Concentric Capital Strategies LP Makes New Investment in Seagate Technology Holdings PLC $STX

Key Points

• Concentric Capital Strategies LP acquired 25,931 shares of Seagate Technology Holdings PLC for approximately $2.2 million as part of a new position in the company during the first quarter.
• Seagate Technology reported a 29.5% year-over-year increase in revenue, with earnings per share (EPS) of $2.59 for the last quarter, exceeding analysts' expectations.
• The company also announced a quarterly dividend of $0.72, yielding 1.6%, with a payout ratio of 42.54% and plans for a $5 billion stock buyback.

Concentric Capital Strategies LP bought a new stake in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 25,931 shares of the data storage provider's stock, valued at approximately $2,203,000.

A number of other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of 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 valued at $2,441,729,000 after purchasing an additional 769,009 shares during the period. JPMorgan Chase & Co. lifted its position in Seagate Technology by 12.9% during the 1st quarter. JPMorgan Chase & Co. now owns 18,920,792 shares of the data storage provider's stock worth $1,607,321,000 after acquiring an additional 2,161,191 shares during the period. Invesco Ltd. lifted its position in Seagate Technology by 3.6% during the 1st quarter. Invesco Ltd. now owns 2,861,418 shares of the data storage provider's stock worth $243,077,000 after acquiring an additional 99,884 shares during the period. Royal Bank of Canada lifted its position in Seagate Technology by 0.8% during the 1st quarter. Royal Bank of Canada now owns 1,628,941 shares of the data storage provider's stock worth $138,378,000 after acquiring an additional 12,424 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Seagate Technology by 24.3% during 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 acquiring an additional 318,306 shares during the period. 92.87% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Seagate Technology

In related news, CEO William D. Mosley sold 54,347 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $130.19, for a total value of $7,075,435.93. Following the completion of the transaction, the chief executive officer directly owned 515,677 shares of the company's stock, valued at $67,135,988.63. This trade represents a 9.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jay L. Geldmacher sold 2,500 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $150.50, for a total value of $376,250.00. Following the completion of the transaction, the director directly owned 352 shares of the company's stock, valued at $52,976. The trade was a 87.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 115,019 shares of company stock valued at $16,104,159. Company insiders own 0.81% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on STX. Susquehanna increased their price objective on Seagate Technology from $68.00 to $80.00 and gave the stock a "negative" rating in a research report on Wednesday, July 30th. Bank of America increased their price objective on Seagate Technology from $145.00 to $165.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. BNP Paribas raised Seagate Technology from a "strong sell" rating to a "hold" rating in a research report on Friday, May 16th. The Goldman Sachs Group began coverage on Seagate Technology in a research report on Thursday, July 10th. They set a "buy" rating and a $170.00 price objective for the company. Finally, Benchmark increased their price objective on Seagate Technology from $128.00 to $165.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Fourteen investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Seagate Technology presently has a consensus rating of "Moderate Buy" and an average price target of $154.50.

Seagate Technology Trading Up 2.3%

Shares of STX traded up $4.18 during mid-day trading on Friday, hitting $188.16. The company's stock had a trading volume of 3,760,377 shares, compared to its average volume of 2,534,018. The firm has a 50-day simple moving average of $155.22 and a 200 day simple moving average of $118.49. The firm has a market capitalization of $40.02 billion, a P/E ratio of 27.79, a P/E/G ratio of 1.16 and a beta of 1.53. Seagate Technology Holdings PLC has a 1-year low of $63.19 and a 1-year high of $189.23.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The data storage provider reported $2.59 EPS for the quarter, beating the consensus estimate of $2.45 by $0.14. The business 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 quarterly revenue was up 29.5% compared to the same quarter last year. During the same period last year, the firm earned $1.05 EPS. Seagate Technology has set its Q1 2026 guidance at 2.100-2.500 EPS. As a group, sell-side analysts predict that Seagate Technology Holdings PLC will post 6.83 EPS for the current fiscal year.

Seagate Technology declared that its board has authorized a stock repurchase plan on Thursday, May 22nd that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the data storage provider to purchase up to 21.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Seagate Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Tuesday, September 30th will be paid a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Tuesday, September 30th. Seagate Technology's dividend payout ratio (DPR) is presently 42.54%.

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.