CCM Investment Advisers LLC Raises Stock Position in Seagate Technology Holdings plc (NASDAQ:STX)

CCM Investment Advisers LLC raised its holdings in Seagate Technology Holdings plc (NASDAQ:STX - Free Report) by 7.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 156,634 shares of the data storage provider's stock after buying an additional 11,330 shares during the period. CCM Investment Advisers LLC owned about 0.07% of Seagate Technology worth $13,306,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake 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 buying an additional 1,814,821 shares in the last quarter. Sanders Capital LLC increased its holdings in Seagate Technology by 1.0% during the fourth 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 during the last quarter. Capital Research Global Investors increased 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 buying an additional 5,640,443 shares during the last quarter. Geode Capital Management LLC increased its holdings in Seagate Technology by 3.2% during the fourth 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 during the last quarter. Finally, Invesco Ltd. increased its holdings 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 worth $238,348,000 after buying an additional 352,300 shares during the last quarter. 92.87% of the stock is owned by institutional investors.

Seagate Technology Stock Performance

Seagate Technology stock traded up $1.20 during mid-day trading on Friday, hitting $127.27. 3,000,832 shares of the company traded hands, compared to its average volume of 3,074,767. Seagate Technology Holdings plc has a one year low of $63.19 and a one year high of $132.23. The stock has a market cap of $27.01 billion, a price-to-earnings ratio of 23.27 and a beta of 1.40. The stock has a fifty day moving average price of $98.91 and a 200-day moving average price of $95.07.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its 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 net margin of 14.67% and a negative return on equity of 63.48%. The business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.14 billion. During the same period in the previous year, the business posted $0.33 earnings per share. Seagate Technology's revenue for the quarter was up 30.5% on a year-over-year basis. Sell-side analysts predict that Seagate Technology Holdings plc will post 6.83 EPS for the current year.

Seagate Technology declared that its Board of Directors has approved a stock repurchase program on Thursday, May 22nd that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the data storage provider to repurchase up to 21.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's leadership believes its shares are undervalued.

Seagate Technology Dividend Announcement

The firm also recently declared 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 annualized dividend and a dividend yield of 2.26%. The ex-dividend date is Wednesday, June 25th. Seagate Technology's dividend payout ratio (DPR) is presently 41.62%.

Insiders Place Their Bets

In related news, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $84.56, for a total value of $1,691,200.00. Following the transaction, the chief executive officer now directly owns 555,677 shares of the company's stock, valued at $46,988,047.12. The trade was a 3.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Ban Seng Teh sold 3,594 shares of Seagate Technology stock in a transaction on Monday, June 9th. The stock was sold at an average price of $130.00, for a total transaction of $467,220.00. Following the completion of the transaction, the executive vice president now directly owns 11,064 shares in the company, valued at approximately $1,438,320. The trade was a 24.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 393,192 shares of company stock valued at $46,303,128. 0.81% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on STX shares. Mizuho decreased their price objective on shares of Seagate Technology from $115.00 to $95.00 and set an "outperform" rating for the company in a report on Thursday, April 10th. BNP Paribas Exane upgraded shares of Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 target price for the company in a research note on Friday, May 16th. Wedbush reiterated an "outperform" rating and issued a $140.00 target price on shares of Seagate Technology in a research note on Wednesday, May 21st. Morgan Stanley lifted their target price on shares of Seagate Technology from $99.00 to $140.00 and gave the stock an "overweight" rating in a research note on Friday, May 23rd. Finally, Barclays lifted their target price on shares of Seagate Technology from $80.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $119.42.

Seagate Technology 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.