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JPMorgan Chase & Co. Boosts Holdings in Seagate Technology Holdings PLC (NASDAQ:STX)

Seagate Technology logo with Computer and Technology background

Key Points

  • JPMorgan Chase & Co. increased its holdings in Seagate Technology by 12.9%, owning approximately 18.9 million shares valued at over $1.6 billion as of the most recent SEC filing.
  • Seagate Technology's board has authorized a $5 billion stock buyback plan, indicating confidence in the stock's valuation.
  • Insider selling has occurred recently, with significant shares being sold by executives, including 428,546 shares for over $52 million in the last 90 days.
  • Looking to Export and Analyze Seagate Technology Data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

JPMorgan Chase & Co. boosted its position in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 12.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,920,792 shares of the data storage provider's stock after buying an additional 2,161,191 shares during the period. JPMorgan Chase & Co. owned approximately 8.92% of Seagate Technology worth $1,607,321,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital Research Global Investors raised its stake in shares of Seagate Technology by 56.5% during the 4th quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider's stock worth $1,348,262,000 after buying an additional 5,640,443 shares during the last quarter. Marshall Wace LLP acquired a new position in Seagate Technology in the 4th quarter valued at about $77,341,000. Vanguard Group Inc. raised its stake in 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 valued at $2,441,729,000 after purchasing an additional 769,009 shares during the last quarter. Junto Capital Management LP acquired a new position in Seagate Technology in the 4th quarter valued at about $60,303,000. Finally, Janus Henderson Group PLC raised its stake in 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 valued at $57,925,000 after purchasing an additional 648,257 shares during the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Seagate Technology

In other Seagate Technology news, Director Michael R. Cannon sold 24,190 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $119.00, for a total transaction of $2,878,610.00. Following the transaction, the director owned 10,835 shares of the company's stock, valued at approximately $1,289,365. This trade represents a 69.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ban Seng Teh sold 63,418 shares of the firm's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $125.00, for a total transaction of $7,927,250.00. Following the transaction, the executive vice president directly owned 14,658 shares in the company, valued at approximately $1,832,250. The trade was a 81.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 428,546 shares of company stock worth $52,912,056 in the last 90 days. Corporate insiders own 0.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Wall Street Zen downgraded shares of Seagate Technology from a "buy" rating to a "hold" rating in a research note on Friday, May 30th. Susquehanna lifted 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. BNP Paribas upgraded Seagate Technology from a "strong sell" rating to a "hold" rating in a report on Friday, May 16th. Citigroup boosted their target price on Seagate Technology from $140.00 to $170.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Finally, Wells Fargo & Company boosted their target price on Seagate Technology from $122.00 to $160.00 and gave the stock an "equal weight" rating in a report on Thursday, July 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $151.44.

Check Out Our Latest Analysis on Seagate Technology

Seagate Technology Price Performance

Shares of STX opened at $150.45 on Friday. The business's fifty day moving average price is $141.67 and its 200 day moving average price is $109.54. Seagate Technology Holdings PLC has a 12-month low of $63.19 and a 12-month high of $157.62. The stock has a market capitalization of $32.00 billion, a PE ratio of 22.22, a price-to-earnings-growth ratio of 0.95 and a beta of 1.50.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its earnings results on Tuesday, July 29th. The data storage provider reported $2.59 earnings per share for the quarter, topping the consensus estimate of $2.45 by $0.14. Seagate Technology had a negative return on equity of 169.60% and a net margin of 16.15%. The firm had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.40 billion. During the same period last year, the company earned $1.05 earnings per share. The firm's revenue for the quarter was up 29.5% on a year-over-year basis. As a group, research analysts anticipate that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current fiscal year.

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

Seagate Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.72 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.88 annualized dividend and a yield of 1.9%. Seagate Technology's dividend payout ratio (DPR) is presently 42.54%.

Seagate Technology Company Profile

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding STX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Seagate Technology Holdings PLC (NASDAQ:STX - Free Report).

Institutional Ownership by Quarter for Seagate Technology (NASDAQ:STX)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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