Citigroup Inc. Raises Stake in Seagate Technology Holdings PLC (NASDAQ:STX)

Citigroup Inc. raised its position in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 17.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 217,563 shares of the data storage provider's stock after acquiring an additional 31,606 shares during the quarter. Citigroup Inc. owned approximately 0.10% of Seagate Technology worth $18,482,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Ameriflex Group Inc. purchased a new stake in shares of Seagate Technology during the 4th quarter worth approximately $26,000. Elequin Capital LP purchased a new stake in shares of Seagate Technology during the 4th quarter worth approximately $27,000. Fourth Dimension Wealth LLC purchased a new stake in shares of Seagate Technology during the 4th quarter worth approximately $27,000. Wayfinding Financial LLC purchased a new stake in shares of Seagate Technology during the 1st quarter worth approximately $31,000. Finally, Golden State Wealth Management LLC lifted its position in shares of Seagate Technology by 2,200.0% during the 1st quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider's stock worth $39,000 after buying an additional 440 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company's stock.

Insider Activity at Seagate Technology

In other news, Director Michael R. Cannon sold 24,190 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $119.00, for a total transaction of $2,878,610.00. Following the transaction, the director directly owned 10,835 shares of the company's stock, valued at $1,289,365. This represents a 69.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Ban Seng Teh sold 63,418 shares of the company's stock in a transaction on 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 transaction, the executive vice president directly owned 14,658 shares in the company, valued at approximately $1,832,250. This trade represents a 81.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 430,270 shares of company stock valued at $53,173,431. Company insiders own 0.81% of the company's stock.

Seagate Technology Stock Performance

Shares of STX opened at $156.92 on Thursday. The stock has a market capitalization of $33.37 billion, a P/E ratio of 23.18, a P/E/G ratio of 0.98 and a beta of 1.50. The company's fifty day moving average is $143.55 and its two-hundred day moving average is $110.49. Seagate Technology Holdings PLC has a 1 year low of $63.19 and a 1 year high of $158.00.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The data storage provider reported $2.59 earnings per share for the quarter, topping analysts' consensus estimates of $2.45 by $0.14. Seagate Technology had a net margin of 16.15% and a negative return on equity of 169.60%. The business had revenue of $2.44 billion for the quarter, compared to analysts' expectations of $2.40 billion. During the same period in the prior year, the company posted $1.05 EPS. The business's revenue for the quarter was up 29.5% 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 announced that its board has approved a stock repurchase program on Thursday, May 22nd that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the data storage provider to repurchase up to 21.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Seagate Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $0.72 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.8%. Seagate Technology's dividend payout ratio is 42.54%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. The Goldman Sachs Group assumed coverage on shares of Seagate Technology in a research report on Thursday, July 10th. They set a "buy" rating and a $170.00 price objective for the company. Barclays boosted their price objective on shares of Seagate Technology from $90.00 to $125.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. BNP Paribas upgraded shares of Seagate Technology from a "strong sell" rating to a "hold" rating in a research report on Friday, May 16th. Benchmark boosted their price objective on shares of Seagate Technology from $128.00 to $165.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Finally, Susquehanna lifted their target price on shares of Seagate Technology from $68.00 to $80.00 and gave the company a "negative" rating in a 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 assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average 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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