Ameriprise Financial Inc. lowered its position in shares of Seagate Technology Holdings plc (NASDAQ:STX - Free Report) by 50.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 95,298 shares of the data storage provider's stock after selling 95,980 shares during the period. Ameriprise Financial Inc.'s holdings in Seagate Technology were worth $8,243,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. AXA S.A. increased its holdings in shares of Seagate Technology by 465.4% in the fourth quarter. AXA S.A. now owns 19,150 shares of the data storage provider's stock worth $1,653,000 after buying an additional 15,763 shares during the period. Schonfeld Strategic Advisors LLC increased its holdings in shares of Seagate Technology by 2,668.3% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 108,242 shares of the data storage provider's stock worth $9,342,000 after buying an additional 104,332 shares during the period. AQR Capital Management LLC increased its holdings in shares of Seagate Technology by 10.3% in the fourth quarter. AQR Capital Management LLC now owns 675,743 shares of the data storage provider's stock worth $58,323,000 after buying an additional 63,142 shares during the period. Lido Advisors LLC increased its holdings in shares of Seagate Technology by 55.4% in the fourth quarter. Lido Advisors LLC now owns 12,111 shares of the data storage provider's stock worth $1,054,000 after buying an additional 4,320 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Seagate Technology by 13.4% in the fourth quarter. Northern Trust Corp now owns 1,655,699 shares of the data storage provider's stock worth $142,903,000 after buying an additional 195,090 shares during the period. Institutional investors own 92.87% of the company's stock.
Seagate Technology Stock Performance
Shares of Seagate Technology stock traded up $3.88 during midday trading on Friday, hitting $112.74. The company had a trading volume of 5,981,603 shares, compared to its average volume of 2,972,902. The stock has a market capitalization of $23.93 billion, a P/E ratio of 20.61 and a beta of 1.32. The company has a 50 day moving average of $86.62 and a 200 day moving average of $92.67. Seagate Technology Holdings plc has a 52-week low of $63.19 and a 52-week high of $115.32.
Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.75 by $0.15. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The firm's quarterly revenue was up 30.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.33 EPS. Equities research analysts forecast that Seagate Technology Holdings plc will post 6.83 EPS for the current year.
Seagate Technology Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th will be given a $0.72 dividend. The ex-dividend date is Wednesday, June 25th. This represents a $2.88 annualized dividend and a yield of 2.55%. Seagate Technology's dividend payout ratio (DPR) is presently 41.62%.
Seagate Technology announced that its board has approved a stock repurchase program on Thursday, May 22nd that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the data storage provider to repurchase up to 21.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.
Analyst Ratings Changes
Several research firms have recently commented on STX. Bank of America lifted their price objective on Seagate Technology from $120.00 to $125.00 and gave the stock a "buy" rating in a report on Friday. Cantor Fitzgerald boosted their price target on Seagate Technology from $110.00 to $125.00 and gave the company a "neutral" rating in a report on Monday, May 19th. Morgan Stanley boosted their price target on Seagate Technology from $99.00 to $140.00 and gave the company an "overweight" rating in a report on Friday. Wall Street Zen upgraded Seagate Technology from a "hold" rating to a "buy" rating in a report on Thursday. Finally, Barclays boosted their price target on Seagate Technology from $80.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Seagate Technology currently has an average rating of "Moderate Buy" and a consensus price target of $118.37.
Read Our Latest Research Report on STX
Insider Activity at Seagate Technology
In other news, CEO William D. Mosley sold 20,000 shares of the company's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $84.56, for a total value of $1,691,200.00. Following the completion of the sale, the chief executive officer now directly owns 555,677 shares in the company, valued at $46,988,047.12. This represents a 3.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Kian Fatt Chong sold 6,410 shares of the company's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $111.26, for a total value of $713,176.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 106,856 shares of company stock valued at $11,202,861. 0.81% of the stock is owned by corporate insiders.
About Seagate Technology
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Free Report)
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.
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