Chapin Davis Inc. Purchases New Position in Seagate Technology Holdings PLC $STX

Chapin Davis Inc. acquired a new stake in shares of Seagate Technology Holdings PLC (NASDAQ:STX) during the 3rd quarter, HoldingsChannel.com reports. The fund acquired 38,399 shares of the data storage provider’s stock, valued at approximately $9,064,000. Seagate Technology comprises approximately 2.2% of Chapin Davis Inc.’s investment portfolio, making the stock its 11th largest holding.

Other institutional investors have also recently added to or reduced their stakes in the company. Vision Financial Markets LLC bought a new position in shares of Seagate Technology during the 2nd quarter valued at $173,000. Nordea Investment Management AB lifted its position in shares of Seagate Technology by 18.0% in the second quarter. Nordea Investment Management AB now owns 18,422 shares of the data storage provider’s stock worth $2,632,000 after buying an additional 2,808 shares during the last quarter. Central Asset Investments & Management Holdings HK Ltd lifted its position in shares of Seagate Technology by 185.8% in the second quarter. Central Asset Investments & Management Holdings HK Ltd now owns 18,734 shares of the data storage provider’s stock worth $2,704,000 after buying an additional 12,178 shares during the last quarter. Retirement Planning Co of New England Inc. bought a new stake in shares of Seagate Technology during the 1st quarter worth about $272,000. Finally, Channing Capital Management LLC acquired a new position in shares of Seagate Technology during the 2nd quarter valued at about $4,542,000. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on STX shares. Fox Advisors upped their target price on Seagate Technology from $245.00 to $270.00 in a research report on Wednesday, October 29th. Evercore ISI boosted their price objective on shares of Seagate Technology from $160.00 to $330.00 and gave the stock an “outperform” rating in a research note on Monday, October 13th. UBS Group decreased their price objective on shares of Seagate Technology from $235.00 to $230.00 and set a “neutral” rating for the company in a report on Wednesday, October 29th. The Goldman Sachs Group lifted their target price on shares of Seagate Technology from $170.00 to $270.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Finally, Wells Fargo & Company boosted their target price on shares of Seagate Technology from $240.00 to $250.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 29th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $293.13.

Insiders Place Their Bets

In other Seagate Technology news, Director Stephanie Tilenius sold 2,046 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $266.41, for a total value of $545,074.86. Following the completion of the sale, the director owned 12,244 shares in the company, valued at approximately $3,261,924.04. This trade represents a 14.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ban Seng Teh sold 6,000 shares of Seagate Technology stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $270.00, for a total value of $1,620,000.00. Following the sale, the executive vice president directly owned 12,041 shares in the company, valued at $3,251,070. The trade was a 33.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 132,555 shares of company stock valued at $36,030,007 in the last quarter. 0.79% of the stock is currently owned by insiders.

Seagate Technology Trading Up 5.2%

Shares of STX stock opened at $292.00 on Friday. The firm has a market capitalization of $62.36 billion, a P/E ratio of 37.48, a price-to-earnings-growth ratio of 1.09 and a beta of 1.59. Seagate Technology Holdings PLC has a 1 year low of $63.19 and a 1 year high of $308.93. The firm’s fifty day simple moving average is $258.69 and its 200 day simple moving average is $198.65.

Seagate Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 9th. Stockholders of record on Wednesday, December 24th will be issued a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Wednesday, December 24th. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.72. Seagate Technology’s payout ratio is presently 36.97%.

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.