Tennessee Valley Asset Management Partners Acquires New Stake in Seagate Technology Holdings plc (NASDAQ:STX)

Tennessee Valley Asset Management Partners bought a new position in shares of Seagate Technology Holdings plc (NASDAQ:STX) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,816 shares of the data storage provider’s stock, valued at approximately $240,000.

Several other institutional investors have also recently made changes to their positions in STX. Valley National Advisers Inc. increased its holdings in shares of Seagate Technology by 39.7% in the fourth quarter. Valley National Advisers Inc. now owns 507 shares of the data storage provider’s stock worth $43,000 after purchasing an additional 144 shares during the period. NewEdge Wealth LLC increased its holdings in shares of Seagate Technology by 3.6% in the third quarter. NewEdge Wealth LLC now owns 4,214 shares of the data storage provider’s stock worth $278,000 after purchasing an additional 146 shares during the period. IFP Advisors Inc increased its holdings in shares of Seagate Technology by 4.9% in the third quarter. IFP Advisors Inc now owns 3,542 shares of the data storage provider’s stock worth $234,000 after purchasing an additional 164 shares during the period. Bangor Savings Bank increased its holdings in shares of Seagate Technology by 2.5% in the third quarter. Bangor Savings Bank now owns 6,768 shares of the data storage provider’s stock worth $446,000 after purchasing an additional 166 shares during the period. Finally, Mariner LLC increased its holdings in shares of Seagate Technology by 0.6% in the third quarter. Mariner LLC now owns 29,616 shares of the data storage provider’s stock worth $1,953,000 after purchasing an additional 185 shares during the period. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Seagate Technology Trading Down 1.2 %

Seagate Technology stock opened at $82.46 on Monday. The firm has a 50-day moving average of $89.38 and a 200-day moving average of $82.34. The firm has a market cap of $17.28 billion, a P/E ratio of -23.56, a P/E/G ratio of 1,362.98 and a beta of 1.04. Seagate Technology Holdings plc has a 1-year low of $54.32 and a 1-year high of $101.26.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Wednesday, January 24th. The data storage provider reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.19. The firm had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.56 billion. Research analysts forecast that Seagate Technology Holdings plc will post 0.1 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Thursday, March 21st were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.40%. Seagate Technology’s dividend payout ratio is currently -80.00%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Wells Fargo & Company increased their target price on Seagate Technology from $80.00 to $90.00 and gave the company an “equal weight” rating in a research note on Thursday, February 1st. Morgan Stanley raised Seagate Technology from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $73.00 to $115.00 in a research note on Tuesday, March 26th. Susquehanna increased their target price on Seagate Technology from $50.00 to $55.00 and gave the company a “negative” rating in a research note on Wednesday, April 10th. Wedbush reissued a “neutral” rating and issued a $100.00 target price on shares of Seagate Technology in a research note on Thursday, January 25th. Finally, Mizuho reissued a “buy” rating and issued a $100.00 target price on shares of Seagate Technology in a research note on Tuesday, April 9th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $92.07.

Seagate Technology 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.