Charles Schwab Investment Management Inc. Has $116.03 Million Holdings in Seagate Technology Holdings PLC (NASDAQ:STX)

Key Points

• Charles Schwab Investment Management Inc. increased its holdings in Seagate Technology by 0.2%, owning approximately 1,365,906 shares worth $116.03 million as of the latest SEC filing.
• Seagate Technology announced a $5 billion share buyback program, allowing it to repurchase up to 21.6% of its stock, indicating the board's belief that the stock is undervalued.
• The company also declared a quarterly dividend of $0.72 per share, with a yield of 1.9%, payable on October 9th to shareholders of record as of September 30th.

Charles Schwab Investment Management Inc. lifted its holdings in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 0.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,365,906 shares of the data storage provider's stock after acquiring an additional 3,007 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.65% of Seagate Technology worth $116,034,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of STX. Vanguard Group Inc. raised its position in Seagate Technology by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 28,743,126 shares of the data storage provider's stock worth $2,441,729,000 after purchasing an additional 769,009 shares during the last quarter. Capital Research Global Investors raised its position in Seagate Technology by 56.5% in 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 purchasing an additional 5,640,443 shares during the last quarter. Northern Trust Corp raised its position in Seagate Technology by 13.4% in the 4th quarter. Northern Trust Corp now owns 1,655,699 shares of the data storage provider's stock worth $142,903,000 after purchasing an additional 195,090 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Seagate Technology by 24.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,627,264 shares of the data storage provider's stock worth $140,449,000 after purchasing an additional 318,306 shares during the last quarter. Finally, Royal Bank of Canada raised its position in Seagate Technology by 4.0% in the 4th quarter. Royal Bank of Canada now owns 1,616,517 shares of the data storage provider's stock worth $139,521,000 after purchasing an additional 62,847 shares during the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Seagate Technology

In other Seagate Technology news, EVP Ban Seng Teh sold 63,418 shares of the stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $125.00, for a total transaction of $7,927,250.00. Following the completion of the transaction, the executive vice president owned 14,658 shares in the company, valued at approximately $1,832,250. This represents a 81.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Gianluca Romano sold 26,816 shares of the 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 disclosure for this sale can be found here. Insiders have sold a total of 428,546 shares of company stock worth $52,912,056 in the last 90 days. Company insiders own 0.81% of the company's stock.

Seagate Technology Stock Up 0.8%

Shares of STX stock opened at $151.69 on Tuesday. The firm has a market capitalization of $32.26 billion, a price-to-earnings ratio of 22.41, a price-to-earnings-growth ratio of 0.95 and a beta of 1.50. Seagate Technology Holdings PLC has a 12-month low of $63.19 and a 12-month high of $157.62. The firm has a fifty day moving average of $142.32 and a 200-day moving average of $109.85.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its earnings results on Tuesday, July 29th. The data storage provider reported $2.59 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.45 by $0.14. The firm had revenue of $2.44 billion during the quarter, compared to analysts' expectations of $2.40 billion. Seagate Technology had a negative return on equity of 169.60% and a net margin of 16.15%. The company's revenue was up 29.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.05 EPS. Research analysts expect that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current year.

Seagate Technology declared that its board has approved a share buyback program on Thursday, May 22nd that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the data storage provider to repurchase up to 21.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its stock is undervalued.

Seagate Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Tuesday, September 30th. Seagate Technology's dividend payout ratio is 42.54%.

Analyst Ratings Changes

STX has been the subject of several research analyst reports. BNP Paribas upgraded shares of Seagate Technology from a "strong sell" rating to a "hold" rating in a research report on Friday, May 16th. Wells Fargo & Company upped their target price on shares of Seagate Technology from $122.00 to $160.00 and gave the company an "equal weight" rating in a research report on Thursday, July 17th. The Goldman Sachs Group initiated coverage on shares of Seagate Technology in a research report on Thursday, July 10th. They set a "buy" rating and a $170.00 target price for the company. TD Cowen upped their target price on shares of Seagate Technology from $135.00 to $175.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. Finally, Benchmark upped their target price on shares of Seagate Technology from $128.00 to $165.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $151.44.

About Seagate Technology

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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