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

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

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Ameriflex Group Inc. acquired a new position in shares of Seagate Technology during the fourth quarter valued at $26,000. Elequin Capital LP bought a new stake in Seagate Technology in the fourth quarter valued at about $27,000. Fourth Dimension Wealth LLC bought a new stake in Seagate Technology in the fourth quarter valued at about $27,000. Wayfinding Financial LLC bought a new stake in Seagate Technology in the first quarter valued at about $31,000. Finally, Golden State Wealth Management LLC increased its holdings in Seagate Technology by 2,200.0% in the first quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider's stock valued at $39,000 after purchasing an additional 440 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on STX. Citigroup upped their price objective on Seagate Technology from $140.00 to $170.00 and gave the company a "buy" rating in a report on Friday. BNP Paribas Exane upgraded Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 price target for the company in a report on Friday, May 16th. Mizuho lowered their price target on Seagate Technology from $115.00 to $95.00 and set an "outperform" rating for the company in a report on Thursday, April 10th. UBS Group increased their price target on Seagate Technology from $80.00 to $85.00 and gave the stock a "neutral" rating in a report on Wednesday, April 30th. Finally, Barclays increased their price target on Seagate Technology from $80.00 to $90.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Seagate Technology has an average rating of "Moderate Buy" and an average price target of $128.00.

Seagate Technology Stock Performance

NASDAQ STX traded up $1.90 during trading hours on Monday, hitting $149.08. 2,751,055 shares of the company traded hands, compared to its average volume of 3,246,462. The business's 50-day moving average is $124.06 and its 200-day moving average is $101.44. Seagate Technology Holdings PLC has a twelve month low of $63.19 and a twelve month high of $152.16. The stock has a market capitalization of $31.64 billion, a price-to-earnings ratio of 21.54 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 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 firm had revenue of $2.16 billion during the quarter, compared to analysts' expectations of $2.14 billion. During the same period in the prior year, the firm posted $0.33 earnings per share. The business's quarterly revenue was up 30.5% compared to the same quarter last year. Analysts predict that Seagate Technology Holdings PLC will post 6.83 EPS for the current year.

Seagate Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Stockholders of record on Wednesday, June 25th were given a $0.72 dividend. The ex-dividend date of this dividend was Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.93%. Seagate Technology's payout ratio is 41.62%.

Seagate Technology announced that its board has authorized a stock buyback program on Thursday, May 22nd that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the data storage provider to purchase up to 21.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Michael R. Cannon sold 24,190 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The stock was 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 of the company's stock, valued at $1,289,365. This trade represents a 69.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO William D. Mosley sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $144.66, for a total value of $2,893,200.00. Following the completion of the sale, the chief executive officer directly owned 498,710 shares of the company's stock, valued at approximately $72,143,388.60. The trade was a 3.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 393,791 shares of company stock valued at $47,582,998. Corporate insiders own 0.81% of the company's stock.

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.