Geneos Wealth Management Inc. Cuts Holdings in Seagate Technology Holdings plc (NASDAQ:STX)

Geneos Wealth Management Inc. cut its holdings in Seagate Technology Holdings plc (NASDAQ:STX) by 7.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,539 shares of the data storage provider’s stock after selling 200 shares during the quarter. Geneos Wealth Management Inc.’s holdings in Seagate Technology were worth $236,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of STX. Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in shares of Seagate Technology during the 4th quarter valued at approximately $26,000. CVA Family Office LLC purchased a new stake in Seagate Technology during the fourth quarter worth $27,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Seagate Technology in the fourth quarter valued at $28,000. Northwest Financial Advisors purchased a new position in shares of Seagate Technology in the fourth quarter valued at $31,000. Finally, Exchange Traded Concepts LLC acquired a new position in shares of Seagate Technology during the 4th quarter worth $43,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on STX shares. Mizuho increased their target price on Seagate Technology from $100.00 to $110.00 and gave the company a “buy” rating in a report on Friday, May 31st. Susquehanna lifted their price objective on Seagate Technology from $50.00 to $55.00 and gave the stock a “negative” rating in a research report on Wednesday, April 10th. Bank of America reissued a “buy” rating and issued a $110.00 target price on shares of Seagate Technology in a research note on Wednesday, June 5th. Barclays lowered their price target on shares of Seagate Technology from $85.00 to $80.00 and set an “equal weight” rating for the company in a report on Monday, April 22nd. Finally, Morgan Stanley raised shares of Seagate Technology from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $73.00 to $115.00 in a research note on Tuesday, March 26th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $98.29.

Insider Transactions at Seagate Technology

In other Seagate Technology news, SVP John Christopher Morris sold 11,158 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the transaction, the senior vice president now owns 17,767 shares of the company’s stock, valued at approximately $1,599,030. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Seagate Technology news, SVP John Christopher Morris sold 11,158 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the transaction, the senior vice president now owns 17,767 shares of the company’s stock, valued at approximately $1,599,030. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Ban Seng Teh sold 9,703 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $95.00, for a total value of $921,785.00. Following the transaction, the executive vice president now directly owns 15,185 shares in the company, valued at approximately $1,442,575. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,531 shares of company stock valued at $3,592,946. Insiders own 0.89% of the company’s stock.

Seagate Technology Stock Down 0.6 %

STX opened at $106.11 on Friday. The firm’s 50 day moving average is $98.51 and its 200-day moving average is $91.37. Seagate Technology Holdings plc has a 52-week low of $57.32 and a 52-week high of $107.91. The firm has a market capitalization of $22.28 billion, a P/E ratio of -82.26 and a beta of 1.02.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.04. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the prior year, the business earned ($0.43) earnings per share. The firm’s revenue was down 11.0% on a year-over-year basis. Equities analysts expect that Seagate Technology Holdings plc will post 0.44 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 5th. Stockholders of record on Thursday, June 20th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.64%. The ex-dividend date was Thursday, June 20th. Seagate Technology’s payout ratio is currently -217.05%.

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.