Freestone Capital Holdings LLC has increased its stake in Seagate Technology Holdings PLC (NASDAQ: STX) by 8.7% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the firm now owns a total of 9,258 shares of the data storage provider, having purchased an additional 738 shares during this period. As of the end of June, Freestone’s holdings in Seagate were valued at approximately $1,336,000.
Other institutional investors have also adjusted their positions in Seagate Technology recently. Harbor Asset Planning Inc. acquired a new stake valued at around $27,000 during the second quarter. Similarly, GoalVest Advisory LLC increased its holdings by 30.6%, bringing its total to 320 shares worth $46,000 after acquiring an additional 75 shares. Wayfinding Financial LLC and Trust Co. of Toledo NA OH also entered the market, purchasing stakes worth approximately $31,000 and $57,000, respectively. Notably, Bruce G. Allen Investments LLC raised its position by 28.1%, now holding 419 shares valued at $60,000. Overall, institutional investors currently own 92.87% of Seagate’s stock.
Seagate Technology’s Performance and Dividend Announcement
As of Tuesday, Seagate Technology shares opened at $265.55. The company boasts a market capitalization of $56.55 billion and a price-to-earnings (PE) ratio of 34.09. The stock has shown significant volatility over the past year, reaching a low of $63.19 and a high of $280.35.
In a recent announcement, Seagate revealed plans to distribute a quarterly dividend of $0.74 per share on January 9, 2024, to shareholders of record as of December 24, 2023. This dividend represents an annualized total of $2.96 and yields approximately 1.1%, marking an increase from the previous dividend of $0.72. The company’s payout ratio stands at 36.97%.
Analysts’ Forecasts and Insider Transactions
Seagate Technology has attracted attention from various analysts, with multiple research reports published recently. On October 29, 2023, TD Cowen raised its price target from $175.00 to $270.00, maintaining a “buy” rating. In a similar vein, Citigroup increased its price target from $250.00 to $275.00, also issuing a “buy” rating. Cantor Fitzgerald reaffirmed an “overweight” rating, setting a price objective of $280.00, while Weiss Ratings assigned a “buy (b-)” rating. Overall, analysts have given Seagate an average rating of “Moderate Buy” with a consensus price target of $263.18.
In insider trading news, Kian Fatt Chong, Executive Vice President, sold 7,078 shares on October 30, 2023, at an average price of $272.14, totaling approximately $1,926,206.92. Additionally, Jay L. Geldmacher, a director, sold 2,500 shares on August 6, 2023, for $376,250.00. Following this transaction, he retained 352 shares valued at $52,976. Over the past ninety days, company insiders sold a total of 53,418 shares worth approximately $12,022,230, with insiders holding 0.79% of the stock.
Seagate Technology Holdings PLC is a prominent provider of data storage technology and solutions, operating internationally in locations such as Singapore, the United States, and the Netherlands. The company specializes in mass capacity storage products, including hard disk drives (HDDs) and solid-state drives (SSDs), catering to both enterprise and consumer markets.
