BTC Capital Management Inc. Buys 12,169 Shares of Seagate Technology Holdings plc (NASDAQ:STX)

BTC Capital Management Inc. lifted its position in Seagate Technology Holdings plc (NASDAQ:STX - Free Report) by 43.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 40,240 shares of the data storage provider's stock after purchasing an additional 12,169 shares during the quarter. BTC Capital Management Inc.'s holdings in Seagate Technology were worth $3,418,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Seagate Technology by 6.9% in the 4th quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider's stock valued at $2,414,446,000 after purchasing an additional 1,814,821 shares in the last quarter. Sanders Capital LLC boosted its holdings in shares of Seagate Technology by 1.0% in the fourth quarter. Sanders Capital LLC now owns 16,530,152 shares of the data storage provider's stock valued at $1,426,717,000 after acquiring an additional 162,561 shares in the last quarter. Capital Research Global Investors grew its holdings in Seagate Technology by 56.5% during the fourth quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider's stock worth $1,348,262,000 after acquiring an additional 5,640,443 shares during the period. Geode Capital Management LLC boosted its stake in 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 purchasing an additional 132,713 shares during the period. Finally, Invesco Ltd. raised its position in Seagate Technology by 14.6% during the fourth quarter. Invesco Ltd. now owns 2,761,534 shares of the data storage provider's stock valued at $238,348,000 after buying an additional 352,300 shares during the period. 92.87% of the stock is owned by institutional investors and hedge funds.

Seagate Technology Price Performance

Shares of STX stock traded up $1.21 during trading hours on Monday, hitting $119.15. The stock had a trading volume of 3,097,595 shares, compared to its average volume of 2,991,810. Seagate Technology Holdings plc has a twelve month low of $63.19 and a twelve month high of $119.73. The stock's 50 day moving average is $89.43 and its 200 day moving average is $93.15. The firm has a market capitalization of $25.29 billion, a PE ratio of 21.78 and a beta of 1.32.

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 for the quarter, beating the consensus estimate of $1.75 by $0.15. The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.14 billion. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. Seagate Technology's revenue was up 30.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.33 EPS. As a group, equities analysts predict that Seagate Technology Holdings plc will post 6.83 earnings per share for the current year.

Seagate Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Wednesday, June 25th will be paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date is Wednesday, June 25th. Seagate Technology's payout ratio is 41.62%.

Seagate Technology announced that its board has initiated 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 buy up to 21.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on STX shares. Wells Fargo & Company boosted their target price on shares of Seagate Technology from $105.00 to $122.00 and gave the stock an "equal weight" rating in a research report on Friday, May 23rd. Wedbush reiterated an "outperform" rating and set a $140.00 price objective on shares of Seagate Technology in a report on Wednesday, May 21st. Mizuho reduced their price target on Seagate Technology from $115.00 to $95.00 and set an "outperform" rating for the company in a research report on Thursday, April 10th. Morgan Stanley raised their price objective on shares of Seagate Technology from $99.00 to $140.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. Finally, Cantor Fitzgerald raised their price objective on Seagate Technology from $110.00 to $125.00 and gave the stock a "neutral" rating in a research note on Monday, May 19th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $118.89.

Insider Buying and Selling

In related news, CEO William D. Mosley sold 70,000 shares of the firm's stock in a transaction on 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 now directly owns 485,677 shares in the company, valued at approximately $53,167,061.19. This trade represents a 12.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Gianluca Romano sold 26,816 shares of the stock in a transaction that occurred on 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 completion of the transaction, the chief financial officer now directly owns 38,082 shares of the company's stock, valued at approximately $4,477,681.56. The trade was a 41.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 162,891 shares of company stock valued at $17,773,863 over the last 90 days. 0.81% of the stock is currently owned by company insiders.

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.