of the data storage provider's stock valued at $1,153,000 after buying an additional 30 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CFO Gianluca Romano sold 49,984 shares of the firm's stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $772.16, for a total value of $38,595,645.44. Following the completion of the sale, the chief financial officer owned 70,756 shares of the company's stock, valued at $54,634,952.96. This trade represents a 41.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP James Lee sold 547 shares of the company's stock in a transaction dated Friday, October 23rd. The shares were sold at an average price of $642.14, for a total value of $351,250.58. Following the completion of the transaction, the executive vice president owned 1,037 shares in the company, valued at $665,899.18. This represents a 34.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 447,108 shares of company stock valued at $356,049,743. 0.51% of the stock is currently owned by company insiders.

Seagate Technology Stock Performance

Shares of STX opened at $506.14 on Tuesday. The firm's 50 day moving average is $763.11 and its 200-day moving average is $694.63. The stock has a market capitalization of $116.19 billion, a P/E ratio of 28.36 and a beta of 2.16. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.82 and a quick ratio of 1.25. Seagate Technology Holdings PLC has a 12-month low of $228.61 and a 12-month high of $1,145.00.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its earnings results on Tuesday, October 27th. The data storage provider reported $7.68 EPS for the quarter, beating the consensus estimate of $7.44 by $0.24. The business had revenue of $4.23 billion during the quarter, compared to analyst estimates of $4.15 billion. Seagate Technology had a net margin of 31.86% and a return on equity of 252.47%. The business's quarterly revenue was up 61.0% on a year-over-year basis. During the same period in the prior year, the business earned $2.61 earnings per share. Equities research analysts anticipate that Seagate Technology Holdings PLC will post 37.96 EPS for the current fiscal year.

Seagate Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 7th. Stockholders of record on Wednesday, December 23rd will be given a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 0.6%. This is an increase from Seagate Technology's previous quarterly dividend of $0.74. The ex-dividend date of this dividend is Wednesday, December 23rd. Seagate Technology's payout ratio is 15.55%.

Analyst Ratings Changes

Several equities research analysts have commented on STX shares. Robert W. Baird set a $1,350.00 target price on shares of Seagate Technology in a research report on Wednesday, October 28th. Weiss Ratings cut Seagate Technology from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, November 2nd. Wall Street Zen raised shares of Seagate Technology from a "buy" rating to a "strong-buy" rating in a research note on Saturday, September 26th. Rosenblatt Securities lowered their target price on Seagate Technology from $1,400.00 to $1,100.00 and set a "buy" rating for the company in a research note on Monday, October 26th. Finally, Citigroup decreased their price objective on shares of Seagate Technology from $1,300.00 to $1,050.00 and set a "buy" rating for the company in a report on Wednesday, October 28th. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $1,000.88.

Seagate Technology Profile

Seagate Technology develops and supplies data-storage products and solutions for businesses and consumers. Its portfolio includes hard disk drives (HDDs), solid-state drives, and storage systems designed for applications ranging from personal computing to large-scale data centers.

The company's products support cloud and enterprise storage, network-attached storage, video surveillance, gaming, and other uses that require digital data to be stored and accessed. Seagate also offers data-management and storage services through its Lyve platform.

Founded in 1979, Seagate has a long history in the hard disk drive industry.

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