Seagate Technology Holdings PLC $STX Shares Purchased by Korea Investment CORP

Key Points

• Korea Investment CORP increased its stake in Seagate Technology by 16.5%, purchasing an additional 20,904 shares during the first quarter, bringing its total holdings to 147,454 shares valued at approximately $12.5 million.
• Seagate Technology recently reported $2.59 earnings per share for the quarter, surpassing analysts' expectations and showing a year-over-year revenue growth of 29.5%.
• The company initiated a $5.00 billion stock buyback program, allowing it to repurchase up to 21.6% of its outstanding shares, indicating management's belief that the stock is currently undervalued.

Korea Investment CORP increased its stake in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 16.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 147,454 shares of the data storage provider's stock after acquiring an additional 20,904 shares during the period. Korea Investment CORP owned approximately 0.07% of Seagate Technology worth $12,526,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in STX. Ameriflex Group Inc. bought a new stake in Seagate Technology in the fourth quarter worth about $26,000. Elequin Capital LP bought a new stake in Seagate Technology in the fourth quarter worth about $27,000. Fourth Dimension Wealth LLC bought a new stake in Seagate Technology in the fourth quarter worth about $27,000. Wayfinding Financial LLC bought a new stake in Seagate Technology in the first quarter worth about $31,000. Finally, Golden State Wealth Management LLC lifted its stake in Seagate Technology by 2,200.0% in the first quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider's stock worth $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.

Analysts Set New Price Targets

STX has been the subject of several analyst reports. Cantor Fitzgerald raised shares of Seagate Technology from a "neutral" rating to an "overweight" rating and set a $175.00 price objective for the company in a research note on Wednesday, July 30th. Susquehanna lifted their price target on shares of Seagate Technology from $68.00 to $80.00 and gave the company a "negative" rating in a research note on Wednesday, July 30th. Wells Fargo & Company lifted their price target on shares of Seagate Technology from $122.00 to $160.00 and gave the company an "equal weight" rating in a research note on Thursday, July 17th. Bank of America lifted their price target on shares of Seagate Technology from $145.00 to $165.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Finally, Morgan Stanley lifted their price target on shares of Seagate Technology from $167.00 to $168.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Fourteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $151.44.

Insider Activity

In other news, CEO William D. Mosley sold 54,347 shares of the business's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $130.19, for a total transaction of $7,075,435.93. Following the sale, the chief executive officer directly owned 515,677 shares of the company's stock, valued at $67,135,988.63. The trade was a 9.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Gianluca Romano sold 26,816 shares of the business'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 sale, the chief financial officer directly owned 38,082 shares in the company, valued at $4,477,681.56. This trade represents a 41.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 343,414 shares of company stock valued at $43,661,770 over the last three months. Company insiders own 0.81% of the company's stock.

Seagate Technology Stock Performance

NASDAQ:STX traded up $4.79 during trading hours on Monday, reaching $164.00. The company's stock had a trading volume of 2,514,370 shares, compared to its average volume of 3,881,266. The company has a market capitalization of $34.88 billion, a P/E ratio of 24.22, a price-to-earnings-growth ratio of 0.98 and a beta of 1.50. Seagate Technology Holdings PLC has a 12 month low of $63.19 and a 12 month high of $165.28. The stock has a 50 day moving average price of $147.68 and a two-hundred day moving average price of $113.58.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The data storage provider reported $2.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.45 by $0.14. Seagate Technology had a net margin of 16.15% and a negative return on equity of 169.60%. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.40 billion. During the same period in the previous year, the company earned $1.05 earnings per share. The business's revenue for the quarter was up 29.5% on a year-over-year basis. Seagate Technology has set its Q1 2026 guidance at 2.100-2.500 EPS. As a group, analysts predict that Seagate Technology Holdings PLC will post 6.83 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Tuesday, September 30th will be issued a $0.72 dividend. 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 payout ratio is currently 42.54%.

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

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.