Illinois Municipal Retirement Fund Grows Holdings in Seagate Technology Holdings PLC (NASDAQ:STX)

Illinois Municipal Retirement Fund increased its position in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 348.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 77,584 shares of the data storage provider's stock after buying an additional 60,270 shares during the period. Illinois Municipal Retirement Fund's holdings in Seagate Technology were worth $6,591,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Johnson Financial Group Inc. increased its position in shares of Seagate Technology by 22.7% in the 4th quarter. Johnson Financial Group Inc. now owns 606 shares of the data storage provider's stock worth $52,000 after purchasing an additional 112 shares during the last quarter. Signaturefd LLC increased its position in shares of Seagate Technology by 2.3% in the 4th quarter. Signaturefd LLC now owns 4,988 shares of the data storage provider's stock worth $431,000 after purchasing an additional 113 shares during the last quarter. Oregon Public Employees Retirement Fund increased its position in shares of Seagate Technology by 0.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,098 shares of the data storage provider's stock worth $1,562,000 after purchasing an additional 120 shares during the last quarter. 1620 Investment Advisors Inc. increased its position in shares of Seagate Technology by 2.6% in the 4th quarter. 1620 Investment Advisors Inc. now owns 4,835 shares of the data storage provider's stock worth $417,000 after purchasing an additional 123 shares during the last quarter. Finally, Level Four Advisory Services LLC increased its position in shares of Seagate Technology by 4.1% in the 4th quarter. Level Four Advisory Services LLC now owns 3,343 shares of the data storage provider's stock worth $289,000 after purchasing an additional 131 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company's stock.

Seagate Technology Stock Up 0.5%

Seagate Technology stock opened at $141.44 on Friday. The firm has a 50-day moving average price of $111.34 and a two-hundred day moving average price of $97.52. The firm has a market capitalization of $30.02 billion, a price-to-earnings ratio of 20.44 and a beta of 1.40. Seagate Technology Holdings PLC has a 52-week low of $63.19 and a 52-week high of $142.47.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share for the quarter, topping analysts' consensus estimates of $1.75 by $0.15. The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.14 billion. Seagate Technology had a net margin of 17.49% and a negative return on equity of 105.02%. The business's revenue for the quarter was up 30.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.33 EPS. Research analysts expect that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current year.

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

Seagate Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Wednesday, June 25th will be paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend is Wednesday, June 25th. Seagate Technology's dividend payout ratio is currently 41.62%.

Insider Transactions at Seagate Technology

In related news, EVP Ban Seng Teh sold 4,201 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $115.00, for a total value of $483,115.00. Following the sale, the executive vice president now directly owns 22,999 shares in the company, valued at $2,644,885. The trade was a 15.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William D. Mosley sold 70,000 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $109.47, for a total transaction of $7,662,900.00. Following the completion of the sale, the chief executive officer now owns 485,677 shares in the company, 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. In the last three months, insiders sold 393,791 shares of company stock valued at $46,380,998. Company insiders own 0.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Bank of America boosted their target price on shares of Seagate Technology from $135.00 to $145.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Morgan Stanley lifted their price target on shares of Seagate Technology from $99.00 to $140.00 and gave the company an "overweight" rating in a report on Friday, May 23rd. BNP Paribas raised shares of Seagate Technology from a "strong sell" rating to a "hold" rating in a report on Friday, May 16th. Mizuho decreased their price target on shares of Seagate Technology from $115.00 to $95.00 and set an "outperform" rating for the company in a report on Thursday, April 10th. Finally, Wall Street Zen lowered shares of Seagate Technology from a "buy" rating to a "hold" rating in a report on Friday, May 30th. One analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $119.42.

Seagate Technology 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.

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