Golden State Equity Partners Buys New Shares in Seagate Technology Holdings PLC (NASDAQ:STX)

Golden State Equity Partners bought a new position in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 2,437 shares of the data storage provider's stock, valued at approximately $207,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital Research Global Investors increased its holdings in Seagate Technology by 56.5% in the 4th quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider's stock valued at $1,348,262,000 after acquiring an additional 5,640,443 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Seagate Technology by 6.9% during the 4th quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider's stock worth $2,414,446,000 after purchasing an additional 1,814,821 shares during the period. Marshall Wace LLP purchased a new position in shares of Seagate Technology during the 4th quarter worth about $77,341,000. Junto Capital Management LP purchased a new position in shares of Seagate Technology during the 4th quarter worth about $60,303,000. Finally, Janus Henderson Group PLC boosted its position in Seagate Technology by 2,853.4% in the 4th quarter. Janus Henderson Group PLC now owns 670,976 shares of the data storage provider's stock valued at $57,925,000 after buying an additional 648,257 shares during the period. Hedge funds and other institutional investors own 92.87% of the company's stock.

Seagate Technology Trading Up 0.5%

NASDAQ STX traded up $0.75 during trading hours on Friday, reaching $141.44. 4,650,838 shares of the company traded hands, compared to its average volume of 3,131,479. The stock has a market capitalization of $30.02 billion, a PE ratio of 20.44 and a beta of 1.40. The company has a 50 day moving average of $111.34 and a two-hundred day moving average of $97.53. Seagate Technology Holdings PLC has a 12 month low of $63.19 and a 12 month high of $142.47.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.75 by $0.15. Seagate Technology had a net margin of 17.49% and a negative return on equity of 105.02%. The business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.14 billion. During the same period in the previous year, the business posted $0.33 EPS. The company's quarterly revenue was up 30.5% on a year-over-year basis. On average, equities research analysts anticipate that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current year.

Seagate Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Wednesday, June 25th will be given a dividend of $0.72 per share. The ex-dividend date is Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.04%. Seagate Technology's dividend payout ratio (DPR) is 41.62%.

Seagate Technology declared that its Board of Directors has approved a share buyback plan on Thursday, May 22nd that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the data storage provider to repurchase up to 21.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on STX shares. Morgan Stanley boosted their price objective on shares of Seagate Technology from $99.00 to $140.00 and gave the company an "overweight" rating in a research report on Friday, May 23rd. BNP Paribas raised shares of Seagate Technology from a "strong sell" rating to a "hold" rating in a research report on Friday, May 16th. Wall Street Zen cut shares of Seagate Technology from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. UBS Group boosted their price target on shares of Seagate Technology from $80.00 to $85.00 and gave the company a "neutral" rating in a report on Wednesday, April 30th. Finally, Wells Fargo & Company boosted their price target on shares of Seagate Technology from $105.00 to $122.00 and gave the company an "equal weight" rating in a report on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Seagate Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $119.42.

Insiders Place Their Bets

In related news, Director Yolanda Lee Conyers sold 750 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $117.01, for a total value of $87,757.50. Following the sale, the director now directly owns 5,055 shares in the company, valued at $591,485.55. The trade was a 12.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Ban Seng Teh sold 599 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $130.00, for a total transaction of $77,870.00. Following the completion of the sale, the executive vice president now owns 10,329 shares in the company, valued at $1,342,770. The trade was a 5.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 393,791 shares of company stock worth $46,380,998. 0.81% of the stock is owned by corporate insiders.

Seagate Technology Company 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.