HighTower Advisors LLC Sells 9,761 Shares of Seagate Technology Holdings PLC $STX

Key Points

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HighTower Advisors LLC lowered its holdings in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 11.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,459 shares of the data storage provider's stock after selling 9,761 shares during the period. HighTower Advisors LLC's holdings in Seagate Technology were worth $6,410,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. JPMorgan Chase & Co. raised its holdings in Seagate Technology by 12.9% in the first quarter. JPMorgan Chase & Co. now owns 18,920,792 shares of the data storage provider's stock worth $1,607,321,000 after buying an additional 2,161,191 shares during the last quarter. Vanguard Group Inc. raised its holdings in Seagate Technology by 2.7% in the first 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 last quarter. Junto Capital Management LP purchased a new position in Seagate Technology in the fourth quarter worth about $60,303,000. Janus Henderson Group PLC raised its holdings in Seagate Technology by 2,853.4% in the fourth 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 last quarter. Finally, Wedge Capital Management L L P NC purchased a new position in shares of Seagate Technology during the first quarter valued at approximately $50,792,000. Institutional investors own 92.87% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on STX. Wells Fargo & Company boosted their price objective on shares of Seagate Technology from $122.00 to $160.00 and gave the company an "equal weight" rating in a report on Thursday, July 17th. Morgan Stanley boosted their price objective on shares of Seagate Technology from $167.00 to $168.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. BNP Paribas Exane raised shares of Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 price objective for the company in a report on Friday, May 16th. Citigroup boosted their price objective on shares of Seagate Technology from $140.00 to $170.00 and gave the company a "buy" rating in a report on Friday, July 11th. Finally, Benchmark boosted their price objective on shares of Seagate Technology from $128.00 to $165.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $151.44.

Insider Activity at Seagate Technology

In related news, CFO Gianluca Romano sold 26,816 shares of the firm's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $117.58, for a total transaction of $3,153,025.28. Following the completion of the transaction, the chief financial officer directly owned 38,082 shares of the company's stock, valued at approximately $4,477,681.56. This trade represents a 41.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William D. Mosley sold 70,000 shares of the firm's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $109.47, for a total transaction of $7,662,900.00. Following the transaction, the chief executive officer directly owned 485,677 shares of the company's stock, valued at $53,167,061.19. The trade was a 12.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 430,270 shares of company stock valued at $53,173,431. Insiders own 0.81% of the company's stock.

Seagate Technology Price Performance

Shares of NASDAQ STX opened at $158.70 on Tuesday. The firm has a fifty day moving average price of $145.23 and a 200-day moving average price of $111.83. The stock has a market cap of $33.75 billion, a PE ratio of 23.44, a price-to-earnings-growth ratio of 0.98 and a beta of 1.50. Seagate Technology Holdings PLC has a 1 year low of $63.19 and a 1 year high of $158.82.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The data storage provider reported $2.59 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.45 by $0.14. The firm had revenue of $2.44 billion during the quarter, compared to analysts' expectations of $2.40 billion. Seagate Technology had a net margin of 16.15% and a negative return on equity of 169.60%. The company's revenue for the quarter was up 29.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.05 earnings per share. On average, research analysts expect that Seagate Technology Holdings PLC will post 6.83 EPS for the current year.

Seagate Technology Dividend Announcement

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

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

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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