Seagate Technology Holdings PLC $STX Shares Sold by Kimelman & Baird LLC

Key Points

• Kimelman & Baird LLC reduced its holdings in Seagate Technology by 24.9% in Q1, now owning 9,025 shares valued at $767,000 after selling 2,989 shares.
• Seagate Technology has received various analyst rating updates, including a price target increase from $68.00 to $80.00 by Susquehanna, while Citigroup set a target of $170.00 with a "buy" rating.
• The company announced a quarterly dividend of $0.72 per share, with an ex-dividend date on September 30th, reflecting a 1.8% yield based on an annualized payout of $2.88.

Kimelman & Baird LLC decreased its holdings in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 24.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,025 shares of the data storage provider's stock after selling 2,989 shares during the quarter. Kimelman & Baird LLC's holdings in Seagate Technology were worth $767,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Ameriflex Group Inc. purchased a new stake in shares of Seagate Technology during the 4th quarter valued at about $26,000. Elequin Capital LP purchased a new stake in shares of Seagate Technology during the 4th quarter valued at about $27,000. Fourth Dimension Wealth LLC purchased a new stake in shares of Seagate Technology during the 4th quarter valued at about $27,000. Wayfinding Financial LLC purchased a new stake in shares of Seagate Technology during the 1st quarter valued at about $31,000. Finally, Golden State Wealth Management LLC increased its position in shares of Seagate Technology by 2,200.0% during the 1st quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider's stock valued at $39,000 after purchasing an additional 440 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company's stock.

Seagate Technology Trading Down 0.8%

Shares of Seagate Technology stock traded down $1.30 during trading on Friday, hitting $154.43. 1,431,459 shares of the stock traded hands, compared to its average volume of 3,692,340. The firm has a market cap of $32.84 billion, a P/E ratio of 22.81, a price-to-earnings-growth ratio of 0.98 and a beta of 1.50. Seagate Technology Holdings PLC has a 52-week low of $63.19 and a 52-week high of $158.00. The stock's fifty day simple moving average is $144.66 and its 200 day simple moving average is $111.40.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its quarterly earnings results 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. The firm had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.40 billion. Seagate Technology had a negative return on equity of 169.60% and a net margin of 16.15%. The business's revenue for the quarter was up 29.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.05 earnings per share. As a group, equities analysts expect that Seagate Technology Holdings PLC will post 6.83 EPS for the current year.

Seagate Technology Dividend Announcement

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

Seagate Technology announced that its Board of Directors has authorized a stock repurchase program on Thursday, May 22nd that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the data storage provider to reacquire up to 21.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts have recently commented on STX shares. Morgan Stanley upped their price target on shares of Seagate Technology from $167.00 to $168.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Wedbush reissued an "outperform" rating and issued a $140.00 target price on shares of Seagate Technology in a report on Wednesday, May 21st. Robert W. Baird upped their price target on Seagate Technology from $120.00 to $188.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. Citigroup upped their price target on Seagate Technology from $140.00 to $170.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Finally, Barclays increased their target price on Seagate Technology from $90.00 to $125.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Seagate Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $151.44.

Insider Buying and Selling

In related news, EVP Ban Seng Teh sold 1,724 shares of the firm's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $151.61, for a total transaction of $261,375.64. Following the sale, the executive vice president owned 6,147 shares of the company's stock, valued at $931,946.67. This trade represents a 21.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider James Ci Lee sold 1,116 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $153.36, for a total value of $171,149.76. Following the sale, the insider directly owned 257 shares in the company, valued at approximately $39,413.52. The trade was a 81.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold 430,270 shares of company stock worth $53,173,431 in the last three months. 0.81% of the stock is 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.