Victory Capital Management Inc. Buys 397,221 Shares of Seagate Technology Holdings plc (NASDAQ:STX)

Victory Capital Management Inc. grew its stake in shares of Seagate Technology Holdings plc (NASDAQ:STXGet Rating) by 264.2% during the third quarter, Holdings Channel.com reports. The institutional investor owned 547,594 shares of the data storage provider’s stock after acquiring an additional 397,221 shares during the quarter. Victory Capital Management Inc.’s holdings in Seagate Technology were worth $29,148,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its holdings in Seagate Technology by 10.8% during the second quarter. JPMorgan Chase & Co. now owns 14,358,118 shares of the data storage provider’s stock worth $1,025,744,000 after buying an additional 1,400,931 shares during the last quarter. FMR LLC boosted its holdings in Seagate Technology by 14.5% during the second quarter. FMR LLC now owns 8,827,629 shares of the data storage provider’s stock worth $630,645,000 after buying an additional 1,118,373 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Seagate Technology by 1.5% during the 2nd quarter. Legal & General Group Plc now owns 2,167,756 shares of the data storage provider’s stock valued at $154,865,000 after purchasing an additional 33,081 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Seagate Technology by 4.4% during the 1st quarter. Invesco Ltd. now owns 1,843,144 shares of the data storage provider’s stock valued at $165,698,000 after purchasing an additional 78,298 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. bought a new position in shares of Seagate Technology during the 2nd quarter valued at about $83,163,000. Institutional investors own 82.69% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Susquehanna Bancshares cut their price objective on Seagate Technology from $40.00 to $38.00 in a report on Thursday, October 27th. Susquehanna cut their price objective on Seagate Technology from $40.00 to $38.00 in a report on Thursday, October 27th. UBS Group cut Seagate Technology from a “buy” rating to a “neutral” rating and cut their price objective for the company from $85.00 to $55.00 in a report on Thursday, October 27th. StockNews.com assumed coverage on Seagate Technology in a report on Wednesday, October 12th. They set a “hold” rating on the stock. Finally, Barclays cut their price objective on Seagate Technology from $65.00 to $50.00 and set an “equal weight” rating on the stock in a report on Thursday, October 27th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Seagate Technology has a consensus rating of “Hold” and a consensus price target of $70.83.

Seagate Technology Stock Up 2.0 %

STX stock opened at $59.34 on Monday. The company has a current ratio of 1.19, a quick ratio of 0.68 and a debt-to-equity ratio of 46.44. The firm has a market capitalization of $12.25 billion, a PE ratio of 11.41, a PEG ratio of 38.74 and a beta of 1.06. Seagate Technology Holdings plc has a 1-year low of $47.47 and a 1-year high of $117.03. The business’s 50 day simple moving average is $54.01 and its 200 day simple moving average is $61.79.

Seagate Technology (NASDAQ:STXGet Rating) last posted its earnings results on Wednesday, October 26th. The data storage provider reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.15). The business had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.11 billion. Seagate Technology had a return on equity of 716.97% and a net margin of 10.89%. The firm’s revenue was down 34.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.27 earnings per share. As a group, research analysts anticipate that Seagate Technology Holdings plc will post 1.27 EPS for the current year.

Seagate Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 5th. Investors of record on Wednesday, December 21st were paid a $0.70 dividend. The ex-dividend date of this dividend was Tuesday, December 20th. This represents a $2.80 annualized dividend and a yield of 4.72%. Seagate Technology’s dividend payout ratio (DPR) is presently 53.85%.

About Seagate Technology

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Seagate Technology Holdings Plc operates as holding company that is engaged in the development, production, and distribution of data storage products and electronic data storage solutions. Its products include hard disk drives, solid state hybrid drives, solid state drives, peripheral component interconnect express cards, serial advanced technology attachment controllers, storage subsystems and computing solutions.

Further Reading

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Institutional Ownership by Quarter for Seagate Technology (NASDAQ:STX)

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