Leisure Capital Management Cuts Stock Holdings in Seagate Technology Holdings plc (NASDAQ:STX)

Leisure Capital Management decreased its holdings in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 17.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,825 shares of the data storage provider’s stock after selling 3,230 shares during the quarter. Leisure Capital Management’s holdings in Seagate Technology were worth $1,351,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in shares of Seagate Technology during the fourth quarter worth about $26,000. CVA Family Office LLC purchased a new stake in Seagate Technology in the fourth quarter worth approximately $27,000. Turtle Creek Wealth Advisors LLC purchased a new stake in Seagate Technology in the fourth quarter worth approximately $28,000. Parkside Financial Bank & Trust boosted its stake in Seagate Technology by 85.4% in the third quarter. Parkside Financial Bank & Trust now owns 445 shares of the data storage provider’s stock worth $29,000 after buying an additional 205 shares in the last quarter. Finally, Exchange Traded Concepts LLC purchased a new stake in Seagate Technology in the fourth quarter worth approximately $43,000. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Seagate Technology Price Performance

Shares of Seagate Technology stock traded down $1.22 during trading on Friday, hitting $86.04. 3,637,434 shares of the company’s stock traded hands, compared to its average volume of 3,003,319. Seagate Technology Holdings plc has a 1 year low of $54.47 and a 1 year high of $101.26. The stock has a market capitalization of $18.03 billion, a P/E ratio of -66.70, a PEG ratio of 480.77 and a beta of 1.04. The business has a 50-day simple moving average of $89.25 and a 200-day simple moving average of $82.81.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.29 by $0.04. The business had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same period last year, the business earned ($0.43) earnings per share. The company’s quarterly revenue was down 11.0% on a year-over-year basis. On average, equities analysts predict that Seagate Technology Holdings plc will post 0.15 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Thursday, June 20th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date is Thursday, June 20th. Seagate Technology’s dividend payout ratio is -217.05%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on STX shares. Robert W. Baird upped their target price on Seagate Technology from $70.00 to $100.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Barclays cut their target price on Seagate Technology from $85.00 to $80.00 and set an “equal weight” rating for the company in a research note on Monday, April 22nd. Morgan Stanley upgraded Seagate Technology from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $73.00 to $115.00 in a research report on Tuesday, March 26th. Cantor Fitzgerald boosted their price objective on Seagate Technology from $95.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Mizuho reiterated a “buy” rating and issued a $100.00 price objective on shares of Seagate Technology in a research report on Tuesday, April 9th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $94.53.

About Seagate Technology

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.