Fifth Third Bancorp Sells 4,876 Shares of Seagate Technology Holdings PLC $STX

Fifth Third Bancorp decreased its stake in shares of Seagate Technology Holdings PLC (NASDAQ:STX) by 18.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 20,978 shares of the data storage provider’s stock after selling 4,876 shares during the period. Fifth Third Bancorp’s holdings in Seagate Technology were worth $19,349,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Wellington Management Group LLP boosted its holdings in shares of Seagate Technology by 2,655.9% in the 2nd quarter. Wellington Management Group LLP now owns 2,414,136 shares of the data storage provider’s stock valued at $2,329,641,000 after purchasing an additional 2,326,538 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of Seagate Technology by 3,872.1% during the 1st quarter. Janus Henderson Group PLC now owns 967,528 shares of the data storage provider’s stock worth $378,985,000 after buying an additional 943,170 shares during the last quarter. Amundi increased its holdings in shares of Seagate Technology by 32.2% during the 1st quarter. Amundi now owns 965,565 shares of the data storage provider’s stock worth $378,267,000 after buying an additional 235,359 shares during the last quarter. Hsbc Holdings PLC raised its position in shares of Seagate Technology by 119.7% in the 1st quarter. Hsbc Holdings PLC now owns 378,527 shares of the data storage provider’s stock worth $147,753,000 after buying an additional 206,196 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in Seagate Technology in the third quarter valued at $183,464,000. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Seagate Technology Price Performance

Shares of NASDAQ STX opened at $528.29 on Friday. Seagate Technology Holdings PLC has a fifty-two week low of $228.61 and a fifty-two week high of $1,145.00. The business has a 50 day moving average price of $740.61 and a two-hundred day moving average price of $698.15. The company has a quick ratio of 1.25, a current ratio of 1.82 and a debt-to-equity ratio of 0.68. The firm has a market cap of $121.27 billion, a PE ratio of 27.75 and a beta of 2.16.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, October 27th. The data storage provider reported $7.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.44 by $0.24. The firm had revenue of $4.23 billion for the quarter, compared to analysts’ expectations of $4.15 billion. Seagate Technology had a net margin of 31.86% and a return on equity of 252.47%. The firm’s quarterly revenue was up 61.0% on a year-over-year basis. During the same period in the prior year, the company posted $2.61 earnings per share. Sell-side analysts expect that Seagate Technology Holdings PLC will post 37.96 earnings per share for the current fiscal year.

Seagate Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 7th. Shareholders of record on Wednesday, December 23rd will be issued a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 0.6%. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.74. The ex-dividend date of this dividend is Wednesday, December 23rd. Seagate Technology’s dividend payout ratio is currently 15.97%.

Insider Buying and Selling at Seagate Technology

In other Seagate Technology news, CFO Gianluca Romano sold 49,984 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $772.16, for a total value of $38,595,645.44. Following the transaction, the chief financial officer owned 70,756 shares of the company’s stock, valued at $54,634,952.96. This trade represents a 41.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Morris sold 15,466 shares of the company’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $772.15, for a total value of $11,942,071.90. Following the transaction, the executive vice president owned 31,132 shares of the company’s stock, valued at approximately $24,038,573.80. The trade was a 33.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 439,747 shares of company stock valued at $349,271,735. Corporate insiders own 0.51% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on STX shares. Wedbush restated an “outperform” rating and issued a $1,000.00 price objective on shares of Seagate Technology in a report on Wednesday, October 28th. Argus lifted their price objective on Seagate Technology from $750.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Rosenblatt Securities decreased their target price on Seagate Technology from $1,400.00 to $1,100.00 and set a “buy” rating for the company in a report on Monday, October 26th. Robert W. Baird set a $1,350.00 target price on shares of Seagate Technology in a research report on Wednesday, October 28th. Finally, UBS Group restated a “buy” rating on shares of Seagate Technology in a report on Monday, November 2nd. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, Seagate Technology currently has an average rating of “Moderate Buy” and a consensus target price of $1,000.88.

Seagate Technology Company Profile

Seagate Technology develops and supplies data-storage products and solutions for businesses and consumers. Its portfolio includes hard disk drives (HDDs), solid-state drives, and storage systems designed for applications ranging from personal computing to large-scale data centers. The company’s products support cloud and enterprise storage, network-attached storage, video surveillance, gaming, and other uses that require digital data to be stored and accessed. Seagate also offers data-management and storage services through its Lyve platform.