Polar Asset Management Partners Inc. Increases Stake in Seagate Technology Holdings plc (NASDAQ:STX)

Polar Asset Management Partners Inc. increased its position in Seagate Technology Holdings plc (NASDAQ:STX) by 31.0% in the 4th quarter, HoldingsChannel reports. The fund owned 183,600 shares of the data storage provider’s stock after purchasing an additional 43,400 shares during the period. Polar Asset Management Partners Inc.’s holdings in Seagate Technology were worth $15,847,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Seagate Technology by 9.5% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 48,834 shares of the data storage provider’s stock worth $4,215,000 after acquiring an additional 4,229 shares during the last quarter. Kingswood Wealth Advisors LLC increased its holdings in Seagate Technology by 87.9% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 8,578 shares of the data storage provider’s stock worth $740,000 after acquiring an additional 4,014 shares during the last quarter. Norges Bank purchased a new stake in Seagate Technology in the 4th quarter worth about $25,729,000. Asset Management One Co. Ltd. increased its holdings in Seagate Technology by 9.9% in the 4th quarter. Asset Management One Co. Ltd. now owns 84,222 shares of the data storage provider’s stock worth $7,360,000 after acquiring an additional 7,599 shares during the last quarter. Finally, Rheos Capital Works Inc. increased its holdings in Seagate Technology by 2.5% in the 4th quarter. Rheos Capital Works Inc. now owns 331,500 shares of the data storage provider’s stock worth $28,612,000 after acquiring an additional 8,000 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on STX. Summit Insights raised Seagate Technology from a “hold” rating to a “buy” rating in a report on Wednesday, January 22nd. Morgan Stanley reduced their target price on Seagate Technology from $133.00 to $129.00 and set an “overweight” rating for the company in a report on Tuesday, January 21st. Benchmark raised Seagate Technology from a “hold” rating to a “buy” rating and set a $120.00 target price for the company in a report on Wednesday, January 22nd. Wedbush reaffirmed an “outperform” rating and set a $140.00 target price (down previously from $150.00) on shares of Seagate Technology in a report on Wednesday, April 30th. Finally, Wells Fargo & Company reduced their target price on Seagate Technology from $120.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $114.89.

Insider Buying and Selling

In related news, CEO William D. Mosley sold 20,000 shares of the business’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 value of $1,691,200.00. Following the completion of the sale, the chief executive officer now owns 555,677 shares in the company, valued at $46,988,047.12. The trade was a 3.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.81% of the stock is currently owned by corporate insiders.

Seagate Technology Trading Down 0.3%

Shares of NASDAQ STX opened at $105.19 on Thursday. Seagate Technology Holdings plc has a 12 month low of $63.19 and a 12 month high of $115.32. The firm has a market capitalization of $22.32 billion, a price-to-earnings ratio of 19.23 and a beta of 1.32. The business has a 50-day moving average of $83.73 and a 200-day moving average of $92.37.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.75 by $0.15. The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.14 billion. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. Seagate Technology’s revenue was up 30.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.33 earnings per share. On average, analysts predict that Seagate Technology Holdings plc will post 6.83 earnings per share for the current year.

Seagate Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th will be given a $0.72 dividend. The ex-dividend date is Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a yield of 2.74%. Seagate Technology’s payout ratio is 41.62%.

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.