Fortis Advisors LLC Lowers Stake in Seagate Technology Holdings plc (NASDAQ:STX)

Fortis Advisors LLC cut its stake in Seagate Technology Holdings plc (NASDAQ:STX) by 1.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,350 shares of the data storage provider’s stock after selling 240 shares during the quarter. Seagate Technology makes up approximately 1.3% of Fortis Advisors LLC’s portfolio, making the stock its 22nd largest holding. Fortis Advisors LLC’s holdings in Seagate Technology were worth $2,015,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Tealwood Asset Management Inc. raised its holdings in Seagate Technology by 0.7% in the 4th quarter. Tealwood Asset Management Inc. now owns 28,620 shares of the data storage provider’s stock valued at $2,470,000 after acquiring an additional 198 shares during the last quarter. AdvisorNet Financial Inc raised its holdings in Seagate Technology by 3.7% in the 4th quarter. AdvisorNet Financial Inc now owns 3,377 shares of the data storage provider’s stock valued at $291,000 after acquiring an additional 122 shares during the last quarter. Elevated Capital Advisors LLC raised its holdings in Seagate Technology by 6.4% in the 4th quarter. Elevated Capital Advisors LLC now owns 11,787 shares of the data storage provider’s stock valued at $1,017,000 after acquiring an additional 711 shares during the last quarter. Czech National Bank raised its holdings in Seagate Technology by 7.2% in the 4th quarter. Czech National Bank now owns 45,864 shares of the data storage provider’s stock valued at $3,959,000 after acquiring an additional 3,087 shares during the last quarter. Finally, CCM Investment Advisers LLC increased its holdings in shares of Seagate Technology by 2.8% during the 4th quarter. CCM Investment Advisers LLC now owns 145,304 shares of the data storage provider’s stock worth $12,541,000 after buying an additional 3,952 shares during the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Seagate Technology

In other Seagate Technology news, Director Jay L. Geldmacher sold 4,100 shares of the stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $103.30, for a total transaction of $423,530.00. Following the transaction, the director now directly owns 2,852 shares in the company, valued at $294,611.60. This represents a 58.98 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William D. Mosley sold 20,000 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $99.53, for a total transaction of $1,990,600.00. Following the completion of the sale, the chief executive officer now directly owns 642,497 shares in the company, valued at approximately $63,947,726.41. This trade represents a 3.02 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 55,304 shares of company stock valued at $5,656,238. Company insiders own 0.81% of the company’s stock.

Seagate Technology Stock Performance

NASDAQ STX opened at $88.93 on Tuesday. The firm has a market cap of $18.81 billion, a PE ratio of 23.22 and a beta of 1.06. Seagate Technology Holdings plc has a one year low of $82.31 and a one year high of $115.32. The firm’s fifty day moving average is $95.13 and its two-hundred day moving average is $100.53.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.30 by $0.28. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The business had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period in the previous year, the business posted ($0.34) earnings per share. The business’s revenue was up 49.1% compared to the same quarter last year. Research analysts predict that Seagate Technology Holdings plc will post 7.18 earnings per share for the current year.

Seagate Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Sunday, December 15th were issued a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 3.24%. The ex-dividend date of this dividend was Friday, December 13th. This is an increase from Seagate Technology’s previous quarterly dividend of $0.70. Seagate Technology’s dividend payout ratio is 75.20%.

Analysts Set New Price Targets

STX has been the subject of a number of recent analyst reports. Mizuho cut their price target on shares of Seagate Technology from $130.00 to $110.00 and set an “outperform” rating for the company in a report on Friday. Wedbush reiterated an “outperform” rating and issued a $150.00 target price on shares of Seagate Technology in a report on Wednesday, October 23rd. Cantor Fitzgerald reiterated a “neutral” rating and issued a $125.00 target price on shares of Seagate Technology in a report on Wednesday, October 23rd. Northland Securities lifted their target price on shares of Seagate Technology from $142.00 to $144.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Finally, Benchmark reiterated a “hold” rating on shares of Seagate Technology in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $121.53.

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.