GTS Securities LLC Cuts Stock Position in Seagate Technology Holdings plc (NASDAQ:STX)

GTS Securities LLC cut its holdings in Seagate Technology Holdings plc (NASDAQ:STX - Free Report) by 90.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,704 shares of the data storage provider's stock after selling 35,809 shares during the period. GTS Securities LLC's holdings in Seagate Technology were worth $320,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Tidal Investments LLC boosted its holdings in shares of Seagate Technology by 133.1% in the fourth quarter. Tidal Investments LLC now owns 12,681 shares of the data storage provider's stock worth $1,094,000 after acquiring an additional 7,240 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of Seagate Technology by 9.5% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 48,834 shares of the data storage provider's stock valued at $4,215,000 after buying an additional 4,229 shares during the period. Kingswood Wealth Advisors LLC lifted its holdings in shares of Seagate Technology by 87.9% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 8,578 shares of the data storage provider's stock worth $740,000 after buying an additional 4,014 shares in the last quarter. Norges Bank purchased a new stake in shares of Seagate Technology in the fourth quarter worth about $25,729,000. Finally, Asset Management One Co. Ltd. boosted its position in shares of Seagate Technology by 9.9% in the fourth quarter. Asset Management One Co. Ltd. now owns 84,222 shares of the data storage provider's stock valued at $7,360,000 after acquiring an additional 7,599 shares during the period. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

STX has been the topic of several recent analyst reports. Rosenblatt Securities reiterated a "buy" rating and issued a $130.00 target price on shares of Seagate Technology in a research note on Friday, May 23rd. Morgan Stanley increased their price objective on Seagate Technology from $99.00 to $140.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. Bank of America boosted their target price on Seagate Technology from $125.00 to $135.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Barclays upped their target price on Seagate Technology from $80.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 30th. Finally, UBS Group boosted their price objective on Seagate Technology from $80.00 to $85.00 and gave the stock a "neutral" rating in a report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $118.89.

Seagate Technology Stock Down 0.3%

Shares of STX traded down $0.34 during trading hours on Friday, hitting $117.80. The company had a trading volume of 4,352,617 shares, compared to its average volume of 2,991,397. Seagate Technology Holdings plc has a 52-week low of $63.19 and a 52-week high of $119.13. The stock's 50 day moving average price is $89.43 and its 200 day moving average price is $93.18. The firm has a market cap of $25.00 billion, a P/E ratio of 21.54 and a beta of 1.32.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, topping analysts' consensus estimates of $1.75 by $0.15. The business had revenue of $2.16 billion for the quarter, compared to analysts' expectations of $2.14 billion. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The business's quarterly revenue was up 30.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.33 EPS. On average, research analysts expect that Seagate Technology Holdings plc will post 6.83 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Wednesday, June 25th will be issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date is Wednesday, June 25th. Seagate Technology's dividend payout ratio (DPR) is presently 41.62%.

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

Insider Buying and Selling at Seagate Technology

In related news, SVP Kian Fatt Chong sold 6,410 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $111.26, for a total transaction of $713,176.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William D. Mosley sold 20,000 shares of the business's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $84.56, for a total transaction of $1,691,200.00. Following the transaction, the chief executive officer now directly owns 555,677 shares in the company, valued at approximately $46,988,047.12. The trade was a 3.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 162,891 shares of company stock worth $17,773,863. 0.81% of the stock is currently owned by company insiders.

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.