Bank of America Corp DE cut its stake in shares of Seagate Technology Holdings plc (NASDAQ:STX – Get Rating) by 8.8% in the first quarter, Holdings Channel.com reports. The fund owned 8,044,021 shares of the data storage provider’s stock after selling 771,511 shares during the period. Bank of America Corp DE’s holdings in Seagate Technology were worth $723,157,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in the stock. JPMorgan Chase & Co. grew its holdings in shares of Seagate Technology by 7.8% in the first quarter. JPMorgan Chase & Co. now owns 12,957,187 shares of the data storage provider’s stock valued at $1,164,852,000 after purchasing an additional 939,313 shares in the last quarter. State Street Corp grew its holdings in shares of Seagate Technology by 2.5% in the fourth quarter. State Street Corp now owns 9,367,384 shares of the data storage provider’s stock valued at $1,064,798,000 after purchasing an additional 230,667 shares in the last quarter. Sanders Capital LLC grew its holdings in Seagate Technology by 31.1% during the 1st quarter. Sanders Capital LLC now owns 5,240,802 shares of the data storage provider’s stock worth $517,577,000 after acquiring an additional 1,242,350 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Seagate Technology by 41.1% during the 1st quarter. Bank of New York Mellon Corp now owns 3,898,164 shares of the data storage provider’s stock worth $350,445,000 after acquiring an additional 1,134,751 shares in the last quarter. Finally, Norges Bank acquired a new position in Seagate Technology during the 4th quarter worth approximately $221,348,000. 83.07% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research analysts have commented on the stock. Fox Advisors cut shares of Seagate Technology from an “overweight” rating to an “equal weight” rating in a report on Friday, July 22nd. Wedbush lowered their price target on shares of Seagate Technology from $75.00 to $65.00 and set a “neutral” rating for the company in a report on Wednesday, September 7th. Wells Fargo & Company lowered their price target on shares of Seagate Technology from $90.00 to $85.00 and set an “equal weight” rating for the company in a report on Thursday, July 14th. Susquehanna lowered their price target on shares of Seagate Technology from $67.00 to $58.00 in a report on Friday, July 22nd. Finally, Stifel Nicolaus lowered their price target on shares of Seagate Technology from $120.00 to $97.00 and set a “buy” rating for the company in a report on Thursday, September 1st. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $80.48.
Seagate Technology Stock Up 0.2 %
Seagate Technology (NASDAQ:STX – Get Rating) last announced its quarterly earnings data on Thursday, July 21st. The data storage provider reported $1.41 EPS for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.33). The firm had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.80 billion. Seagate Technology had a return on equity of 412.90% and a net margin of 14.14%. During the same quarter in the previous year, the company posted $1.92 EPS. Sell-side analysts expect that Seagate Technology Holdings plc will post 4.95 earnings per share for the current year.
Seagate Technology Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 5th. Shareholders of record on Wednesday, September 21st will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Tuesday, September 20th. This represents a $2.80 dividend on an annualized basis and a yield of 4.46%. Seagate Technology’s payout ratio is currently 38.15%.
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.
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