Maple Rock Capital Partners Inc. Has $30.11 Million Position in Seagate Technology Holdings plc (NASDAQ:STX)

Maple Rock Capital Partners Inc. decreased its holdings in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 31.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 274,900 shares of the data storage provider’s stock after selling 127,900 shares during the quarter. Seagate Technology comprises approximately 0.9% of Maple Rock Capital Partners Inc.’s holdings, making the stock its 21st largest position. Maple Rock Capital Partners Inc. owned about 0.13% of Seagate Technology worth $30,110,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in STX. Victory Capital Management Inc. boosted its holdings in Seagate Technology by 133.8% in the 3rd quarter. Victory Capital Management Inc. now owns 171,952 shares of the data storage provider’s stock valued at $18,834,000 after purchasing an additional 98,418 shares during the period. Versor Investments LP bought a new position in Seagate Technology during the third quarter valued at about $2,146,000. Lighthouse Investment Partners LLC acquired a new position in Seagate Technology in the 2nd quarter valued at approximately $499,000. Forte Capital LLC ADV lifted its position in shares of Seagate Technology by 29.8% in the 3rd quarter. Forte Capital LLC ADV now owns 28,972 shares of the data storage provider’s stock worth $3,173,000 after acquiring an additional 6,653 shares during the period. Finally, Cetera Advisors LLC increased its position in shares of Seagate Technology by 129.4% during the first quarter. Cetera Advisors LLC now owns 13,036 shares of the data storage provider’s stock valued at $1,213,000 after purchasing an additional 7,353 shares during the period. Institutional investors and hedge funds own 92.87% of the company’s stock.

Analyst Ratings Changes

STX has been the topic of several analyst reports. Citigroup boosted their price target on shares of Seagate Technology from $125.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Benchmark reissued a “hold” rating on shares of Seagate Technology in a research report on Wednesday, October 23rd. Cantor Fitzgerald reiterated a “neutral” rating and issued a $125.00 price objective on shares of Seagate Technology in a research note on Wednesday, October 23rd. StockNews.com raised Seagate Technology from a “hold” rating to a “buy” rating in a research note on Thursday, October 17th. Finally, Northland Securities increased their price objective on Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $118.83.

Insider Buying and Selling

In other news, SVP John Christopher Morris sold 1,131 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $111.90, for a total value of $126,558.90. Following the completion of the transaction, the senior vice president now owns 7,191 shares in the company, valued at $804,672.90. This trade represents a 13.59 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $99.53, for a total value of $1,990,600.00. Following the sale, the chief executive officer now owns 642,497 shares in the company, valued at approximately $63,947,726.41. This represents a 3.02 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 201,070 shares of company stock valued at $21,820,781. Company insiders own 0.81% of the company’s stock.

Seagate Technology Trading Down 4.2 %

NASDAQ STX opened at $98.80 on Wednesday. The company has a market capitalization of $20.90 billion, a PE ratio of 25.80 and a beta of 1.03. The stock has a 50-day simple moving average of $104.30 and a 200 day simple moving average of $102.07. Seagate Technology Holdings plc has a 12 month low of $76.87 and a 12 month high of $115.32.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.28. The business had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. Seagate Technology’s revenue for the quarter was up 49.1% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.34) EPS. As a group, sell-side analysts predict that Seagate Technology Holdings plc will post 7.18 earnings per share for the current fiscal year.

Seagate Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Sunday, December 15th will be given a $0.72 dividend. This is a boost from Seagate Technology’s previous quarterly dividend of $0.70. This represents a $2.88 annualized dividend and a yield of 2.91%. The ex-dividend date of this dividend is Friday, December 13th. Seagate Technology’s payout ratio is currently 75.20%.

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.