Czech National Bank Increases Stake in Seagate Technology Holdings plc

The Czech National Bank has raised its investment in Seagate Technology Holdings plc (NASDAQ: STX) by 14.9% in the third quarter of this year, as reported in its latest filing with the Securities and Exchange Commission (SEC). After acquiring an additional 5,563 shares during this period, the bank now holds a total of 42,777 shares in the data storage provider. The value of the Czech National Bank's stake in Seagate Technology is approximately $4,685,000 based on the recent market valuations.

Changes in Institutional Holdings

In addition to the Czech National Bank, several institutional investors and hedge funds have made adjustments to their positions in Seagate Technology recently. Vanguard Group Inc. increased its holdings by 3.1% in the first quarter, now owning 24,753,076 shares valued at about $2.3 billion after adding 746,395 shares. Similarly, Clearbridge Investments LLC raised its stake in Seagate Technology by 14.5% during the same quarter, bringing its total to 2,656,828 shares worth $247.2 million after purchasing 337,464 additional shares.

Duquesne Family Office LLC also increased its holdings, boosting its stake by 22.0% in the second quarter, resulting in 1,755,278 shares valued at approximately $181.3 million. Additionally, Dimensional Fund Advisors LP increased its position by 0.9%, owning 1,019,657 shares valued at $105.3 million after acquiring 9,062 more shares. Russell Investments Group Ltd. enhanced its stake by 6.2%, now holding 688,996 shares valued at $64.1 million after acquiring an extra 40,100 shares. Overall, institutional investors and hedge funds control around 92.87% of Seagate's stock.

Seagate Technology's Market Performance

As of Friday, shares of Seagate Technology were priced at $109.81. Over the past year, the stock has seen a low of $64.12 and a high of $113.57. With a market capitalization of $23.11 billion, Seagate has a price-to-earnings (PE) ratio of 71.31, indicating potential growth but reflecting the company's earnings performance status. The stock's 50-day and 200-day moving averages stand at $102.51 and $98.46, respectively.

Recent Earnings Report

Seagate Technology recently reported its quarterly earnings for the period ending July 23rd, revealing earnings per share (EPS) of $1.05, which surpassed analysts' expectations of $0.76 by $0.29. The company recorded a revenue of $1.89 billion for the quarter, slightly above the anticipated $1.87 billion. Comparatively, the previous year’s quarter had shown a loss of $0.29 per share. This year's quarterly revenue reflects a growth of 17.8% year-on-year. Analysts predict Seagate Technology will achieve an EPS of 6.72 for the current fiscal year.

Dividends and Returns for Shareholders

Recently, Seagate announced a quarterly dividend of $0.70, which was paid on October 7th to shareholders registered before September 23rd. This annualizes to a total dividend of $2.80, providing a yield of 2.55%. The dividend payout ratio stands at 181.82%, implying that the company is returning more than its earnings in dividends.

Analyst Ratings and Projections

Seagate Technology has been the focus of several recent analyst reports. TD Cowen raised its price target from $110.00 to $135.00 and rated the stock as "buy". Evercore ISI also lifted their target from $110.00 to $125.00 with an "outperform" rating. Wells Fargo increased its target to $120.00 and gave the stock an "equal weight" rating. MarketBeat shows that Seagate currently has a consensus rating of "hold" and an average price target of $115.94. The stock has garnered mixed ratings, with some analysts offering sell and hold ratings, while others are more optimistic, predicting buying opportunities.

Insider Transactions

In insider news, CEO William D. Mosley sold 20,000 shares at an average price of $93.46 on August 7th, totaling approximately $1.87 million. Following the transaction, he continues to hold 654,270 shares valued at about $61.15 million, indicating a minimal change in his ownership percentage. Another insider, Director Yolanda Lee Conyers, sold 750 shares on September 4th at an average price of $96.10, bringing the total transaction to $72,075. These transactions highlight ongoing activities among insiders, as over the last three months, insiders have sold 223,284 shares valued at approximately $23.8 million, with insiders currently owning around 0.81% of the stock.

Company Overview

Seagate Technology Holdings plc is a key player in the data storage industry, offering various data storage solutions across the globe, particularly in the United States, Singapore, and the Netherlands. The company specializes in mass capacity storage products, including hard disk drives (HDDs), solid-state drives (SSDs), and network-attached storage devices, catering to both enterprise solutions and consumer needs.

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