Entropy Technologies LP Sells 18,665 Shares of Seagate Technology Holdings PLC (NASDAQ:STX)

Key Points

• Entropy Technologies LP has reduced its stake in Seagate Technology by 45.9%, owning 22,012 shares valued at $1.87 million after selling 18,665 shares in Q1.
• Insiders have been actively selling shares of Seagate Technology, with transactions totaling over $52 million in the last three months.
• Seagate Technology's latest quarterly earnings showed an EPS of $2.59, surpassing estimates, while revenue reached $2.44 billion, reflecting a 29.5% year-over-year increase.

Entropy Technologies LP trimmed its holdings in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 45.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,012 shares of the data storage provider's stock after selling 18,665 shares during the period. Entropy Technologies LP's holdings in Seagate Technology were worth $1,870,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Johnson Financial Group Inc. raised its holdings in Seagate Technology by 22.7% in the 4th quarter. Johnson Financial Group Inc. now owns 606 shares of the data storage provider's stock valued at $52,000 after acquiring an additional 112 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its holdings in Seagate Technology by 0.9% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 15,247 shares of the data storage provider's stock valued at $1,327,000 after purchasing an additional 134 shares in the last quarter. QRG Capital Management Inc. increased its holdings in Seagate Technology by 1.2% during the 1st quarter. QRG Capital Management Inc. now owns 10,876 shares of the data storage provider's stock valued at $924,000 after purchasing an additional 134 shares in the last quarter. Prosperity Consulting Group LLC boosted its position in Seagate Technology by 4.5% in the 4th quarter. Prosperity Consulting Group LLC now owns 3,459 shares of the data storage provider's stock valued at $299,000 after buying an additional 150 shares during the last quarter. Finally, Blair William & Co. IL boosted its position in Seagate Technology by 5.9% in the 1st quarter. Blair William & Co. IL now owns 2,835 shares of the data storage provider's stock valued at $241,000 after buying an additional 157 shares during the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

Seagate Technology Price Performance

STX traded up $3.90 during trading on Tuesday, hitting $155.59. 2,361,646 shares of the stock traded hands, compared to its average volume of 3,966,424. Seagate Technology Holdings PLC has a twelve month low of $63.19 and a twelve month high of $158.00. The company has a market cap of $33.09 billion, a price-to-earnings ratio of 22.98, a PEG ratio of 0.96 and a beta of 1.50. The business has a 50 day moving average price of $142.97 and a 200 day moving average price of $110.17.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its quarterly earnings data 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. 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 during the quarter, compared to the consensus estimate of $2.40 billion. During the same period in the previous year, the business earned $1.05 earnings per share. The company's revenue was up 29.5% on a year-over-year basis. On average, equities research analysts predict that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current year.

Seagate Technology Dividend Announcement

The firm 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. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.88 annualized dividend and a dividend yield of 1.9%. Seagate Technology's payout ratio is currently 42.54%.

Seagate Technology announced that its board has approved a stock buyback 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 reacquire up to 21.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on STX. Cantor Fitzgerald upgraded Seagate Technology from a "neutral" rating to an "overweight" rating and set a $175.00 price target on the stock in a research report on Wednesday, July 30th. Bank of America raised their price objective on Seagate Technology from $145.00 to $165.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. Wedbush reaffirmed an "outperform" rating and set a $140.00 price objective on shares of Seagate Technology in a research note on Wednesday, May 21st. BNP Paribas raised Seagate Technology from a "strong sell" rating to a "hold" rating in a research note on Friday, May 16th. Finally, Citigroup raised their price objective on Seagate Technology from $140.00 to $170.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $151.44.

Insider Buying and Selling at Seagate Technology

In other Seagate Technology news, Director Jay L. Geldmacher sold 2,500 shares of the company's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $150.50, for a total transaction of $376,250.00. Following the sale, the director owned 352 shares of the company's stock, valued at approximately $52,976. This represents a 87.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider James Ci Lee sold 1,116 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $153.36, for a total transaction of $171,149.76. Following 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 position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 430,270 shares of company stock worth $53,173,431. Company insiders own 0.81% of the company's stock.

Seagate Technology Company 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.