Moore Capital Management LP Reduces Position in Seagate Technology Holdings plc (NASDAQ:STX)

Moore Capital Management LP lessened its holdings in Seagate Technology Holdings plc (NASDAQ:STX - Free Report) by 62.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 30,000 shares of the data storage provider's stock after selling 50,000 shares during the period. Moore Capital Management LP's holdings in Seagate Technology were worth $2,589,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of the business. Lazard Asset Management LLC lifted its stake in shares of Seagate Technology by 12.3% in the 4th quarter. Lazard Asset Management LLC now owns 60,138 shares of the data storage provider's stock valued at $5,189,000 after purchasing an additional 6,596 shares during the last quarter. J. Goldman & Co LP acquired a new position in shares of Seagate Technology in the 4th quarter valued at $3,884,000. Jacobs Levy Equity Management Inc. lifted its stake in shares of Seagate Technology by 14.8% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 199,831 shares of the data storage provider's stock valued at $17,247,000 after purchasing an additional 25,832 shares during the last quarter. Janus Henderson Group PLC lifted its stake in Seagate Technology by 2,853.4% during the 4th quarter. Janus Henderson Group PLC now owns 670,976 shares of the data storage provider's stock worth $57,925,000 after acquiring an additional 648,257 shares in the last quarter. Finally, Junto Capital Management LP acquired a new position in Seagate Technology during the 4th quarter worth about $60,303,000. Institutional investors and hedge funds own 92.87% of the company's stock.

Analysts Set New Price Targets

STX has been the topic of several research reports. Northland Securities reissued an "outperform" rating and set a $160.00 target price (up previously from $144.00) on shares of Seagate Technology in a research note on Wednesday, January 22nd. Citigroup decreased their target price on Seagate Technology from $115.00 to $90.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Morgan Stanley decreased their target price on Seagate Technology from $133.00 to $129.00 and set an "overweight" rating on the stock in a research note on Tuesday, January 21st. Wedbush reissued an "outperform" rating and set a $140.00 target price (down previously from $150.00) on shares of Seagate Technology in a research note on Wednesday, April 30th. Finally, StockNews.com lowered Seagate Technology from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $114.11.

Seagate Technology Price Performance

Shares of STX traded up $0.36 during mid-day trading on Friday, reaching $107.79. The company's stock had a trading volume of 3,233,263 shares, compared to its average volume of 2,915,595. Seagate Technology Holdings plc has a 12-month low of $63.19 and a 12-month high of $115.32. The stock has a market cap of $22.87 billion, a PE ratio of 19.71 and a beta of 1.32. The company's 50 day moving average is $84.56 and its 200 day moving average is $92.45.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, beating analysts' consensus estimates of $1.75 by $0.15. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the prior year, the business posted $0.33 EPS. The business's revenue for the quarter was up 30.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Seagate Technology Holdings plc will post 6.83 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Wednesday, June 25th will be issued a $0.72 dividend. The ex-dividend date is Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.67%. Seagate Technology's payout ratio is currently 41.62%.

Insider Activity

In related news, CEO William D. Mosley sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $84.56, for a total transaction of $1,691,200.00. Following the transaction, the chief executive officer now owns 555,677 shares in the company, valued at $46,988,047.12. This trade represents a 3.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.81% of the company's stock.

Seagate Technology Company 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.