GAM Holding AG Trims Stake in Seagate Technology Holdings plc (NASDAQ:STX)

GAM Holding AG reduced its position in Seagate Technology Holdings plc (NASDAQ:STX) by 64.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 32,823 shares of the data storage provider’s stock after selling 58,898 shares during the quarter. GAM Holding AG’s holdings in Seagate Technology were worth $3,595,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quarry LP purchased a new position in shares of Seagate Technology during the second quarter worth approximately $27,000. Kayne Anderson Rudnick Investment Management LLC boosted its stake in Seagate Technology by 2,407.1% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock valued at $36,000 after acquiring an additional 337 shares in the last quarter. Family Firm Inc. acquired a new stake in shares of Seagate Technology during the second quarter worth $41,000. Larson Financial Group LLC lifted its stake in shares of Seagate Technology by 15,766.7% during the second quarter. Larson Financial Group LLC now owns 476 shares of the data storage provider’s stock worth $49,000 after buying an additional 473 shares during the period. Finally, Gilliland Jeter Wealth Management LLC acquired a new stake in shares of Seagate Technology during the third quarter worth $55,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Seagate Technology

In other news, CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $93.46, for a total value of $1,869,200.00. Following the transaction, the chief executive officer now directly owns 654,270 shares in the company, valued at approximately $61,148,074.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Gianluca Romano sold 25,760 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $94.54, for a total transaction of $2,435,350.40. Following the sale, the chief financial officer now directly owns 52,620 shares of the company’s stock, valued at $4,974,694.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $93.46, for a total transaction of $1,869,200.00. Following the sale, the chief executive officer now directly owns 654,270 shares in the company, valued at approximately $61,148,074.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 214,298 shares of company stock worth $22,814,576. 0.81% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

STX has been the subject of a number of research reports. Wedbush boosted their target price on shares of Seagate Technology from $100.00 to $130.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Citigroup lifted their price objective on shares of Seagate Technology from $120.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. UBS Group lifted their price objective on shares of Seagate Technology from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Benchmark reissued a “hold” rating on shares of Seagate Technology in a research note on Wednesday, July 24th. Finally, Barclays boosted their target price on shares of Seagate Technology from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 24th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $115.94.

Seagate Technology Price Performance

NASDAQ:STX opened at $112.64 on Wednesday. The firm has a market capitalization of $23.71 billion, a price-to-earnings ratio of 73.14 and a beta of 1.04. The company’s 50-day moving average is $104.92 and its two-hundred day moving average is $99.52. Seagate Technology Holdings plc has a 1-year low of $64.12 and a 1-year high of $115.32.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.32. The company had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. Seagate Technology’s revenue was up 49.1% on a year-over-year basis. During the same period in the previous year, the business posted ($0.34) EPS. As a group, equities analysts anticipate that Seagate Technology Holdings plc will post 7.09 earnings per share for the current fiscal year.

Seagate Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be issued a $0.72 dividend. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.70. This represents a $2.88 annualized dividend and a dividend yield of 2.56%. Seagate Technology’s dividend payout ratio is currently 181.82%.

About Seagate Technology

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.