Arizona State Retirement System Boosts Stock Position in Seagate Technology Holdings PLC $STX

Key Points

• Arizona State Retirement System increased its Seagate Technology position by 2.4% in the second quarter, bringing its holdings to 60,609 shares valued at approximately $58.5 million. Institutional investors collectively own 92.87% of the company.
• Seagate reported quarterly earnings of $5.71 per share, exceeding the $5.10 analyst consensus, while revenue rose 48.5% year over year to $3.63 billion. The stock gained 6.5% to $904.38, and analysts maintain a “Moderate Buy” consensus with an average price target of $986.
• The company declared a quarterly dividend of $0.74 per share, equivalent to $2.96 annually and a 0.3% yield. Meanwhile, insiders sold 191,765 shares worth approximately $161.9 million over the past 90 days.

Arizona State Retirement System grew its holdings in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 2.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,609 shares of the data storage provider's stock after purchasing an additional 1,409 shares during the period. Arizona State Retirement System's holdings in Seagate Technology were worth $58,488,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. NewEdge Advisors LLC boosted its holdings in shares of Seagate Technology by 85.9% in the first quarter. NewEdge Advisors LLC now owns 22,046 shares of the data storage provider's stock valued at $8,637,000 after purchasing an additional 10,190 shares during the period. GLOBALT Investments LLC GA increased its holdings in Seagate Technology by 820.8% during the 4th quarter. GLOBALT Investments LLC GA now owns 9,760 shares of the data storage provider's stock worth $2,688,000 after purchasing an additional 8,700 shares during the period. Tredje AP fonden raised its position in Seagate Technology by 446.6% during the 4th quarter. Tredje AP fonden now owns 111,339 shares of the data storage provider's stock valued at $30,662,000 after purchasing an additional 90,968 shares in the last quarter. USA Financial Formulas bought a new stake in Seagate Technology during the 1st quarter valued at $1,328,000. Finally, Profund Advisors LLC lifted its holdings in shares of Seagate Technology by 458.6% in the 4th quarter. Profund Advisors LLC now owns 20,282 shares of the data storage provider's stock worth $5,585,000 after buying an additional 16,651 shares during the period. 92.87% of the stock is currently owned by institutional investors.

Seagate Technology Stock Up 6.5%

Shares of NASDAQ:STX traded up $55.10 on Tuesday, reaching $904.38. The company had a trading volume of 5,181,693 shares, compared to its average volume of 4,353,087. Seagate Technology Holdings PLC has a 52-week low of $188.00 and a 52-week high of $1,145.00. The firm's 50 day simple moving average is $849.54 and its 200-day simple moving average is $714.80. The firm has a market capitalization of $204.97 billion, a PE ratio of 65.16 and a beta of 2.06. The company has a current ratio of 1.67, a quick ratio of 1.17 and a debt-to-equity ratio of 1.56.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The data storage provider reported $5.71 earnings per share for the quarter, topping analysts' consensus estimates of $5.10 by $0.61. Seagate Technology had a return on equity of 369.98% and a net margin of 26.11%.The firm had revenue of $3.63 billion during the quarter, compared to analysts' expectations of $3.50 billion. During the same period in the prior year, the business posted $2.59 EPS. The firm's quarterly revenue was up 48.5% on a year-over-year basis. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. As a group, analysts expect that Seagate Technology Holdings PLC will post 35.7 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 7th. Shareholders of record on Thursday, September 24th will be given a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Thursday, September 24th. Seagate Technology's dividend payout ratio is presently 21.33%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Weiss Ratings reissued a "buy (b)" rating on shares of Seagate Technology in a research report on Wednesday, June 24th. Melius Research assumed coverage on Seagate Technology in a report on Monday, June 29th. They issued a "buy" rating and a $1,600.00 price objective for the company. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $1,350.00 price objective on shares of Seagate Technology in a research note on Wednesday, July 29th. Evercore increased their target price on shares of Seagate Technology from $750.00 to $1,000.00 and gave the stock an "outperform" rating in a report on Tuesday, May 12th. Finally, Fox Advisors downgraded shares of Seagate Technology from an "overweight" rating to an "equal weight" rating in a research report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $986.00.

Insiders Place Their Bets

In other news, CEO William D. Mosley sold 30,000 shares of Seagate Technology stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $816.28, for a total value of $24,488,400.00. Following the transaction, the chief executive officer owned 295,168 shares of the company's stock, valued at $240,939,735.04. The trade was a 9.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ban Teh sold 9,862 shares of the business's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $852.97, for a total transaction of $8,411,990.14. Following the transaction, the executive vice president owned 5,210 shares of the company's stock, valued at approximately $4,443,973.70. This trade represents a 65.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 191,765 shares of company stock worth $161,865,249. Insiders own 0.79% of the company's stock.

About Seagate Technology

Seagate Technology NASDAQ: STX is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm's product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate's products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.

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