Lansforsakringar Fondforvaltning AB publ Takes $6.09 Million Position in Seagate Technology Holdings plc (NASDAQ:STX)

Lansforsakringar Fondforvaltning AB publ bought a new stake in Seagate Technology Holdings plc (NASDAQ:STX - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 70,561 shares of the data storage provider's stock, valued at approximately $6,090,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in STX. Capital Research Global Investors increased 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 valued at $1,348,262,000 after acquiring an additional 5,640,443 shares during the last quarter. Vanguard Group Inc. grew its position in Seagate Technology by 6.9% in the fourth quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider's stock valued at $2,414,446,000 after acquiring an additional 1,814,821 shares in the last quarter. Marshall Wace LLP acquired a new stake in Seagate Technology in the fourth quarter valued at approximately $77,341,000. Junto Capital Management LP purchased a new position in shares of Seagate Technology during the 4th quarter valued at approximately $60,303,000. Finally, Janus Henderson Group PLC boosted its stake in shares of Seagate Technology by 2,853.4% during 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 buying an additional 648,257 shares during the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on STX. Cantor Fitzgerald increased their target price on Seagate Technology from $110.00 to $125.00 and gave the company a "neutral" rating in a research note on Monday, May 19th. Wedbush restated an "outperform" rating and set a $140.00 price objective on shares of Seagate Technology in a research note on Wednesday, May 21st. Rosenblatt Securities restated a "buy" rating and set a $130.00 price objective on shares of Seagate Technology in a research note on Friday, May 23rd. Wall Street Zen cut Seagate Technology from a "buy" rating to a "hold" rating in a research note on Friday. Finally, UBS Group raised their price objective on Seagate Technology from $80.00 to $85.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $118.89.

Seagate Technology Trading Down 0.3%

STX stock traded down $0.34 during mid-day trading on Friday, reaching $117.80. 4,352,617 shares of the stock traded hands, compared to its average volume of 2,993,928. Seagate Technology Holdings plc has a 52-week low of $63.19 and a 52-week high of $119.05. The company has a market cap of $25.00 billion, a P/E ratio of 21.54 and a beta of 1.32. The stock's fifty day moving average is $89.43 and its 200-day moving average is $93.21.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share for the quarter, beating analysts' consensus estimates of $1.75 by $0.15. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the prior year, the company earned $0.33 EPS. The firm's quarterly revenue was up 30.5% on a year-over-year basis. Equities research analysts expect that Seagate Technology Holdings plc will post 6.83 earnings per share for the current year.

Seagate Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th will be issued a $0.72 dividend. The ex-dividend date is Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a yield of 2.44%. Seagate Technology's dividend payout ratio is currently 41.62%.

Seagate Technology announced that its Board of Directors has initiated a share repurchase 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 reacquire up to 21.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In other Seagate Technology news, CFO Gianluca Romano sold 26,816 shares of the company's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $117.58, for a total transaction of $3,153,025.28. Following the completion of the sale, the chief financial officer now owns 38,082 shares of the company's stock, valued at $4,477,681.56. This represents a 41.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kian Fatt Chong sold 6,410 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $111.26, for a total value of $713,176.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 162,891 shares of company stock worth $17,773,863. Insiders own 0.81% of the company's stock.

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.