Lbp Am Sa Lowers Stock Position in Seagate Technology Holdings PLC (NASDAQ:STX)

Lbp Am Sa lessened its stake in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 8.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 108,392 shares of the data storage provider's stock after selling 9,846 shares during the quarter. Lbp Am Sa owned 0.05% of Seagate Technology worth $9,208,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in STX. Ameriflex Group Inc. acquired a new stake in Seagate Technology in the fourth quarter valued at approximately $26,000. Elequin Capital LP acquired a new stake in Seagate Technology during the fourth quarter worth approximately $27,000. Fourth Dimension Wealth LLC acquired a new stake in Seagate Technology during the fourth quarter worth approximately $27,000. Wayfinding Financial LLC acquired a new stake in Seagate Technology during the first quarter worth approximately $31,000. Finally, Golden State Wealth Management LLC boosted its stake in 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 worth $39,000 after purchasing an additional 440 shares during the period. Hedge funds and other institutional investors own 92.87% of the company's stock.

Insider Transactions at Seagate Technology

In related news, Director Michael R. Cannon sold 24,190 shares of Seagate Technology 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 sale, the director directly owned 10,835 shares in the company, valued at $1,289,365. The trade was a 69.06% 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, CFO Gianluca Romano sold 26,816 shares of Seagate Technology stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $117.58, for a total value of $3,153,025.28. Following the transaction, the chief financial officer directly owned 38,082 shares in the company, valued at approximately $4,477,681.56. The trade was a 41.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 393,791 shares of company stock valued at $47,582,998. Company insiders own 0.81% of the company's stock.

Wall Street Analysts Forecast Growth

STX has been the subject of several analyst reports. Cantor Fitzgerald upped their price objective on Seagate Technology from $110.00 to $125.00 and gave the company a "neutral" rating in a research note on Monday, May 19th. Barclays increased their price objective on shares of Seagate Technology from $80.00 to $90.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 30th. BNP Paribas Exane upgraded shares of Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 target price on the stock in a report on Friday, May 16th. Wedbush reaffirmed an "outperform" rating and set a $140.00 price objective on shares of Seagate Technology in a research note on Wednesday, May 21st. Finally, Wells Fargo & Company upped their price objective on shares of Seagate Technology from $105.00 to $122.00 and gave the company an "equal weight" rating in a research note on Friday, May 23rd. 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. According to MarketBeat, Seagate Technology presently has a consensus rating of "Moderate Buy" and an average target price of $119.42.

Seagate Technology Trading Down 1.7%

Seagate Technology stock opened at $142.01 on Thursday. The stock has a market cap of $30.14 billion, a P/E ratio of 20.52 and a beta of 1.45. The stock has a 50 day moving average of $121.89 and a 200-day moving average of $100.47. Seagate Technology Holdings PLC has a 52 week low of $63.19 and a 52 week high of $152.16.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its earnings results on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, beating the consensus estimate 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 company had revenue of $2.16 billion during the quarter, compared to analysts' expectations of $2.14 billion. During the same period in the prior year, the business posted $0.33 EPS. The business's revenue was up 30.5% on a year-over-year basis. As a group, equities analysts predict that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current fiscal year.

Seagate Technology announced that its Board of Directors has approved a share buyback program on Thursday, May 22nd that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the data storage provider to purchase up to 21.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its stock is undervalued.

Seagate Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th were paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend was Wednesday, June 25th. Seagate Technology's dividend payout ratio (DPR) is presently 41.62%.

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.

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