Deroy & Devereaux Private Investment Counsel Inc. Increases Stock Position in Seagate Technology Holdings PLC $STX

Deroy & Devereaux Private Investment Counsel Inc. lifted its holdings in shares of Seagate Technology Holdings PLC (NASDAQ:STX) by 12.3% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 138,429 shares of the data storage provider’s stock after purchasing an additional 15,143 shares during the period. Seagate Technology accounts for about 1.6% of Deroy & Devereaux Private Investment Counsel Inc.’s investment portfolio, making the stock its 16th biggest holding. Deroy & Devereaux Private Investment Counsel Inc.’s holdings in Seagate Technology were worth $32,678,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of STX. State Street Corp grew its holdings in Seagate Technology by 5.0% during the second quarter. State Street Corp now owns 9,001,365 shares of the data storage provider’s stock worth $1,305,499,000 after acquiring an additional 432,455 shares during the period. Geode Capital Management LLC boosted its position in shares of Seagate Technology by 1.9% during the 2nd quarter. Geode Capital Management LLC now owns 4,567,181 shares of the data storage provider’s stock worth $656,066,000 after purchasing an additional 85,660 shares in the last quarter. Soroban Capital Partners LP grew its stake in shares of Seagate Technology by 1,468.1% during the 2nd quarter. Soroban Capital Partners LP now owns 1,417,600 shares of the data storage provider’s stock worth $204,602,000 after purchasing an additional 1,327,197 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Seagate Technology by 1.5% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,386,524 shares of the data storage provider’s stock valued at $200,117,000 after purchasing an additional 20,618 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Seagate Technology in the second quarter valued at about $197,027,000. 92.87% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

STX has been the topic of several recent analyst reports. Zacks Research upgraded shares of Seagate Technology from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 2nd. Morgan Stanley raised their price objective on Seagate Technology from $270.00 to $337.00 and gave the company an “overweight” rating in a research note on Wednesday, December 17th. BNP Paribas Exane decreased their target price on Seagate Technology from $240.00 to $230.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 29th. Cantor Fitzgerald upped their target price on Seagate Technology from $280.00 to $400.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Finally, Wells Fargo & Company lifted their price target on Seagate Technology from $250.00 to $360.00 and gave the stock an “equal weight” rating in a research note on Thursday. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $314.74.

Seagate Technology Stock Up 2.6%

NASDAQ STX opened at $320.32 on Friday. The stock has a market cap of $68.41 billion, a price-to-earnings ratio of 41.12, a price-to-earnings-growth ratio of 1.22 and a beta of 1.60. Seagate Technology Holdings PLC has a fifty-two week low of $63.19 and a fifty-two week high of $332.00. The business has a fifty day moving average of $282.16 and a 200-day moving average of $221.57.

Seagate Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 9th. Shareholders of record on Wednesday, December 24th were paid a dividend of $0.74 per share. The ex-dividend date of this dividend was Wednesday, December 24th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.9%. This is a boost from Seagate Technology’s previous quarterly dividend of $0.72. Seagate Technology’s dividend payout ratio is currently 38.00%.

Insider Buying and Selling at Seagate Technology

In related news, CFO Gianluca Romano sold 54,021 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $285.16, for a total value of $15,404,628.36. Following the completion of the sale, the chief financial officer directly owned 56,293 shares in the company, valued at approximately $16,052,511.88. The trade was a 48.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ban Seng Teh sold 1,412 shares of the stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $299.31, for a total transaction of $422,625.72. Following the transaction, the executive vice president directly owned 13,693 shares in the company, valued at approximately $4,098,451.83. This represents a 9.35% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 132,557 shares of company stock valued at $36,847,793. 0.79% of the stock is currently owned by insiders.

About Seagate Technology

Seagate Technology (NASDAQ: STX) is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm’s product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate’s products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.