Bank of New York Mellon Corp Has $86.53 Million Position in Seagate Technology Holdings PLC (NASDAQ:STX)

Bank of New York Mellon Corp lessened its position in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 4.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,018,641 shares of the data storage provider's stock after selling 44,016 shares during the period. Bank of New York Mellon Corp owned about 0.48% of Seagate Technology worth $86,534,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Capital Research Global Investors lifted its position in Seagate Technology by 56.5% during 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. Vanguard Group Inc. increased its position in shares of Seagate Technology by 6.9% in the fourth quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider's stock valued at $2,414,446,000 after acquiring an additional 1,814,821 shares during the last quarter. Marshall Wace LLP bought a new stake in Seagate Technology during the fourth quarter worth about $77,341,000. Junto Capital Management LP bought a new stake in Seagate Technology during the fourth quarter worth about $60,303,000. Finally, Janus Henderson Group PLC boosted its position in Seagate Technology by 2,853.4% during the fourth quarter. Janus Henderson Group PLC now owns 670,976 shares of the data storage provider's stock valued at $57,925,000 after purchasing an additional 648,257 shares during the last quarter. Institutional investors own 92.87% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on STX. Wells Fargo & Company boosted their price target on Seagate Technology from $105.00 to $122.00 and gave the stock an "equal weight" rating in a research report on Friday, May 23rd. Barclays boosted their target price on shares of Seagate Technology from $80.00 to $90.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 30th. The Goldman Sachs Group started coverage on shares of Seagate Technology in a research note on Thursday. They issued a "buy" rating and a $170.00 price target for the company. Wedbush restated an "outperform" rating and set a $140.00 price objective on shares of Seagate Technology in a research note on Wednesday, May 21st. Finally, UBS Group upped their target price 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. One 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. Based on data from MarketBeat.com, Seagate Technology has an average rating of "Moderate Buy" and an average target price of $125.53.

Insider Activity

In related news, CFO Gianluca Romano sold 26,816 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $117.58, for a total transaction of $3,153,025.28. Following the sale, the chief financial officer owned 38,082 shares in the company, valued at approximately $4,477,681.56. This trade represents a 41.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael R. Cannon sold 24,190 shares of the firm's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $119.00, for a total value of $2,878,610.00. Following the completion of the sale, the director directly owned 10,835 shares in the company, valued at approximately $1,289,365. This represents a 69.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 393,791 shares of company stock valued at $47,582,998 over the last quarter. 0.81% of the stock is owned by corporate insiders.

Seagate Technology Trading Up 1.9%

NASDAQ STX traded up $2.68 during trading on Friday, reaching $147.18. The company's stock had a trading volume of 2,868,540 shares, compared to its average volume of 3,243,835. The firm has a 50 day moving average price of $124.06 and a 200 day moving average price of $101.26. Seagate Technology Holdings PLC has a 12 month low of $63.19 and a 12 month high of $152.16. The firm has a market capitalization of $31.23 billion, a price-to-earnings ratio of 21.27 and a beta of 1.45.

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

Seagate Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Wednesday, June 25th were issued a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend was Wednesday, June 25th. Seagate Technology's dividend payout ratio is currently 41.62%.

Seagate Technology announced that its board has authorized a share repurchase plan on Thursday, May 22nd that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the data storage provider to repurchase up to 21.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its stock is undervalued.

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.