KLP Kapitalforvaltning AS Grows Stock Holdings in Seagate Technology Holdings PLC (NASDAQ:STX)

KLP Kapitalforvaltning AS boosted its holdings in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 14.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 75,195 shares of the data storage provider's stock after purchasing an additional 9,500 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Seagate Technology were worth $6,442,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Ameriflex Group Inc. acquired a new position in shares of Seagate Technology in the 4th quarter worth approximately $26,000. Elequin Capital LP acquired a new position in shares of Seagate Technology in the 4th quarter worth approximately $27,000. Fourth Dimension Wealth LLC acquired a new position in shares of Seagate Technology in the 4th quarter worth approximately $27,000. Wayfinding Financial LLC acquired a new position in shares of Seagate Technology in the 1st quarter worth approximately $31,000. Finally, Golden State Wealth Management LLC raised its holdings in shares of Seagate Technology by 2,200.0% in the 1st quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider's stock worth $39,000 after buying an additional 440 shares in the last quarter. Institutional investors own 92.87% of the company's stock.

Seagate Technology Stock Down 0.3%

Seagate Technology stock traded down $0.41 during trading hours on Monday, reaching $150.48. 895,271 shares of the company's stock were exchanged, compared to its average volume of 3,931,563. The firm's 50 day simple moving average is $133.87 and its 200 day simple moving average is $105.75. Seagate Technology Holdings PLC has a twelve month low of $63.19 and a twelve month high of $153.88. The firm has a market capitalization of $31.93 billion, a PE ratio of 21.76 and a beta of 1.45.

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. Seagate Technology had a negative return on equity of 105.02% and a net margin of 17.49%. The firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same period last year, the business posted $0.33 EPS. The business's revenue was up 30.5% compared to the same quarter last year. Analysts anticipate that Seagate Technology Holdings PLC will post 6.83 EPS for the current year.

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

Seagate Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th were given a $0.72 dividend. The ex-dividend date was Wednesday, June 25th. This represents a $2.88 annualized dividend and a yield of 1.91%. Seagate Technology's payout ratio is 41.62%.

Insider Buying and Selling at Seagate Technology

In other Seagate Technology news, EVP Ban Seng Teh sold 63,418 shares of Seagate Technology stock in a transaction that occurred on 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 owned 14,658 shares of the company's stock, valued at $1,832,250. This trade represents a 81.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William D. Mosley sold 70,000 shares of Seagate Technology 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 transaction, the chief executive officer directly owned 485,677 shares in the company, valued at approximately $53,167,061.19. This represents a 12.60% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 395,516 shares of company stock worth $47,831,398 in the last quarter. 0.81% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

STX has been the subject of a number of recent analyst reports. Morgan Stanley raised their price target on Seagate Technology from $140.00 to $167.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Mizuho dropped their price target on Seagate Technology from $115.00 to $95.00 and set an "outperform" rating for the company in a report on Thursday, April 10th. BNP Paribas raised Seagate Technology from a "strong sell" rating to a "hold" rating in a report on Friday, May 16th. Wall Street Zen cut Seagate Technology from a "buy" rating to a "hold" rating in a report on Friday, May 30th. Finally, The Goldman Sachs Group initiated coverage on Seagate Technology in a report on Thursday, July 10th. They set a "buy" rating and a $170.00 price target for the company. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $134.38.

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.