Arkadios Wealth Advisors Purchases Shares of 13,393 Seagate Technology Holdings PLC (NASDAQ:STX)

Key Points

• Arkadios Wealth Advisors has invested approximately $1.14 million in Seagate Technology Holdings by purchasing 13,393 shares during the first quarter.
• Seagate Technology's recent quarter earnings report showed $2.59 EPS, surpassing estimates and reflecting a 29.5% revenue increase compared to the previous year.
• The company announced a quarterly dividend of $0.72 per share, with an annualized yield of 1.9%, along with a stock repurchase plan to buy back up to $5.00 billion of its shares.

Arkadios Wealth Advisors bought a new position in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 13,393 shares of the data storage provider's stock, valued at approximately $1,138,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Sanders Capital LLC grew its stake in shares of Seagate Technology by 1.0% in the 4th quarter. Sanders Capital LLC now owns 16,530,152 shares of the data storage provider's stock worth $1,426,717,000 after buying an additional 162,561 shares in the last quarter. Capital Research Global Investors grew its stake in shares of 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 worth $1,348,262,000 after buying an additional 5,640,443 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Seagate Technology by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 4,295,225 shares of the data storage provider's stock worth $370,013,000 after buying an additional 132,713 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Seagate Technology by 14.6% in the 4th quarter. Invesco Ltd. now owns 2,761,534 shares of the data storage provider's stock worth $238,348,000 after acquiring an additional 352,300 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Seagate Technology by 13.4% in the 4th quarter. Northern Trust Corp now owns 1,655,699 shares of the data storage provider's stock worth $142,903,000 after acquiring an additional 195,090 shares during the last quarter. Institutional investors own 92.87% of the company's stock.

Seagate Technology Stock Performance

NASDAQ:STX remained flat at $154.81 during trading hours on Monday. 2,509,635 shares of the company's stock were exchanged, compared to its average volume of 4,361,865. The stock has a fifty day moving average of $139.12 and a 200-day moving average of $108.27. The firm has a market cap of $32.85 billion, a price-to-earnings ratio of 22.87, a PEG ratio of 0.98 and a beta of 1.50. Seagate Technology Holdings PLC has a 52 week low of $63.19 and a 52 week high of $157.62.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The data storage provider reported $2.59 earnings per share for the quarter, topping analysts' consensus estimates of $2.45 by $0.14. The company had revenue of $2.44 billion during the quarter, compared to analysts' expectations of $2.40 billion. Seagate Technology had a net margin of 16.15% and a negative return on equity of 169.60%. The firm's revenue for the quarter was up 29.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.05 earnings per share. As a group, research analysts anticipate that Seagate Technology Holdings PLC will post 6.83 EPS for the current fiscal year.

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

Seagate Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $0.72 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.9%. Seagate Technology's dividend payout ratio is presently 42.54%.

Insider Buying and Selling at Seagate Technology

In other news, Director Stephanie Tilenius sold 2,693 shares of the company's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $128.04, for a total transaction of $344,811.72. Following the completion of the sale, the director owned 12,244 shares of the company's stock, valued at $1,567,721.76. This represents a 18.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ban Seng Teh sold 5,905 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $155.00, for a total transaction of $915,275.00. Following the sale, the executive vice president directly owned 6,147 shares of the company's stock, valued at $952,785. The trade was a 49.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 426,046 shares of company stock worth $52,535,806 over the last three months. 0.81% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on STX. Wall Street Zen lowered shares of Seagate Technology from a "buy" rating to a "hold" rating in a report on Friday, May 30th. The Goldman Sachs Group started coverage on shares of Seagate Technology in a research report on Thursday, July 10th. They issued a "buy" rating and a $170.00 price objective on the stock. Benchmark boosted their target price on shares of Seagate Technology from $128.00 to $165.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Citigroup boosted their target price on shares of Seagate Technology from $140.00 to $170.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Finally, Robert W. Baird boosted their target price on shares of Seagate Technology from $120.00 to $188.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $151.44.

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.