Seagate Technology Holdings PLC $STX Shares Sold by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its stake in Seagate Technology Holdings PLC by 4.8% in the first quarter, holding 83,610 shares valued at approximately $7.10 million.
• Seagate Technology reported earnings of $2.59 EPS for the last quarter, exceeding analyst expectations, with a revenue of $2.44 billion.
• The company approved a $5 billion share buyback program, indicating confidence in its stock value and allowing for the repurchase of up to 21.6% of its outstanding shares.

Corebridge Financial Inc. lessened its holdings in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 4.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 83,610 shares of the data storage provider's stock after selling 4,182 shares during the quarter. Corebridge Financial Inc.'s holdings in Seagate Technology were worth $7,103,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in STX. JPMorgan Chase & Co. lifted its stake in shares of 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 purchasing an additional 2,161,191 shares during the period. Wellington Management Group LLP raised its position in shares of Seagate Technology by 3,339.4% in the 1st quarter. Wellington Management Group LLP now owns 933,996 shares of the data storage provider's stock worth $79,343,000 after buying an additional 906,840 shares during the period. Vanguard Group Inc. raised 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 worth $2,441,729,000 after buying an additional 769,009 shares during the period. Junto Capital Management LP purchased a new position in shares of Seagate Technology in the 4th quarter worth $60,303,000. Finally, Janus Henderson Group PLC raised its position in shares of Seagate Technology by 2,853.4% in the 4th quarter. Janus Henderson Group PLC now owns 670,976 shares of the data storage provider's stock worth $57,925,000 after buying an additional 648,257 shares during the period. Hedge funds and other institutional investors own 92.87% of the company's stock.

Seagate Technology Price Performance

NASDAQ STX traded up $7.66 during trading hours on Thursday, hitting $183.98. The company had a trading volume of 5,569,842 shares, compared to its average volume of 2,429,052. The firm's 50 day moving average is $154.28 and its 200 day moving average is $117.80. The company has a market capitalization of $39.13 billion, a price-to-earnings ratio of 27.18, a P/E/G ratio of 1.09 and a beta of 1.53. Seagate Technology Holdings PLC has a fifty-two week low of $63.19 and a fifty-two week high of $184.11.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its earnings results on Tuesday, July 29th. The data storage provider reported $2.59 earnings per share for the quarter, beating the consensus estimate of $2.45 by $0.14. The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate 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 period last year, the firm earned $1.05 earnings per share. Seagate Technology has set its Q1 2026 guidance at 2.100-2.500 EPS. On average, equities analysts anticipate 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 authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the data storage provider to reacquire up to 21.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Seagate Technology Dividend Announcement

The firm also recently announced 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 is Tuesday, September 30th. This represents a $2.88 annualized dividend and a dividend yield of 1.6%. Seagate Technology's dividend payout ratio (DPR) is currently 42.54%.

Insiders Place Their Bets

In other news, insider James Ci Lee sold 1,116 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $153.36, for a total transaction of $171,149.76. Following the completion of the sale, the insider directly owned 257 shares in the company, valued at $39,413.52. This trade represents a 81.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William D. Mosley sold 20,000 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $153.75, for a total value of $3,075,000.00. Following the sale, the chief executive officer owned 478,912 shares of the company's stock, valued at $73,632,720. This represents a 4.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,019 shares of company stock valued at $16,104,159 over the last ninety days. Insiders own 0.81% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Cantor Fitzgerald raised Seagate Technology from a "neutral" rating to an "overweight" rating and set a $175.00 target price on the stock in a research report on Wednesday, July 30th. UBS Group increased their target price on Seagate Technology from $85.00 to $155.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Robert W. Baird increased their target price on Seagate Technology from $120.00 to $188.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Barclays increased their target price on Seagate Technology from $125.00 to $180.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 28th. Finally, Susquehanna increased their price target on Seagate Technology from $68.00 to $80.00 and gave the company a "negative" rating in a report on Wednesday, July 30th. Fourteen equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $154.50.

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.