Bingham Private Wealth LLC acquired a new stake in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,198 shares of the data storage provider's stock, valued at approximately $272,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of STX. Tidal Investments LLC lifted its position in Seagate Technology by 133.1% during the fourth quarter. Tidal Investments LLC now owns 12,681 shares of the data storage provider's stock valued at $1,094,000 after purchasing an additional 7,240 shares during the period. Personal CFO Solutions LLC bought a new stake in Seagate Technology in the 1st quarter valued at $223,000. Amalgamated Bank grew its stake in shares of Seagate Technology by 0.8% in the 1st quarter. Amalgamated Bank now owns 29,964 shares of the data storage provider's stock worth $2,545,000 after buying an additional 243 shares in the last quarter. Alps Advisors Inc. grew its stake in shares of Seagate Technology by 10.2% in the 1st quarter. Alps Advisors Inc. now owns 278,831 shares of the data storage provider's stock worth $23,687,000 after buying an additional 25,817 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Seagate Technology during the 4th quarter worth about $25,729,000. 92.87% of the stock is owned by institutional investors.
Seagate Technology Trading Down 2.0%
NASDAQ:STX traded down $2.99 during trading hours on Tuesday, hitting $146.64. The stock had a trading volume of 1,633,967 shares, compared to its average volume of 3,264,353. Seagate Technology Holdings PLC has a 1-year low of $63.19 and a 1-year high of $152.16. The business has a 50 day simple moving average of $130.33 and a two-hundred day simple moving average of $104.02. The company has a market cap of $31.12 billion, a PE ratio of 21.21 and a beta of 1.45.
Seagate Technology (NASDAQ:STX - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.15. The firm had revenue of $2.16 billion for the quarter, compared to analysts' expectations of $2.14 billion. Seagate Technology had a negative return on equity of 105.02% and a net margin of 17.49%. The firm's revenue for the quarter was up 30.5% on a year-over-year basis. During the same period last year, the business posted $0.33 earnings per share. Research analysts expect that Seagate Technology Holdings PLC will post 6.83 EPS for the current fiscal year.
Seagate Technology Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th were issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date of this dividend was Wednesday, June 25th. Seagate Technology's payout ratio is currently 41.62%.
Seagate Technology announced that its Board of Directors 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 typically a sign that the company's board of directors believes its stock is undervalued.
Analyst Ratings Changes
Several research analysts recently commented on STX shares. Cantor Fitzgerald boosted their price objective on shares of Seagate Technology from $110.00 to $125.00 and gave the stock a "neutral" rating in a research note on Monday, May 19th. Citigroup boosted their price objective on shares of Seagate Technology from $140.00 to $170.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Wall Street Zen lowered shares of Seagate Technology from a "buy" rating to a "hold" rating in a research note on Friday, May 30th. Rosenblatt Securities reissued a "buy" rating and set a $130.00 target price on shares of Seagate Technology in a research report on Friday, May 23rd. Finally, Bank of America boosted their target price on shares of Seagate Technology from $145.00 to $165.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. 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 MarketBeat, Seagate Technology currently has an average rating of "Moderate Buy" and a consensus target price of $133.68.
Read Our Latest Analysis on Seagate Technology
Insider Transactions at Seagate Technology
In related news, CFO Gianluca Romano sold 26,816 shares of Seagate Technology stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $117.58, for a total value of $3,153,025.28. Following the transaction, the chief financial officer owned 38,082 shares of the company's stock, valued at approximately $4,477,681.56. This trade represents a 41.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William D. Mosley sold 70,000 shares of Seagate Technology stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $109.47, for a total value of $7,662,900.00. Following the transaction, the chief executive officer directly owned 485,677 shares in the company, valued at approximately $53,167,061.19. This trade represents a 12.60% decrease in their position. The disclosure for this sale can be found here. Insiders sold 395,516 shares of company stock valued at $47,831,398 in the last three months. 0.81% of the stock is currently owned by insiders.
Seagate Technology Profile
(
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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