CCM Investment Advisers LLC Boosts Holdings in Seagate Technology Holdings plc (NASDAQ:STX)

11 Oct 2024, 18:42 by Danessa Lincoln · The Markets Daily

CCM Investment Advisers LLC raised its stake in shares of Seagate Technology Holdings plc (NASDAQ:STX – Free Report) by 5.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 141,352 shares of the data storage provider’s stock after purchasing an additional 6,957 shares during the period. Seagate Technology accounts for 1.7% of CCM Investment Advisers LLC’s holdings, making the stock its 24th biggest position. CCM Investment Advisers LLC owned about 0.07% of Seagate Technology worth $15,482,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in STX. Quarry LP purchased a new position in Seagate Technology during the second quarter valued at $27,000. Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of Seagate Technology by 2,407.1% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock worth $36,000 after buying an additional 337 shares in the last quarter. Family Firm Inc. purchased a new position in shares of Seagate Technology in the second quarter worth about $41,000. Richardson Financial Services Inc. purchased a new position in shares of Seagate Technology in the fourth quarter worth about $47,000. Finally, Larson Financial Group LLC lifted its stake in shares of Seagate Technology by 15,766.7% in the second quarter. Larson Financial Group LLC now owns 476 shares of the data storage provider’s stock worth $49,000 after buying an additional 473 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Seagate Technology Stock Down 1.1 %

Shares of Seagate Technology stock opened at $108.12 on Friday. Seagate Technology Holdings plc has a 52-week low of $64.12 and a 52-week high of $113.57. The company has a 50 day moving average of $102.21 and a 200 day moving average of $98.31. The company has a market capitalization of $22.76 billion, a P/E ratio of 70.21 and a beta of 1.04.

Seagate Technology (NASDAQ:STX – Get Free Report) last issued its quarterly earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.29. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The company had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same quarter in the previous year, the firm earned ($0.29) earnings per share. The firm’s quarterly revenue was up 17.8% on a year-over-year basis. As a group, research analysts anticipate that Seagate Technology Holdings plc will post 6.72 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Monday, September 23rd were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, September 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.59%. Seagate Technology’s dividend payout ratio is presently 181.82%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on STX shares. Benchmark reissued a “hold” rating on shares of Seagate Technology in a research note on Wednesday, July 24th. Northland Securities raised their price objective on shares of Seagate Technology from $119.00 to $142.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Morgan Stanley raised their price objective on shares of Seagate Technology from $115.00 to $133.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Cantor Fitzgerald raised their price objective on shares of Seagate Technology from $120.00 to $125.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Finally, StockNews.com upgraded shares of Seagate Technology from a “hold” rating to a “buy” rating in a research report on Wednesday. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $115.94.

Get Our Latest Stock Report on Seagate Technology

Insider Transactions at Seagate Technology

In other news, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total transaction of $72,075.00. Following the completion of the sale, the director now owns 3,034 shares in the company, valued at approximately $291,567.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Ban Seng Teh sold 4,872 shares of the company’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $110.00, for a total value of $535,920.00. Following the completion of the sale, the executive vice president now owns 9,969 shares in the company, valued at $1,096,590. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total transaction of $72,075.00. Following the completion of the sale, the director now owns 3,034 shares of the company’s stock, valued at approximately $291,567.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 223,284 shares of company stock worth $23,800,887. 0.81% of the stock is currently owned by insiders.

Seagate Technology Company Profile

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