CIBC Asset Management Inc Buys 3,848 Shares of Seagate Technology Holdings plc (NASDAQ:STX)

CIBC Asset Management Inc grew its stake in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 14.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,578 shares of the data storage provider’s stock after buying an additional 3,848 shares during the period. CIBC Asset Management Inc’s holdings in Seagate Technology were worth $3,349,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Bessemer Group Inc. raised its holdings in Seagate Technology by 68.7% during the first quarter. Bessemer Group Inc. now owns 17,564 shares of the data storage provider’s stock valued at $1,634,000 after acquiring an additional 7,150 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Seagate Technology by 2.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 258,033 shares of the data storage provider’s stock valued at $24,011,000 after purchasing an additional 6,044 shares during the period. Versor Investments LP purchased a new position in Seagate Technology in the 3rd quarter worth approximately $2,146,000. Lighthouse Investment Partners LLC bought a new position in Seagate Technology in the 2nd quarter worth approximately $499,000. Finally, Lazard Asset Management LLC grew its holdings in Seagate Technology by 6.9% during the 1st quarter. Lazard Asset Management LLC now owns 13,609 shares of the data storage provider’s stock valued at $1,266,000 after buying an additional 881 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors.

Seagate Technology Stock Performance

Shares of STX stock opened at $97.02 on Tuesday. The stock has a 50 day moving average price of $105.02 and a 200 day moving average price of $101.45. Seagate Technology Holdings plc has a 52-week low of $75.52 and a 52-week high of $115.32. The firm has a market capitalization of $20.52 billion, a P/E ratio of 25.33 and a beta of 1.05.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.28. The business had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The business’s revenue for the quarter was up 49.1% compared to the same quarter last year. During the same period last year, the company earned ($0.34) earnings per share. As a group, sell-side analysts forecast that Seagate Technology Holdings plc will post 7.18 EPS for the current year.

Seagate Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 2.97%. The ex-dividend date is Friday, December 13th. This is an increase from Seagate Technology’s previous quarterly dividend of $0.70. Seagate Technology’s payout ratio is currently 75.20%.

Analyst Ratings Changes

A number of brokerages have issued reports on STX. Rosenblatt Securities lifted their price target on shares of Seagate Technology from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Northland Securities boosted their target price on Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. The Goldman Sachs Group raised their price target on Seagate Technology from $96.00 to $107.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Susquehanna upped their price objective on Seagate Technology from $55.00 to $65.00 and gave the stock a “negative” rating in a report on Wednesday, July 24th. Finally, Wells Fargo & Company raised their target price on shares of Seagate Technology from $90.00 to $120.00 and gave the company an “equal weight” rating in a report on Wednesday, July 24th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $118.83.

Insider Activity at Seagate Technology

In other Seagate Technology news, EVP Ban Seng Teh sold 4,872 shares of the stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $110.00, for a total transaction of $535,920.00. Following the transaction, the executive vice president now directly owns 9,969 shares in the company, valued at $1,096,590. This represents a 32.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total transaction of $72,075.00. Following the completion of the sale, the director now directly owns 3,034 shares of the company’s stock, valued at $291,567.40. The trade was a 19.82 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 201,820 shares of company stock worth $21,892,856. Company insiders own 0.81% of the company’s stock.

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.