Essex Financial Services Inc. Cuts Stock Holdings in Seagate Technology Holdings plc (NASDAQ:STX)

Essex Financial Services Inc. decreased its position in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 27.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,776 shares of the data storage provider’s stock after selling 1,067 shares during the quarter. Essex Financial Services Inc.’s holdings in Seagate Technology were worth $213,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in shares of Seagate Technology by 214.1% during the fourth quarter. JPMorgan Chase & Co. now owns 5,005,897 shares of the data storage provider’s stock valued at $311,167,000 after buying an additional 3,412,343 shares during the last quarter. Morgan Stanley lifted its position in Seagate Technology by 22.8% during the fourth quarter. Morgan Stanley now owns 4,073,442 shares of the data storage provider’s stock valued at $253,205,000 after purchasing an additional 757,290 shares during the period. Norges Bank bought a new position in Seagate Technology during the fourth quarter valued at approximately $138,077,000. Dimensional Fund Advisors LP lifted its position in Seagate Technology by 5.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,879,873 shares of the data storage provider’s stock valued at $116,830,000 after purchasing an additional 94,689 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Seagate Technology by 0.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,118,658 shares of the data storage provider’s stock valued at $69,536,000 after purchasing an additional 4,451 shares during the period. Hedge funds and other institutional investors own 86.44% of the company’s stock.

In other Seagate Technology news, CEO William D. Mosley sold 77,754 shares of Seagate Technology stock in a transaction on Monday, May 3rd. The shares were sold at an average price of $92.49, for a total value of $7,191,467.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Katherine Schuelke sold 24,525 shares of Seagate Technology stock in a transaction on Friday, April 30th. The stock was sold at an average price of $95.70, for a total transaction of $2,347,042.50. Following the completion of the transaction, the senior vice president now directly owns 44,028 shares of the company’s stock, valued at $4,213,479.60. The disclosure for this sale can be found here. Insiders have sold 202,279 shares of company stock valued at $18,751,510 over the last ninety days. 0.97% of the stock is currently owned by corporate insiders.

A number of research analysts recently weighed in on the stock. Argus increased their price objective on shares of Seagate Technology from $75.00 to $86.00 and gave the company a “buy” rating in a research report on Monday, March 22nd. Wedbush restated a “neutral” rating and set a $62.00 price objective on shares of Seagate Technology in a research report on Monday, March 22nd. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Seagate Technology from $80.00 to $95.00 and gave the company a “hold” rating in a research report on Wednesday. Wells Fargo & Company increased their price objective on shares of Seagate Technology from $65.00 to $70.00 and gave the company an “equal weight” rating in a research report on Thursday, February 25th. Finally, Citigroup increased their price target on shares of Seagate Technology from $85.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company. Seagate Technology currently has a consensus rating of “Hold” and a consensus target price of $84.96.

Shares of STX stock opened at $97.46 on Friday. The company has a market cap of $22.31 billion, a P/E ratio of 24.30, a price-to-earnings-growth ratio of 16.82 and a beta of 1.14. The company’s fifty day moving average price is $90.58. Seagate Technology Holdings plc has a one year low of $43.53 and a one year high of $106.22. The company has a quick ratio of 0.81, a current ratio of 1.23 and a debt-to-equity ratio of 10.12.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Thursday, April 22nd. The data storage provider reported $1.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.18 by $0.30. The company had revenue of $2.73 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Seagate Technology had a net margin of 9.80% and a return on equity of 88.26%. Seagate Technology’s quarterly revenue was up .5% on a year-over-year basis. During the same period last year, the company posted $1.38 earnings per share. As a group, equities analysts expect that Seagate Technology Holdings plc will post 4.82 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 7th. Investors of record on Wednesday, May 12th will be paid a dividend of $0.67 per share. The ex-dividend date of this dividend is Tuesday, May 11th. This represents a $2.68 annualized dividend and a yield of 2.75%. Seagate Technology’s payout ratio is 58.64%.

Seagate Technology Profile

Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company offers hard disk and solid state drives, including serial advanced technology attachment, serial attached SCSI, and non-volatile memory express products; solid state hybrid drives; and storage subsystems.

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

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