Seagate Technology Holdings (NASDAQ:STX) experienced a rise in institutional ownership by 1.01% to 203,082K shares, with 1251 funds reporting positions, marking a 2.96% quarterly increase. Despite this, the average portfolio weight dedicated to STX saw a decline of 4.99%. The company also noted a bearish put/call ratio of 1.75.
The firm's average one-year price target stands at $70.04/share, reflecting a 6.83% increase from the prior estimate of $65.56/share. The targets vary from $40.40 to $89.25/share, signifying a 2.37% rise from the closing price of $68.42/share.
JPMorgan Chase (NYSE:JPM) and Sanders Capital boosted their holdings by 5.57% and 4.46%, respectively. In contrast, ValueAct Holdings kept its share count steady at 13,437K shares.
In terms of portfolio allocation changes, JPMorgan Chase upped its STX allocation by a substantial 603.93%. On the other hand, Sanders Capital and FLPSX trimmed their allocations by 13.64% and 12.99%, respectively.
VTSMX also reduced its STX allocation by 12.99%, while its holding in the firm saw a slight increase of 0.78%. FLPSX's holding decreased by 0.16%. ValueAct Holdings' allocation in STX remained static.
InvestingPro Insights
Seagate Technology Holdings, a prominent player in the Technology Hardware, Storage & Peripherals industry, presents a mixed bag of opportunities and challenges. According to InvestingPro, the company has maintained dividend payments for 13 consecutive years and raised its dividend for the past 4 years, indicating a commitment to shareholder returns. This is supported by the fact that the company's dividend yield stood at a healthy 4.1% in the last twelve months as of Q1 2024.
However, the company has been grappling with a declining trend in earnings per share and a predicted sales decline for the current year. This is reflected in the company's market cap of 14.28B USD and a negative P/E ratio of -18.99 as of Q1 2024. Despite these challenges, analysts predict the company will return to profitability this year.
InvestingPro's data also reveals a 3-month price total return of 5.61% and a 1-year price total return of 40.15% as of Q1 2024, indicating a potential upside for investors. For those interested in more insights, InvestingPro offers a plethora of additional tips and data points, providing a comprehensive view of the company's performance and potential.
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