Los Angeles Capital Management LLC Sells 8,682 Shares of Seagate Technology Holdings PLC (NASDAQ:STX)

Los Angeles Capital Management LLC trimmed its stake in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 1.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 732,910 shares of the data storage provider's stock after selling 8,682 shares during the period. Los Angeles Capital Management LLC owned approximately 0.35% of Seagate Technology worth $62,261,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of STX. Ameriflex Group Inc. purchased a new position in shares of Seagate Technology in the 4th quarter valued at about $26,000. Elequin Capital LP purchased a new stake in shares of Seagate Technology during the fourth quarter worth about $27,000. Fourth Dimension Wealth LLC purchased a new stake in shares of Seagate Technology during the fourth quarter worth about $27,000. Wayfinding Financial LLC purchased a new stake in shares of Seagate Technology during the first quarter worth about $31,000. Finally, Golden State Wealth Management LLC boosted its position in shares of 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 acquiring an additional 440 shares during the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Seagate Technology

In related news, CEO William D. Mosley sold 20,000 shares of the business's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $144.66, for a total transaction of $2,893,200.00. Following the sale, the chief executive officer directly owned 498,710 shares in the company, valued at approximately $72,143,388.60. The trade was a 3.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Stephanie Tilenius sold 2,693 shares of the business's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $128.04, for a total value of $344,811.72. Following the sale, the director owned 12,244 shares in the company, valued at approximately $1,567,721.76. The trade was a 18.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 395,516 shares of company stock valued at $47,831,398. Corporate insiders own 0.81% of the company's stock.

Seagate Technology Stock Performance

Shares of STX traded up $2.35 during mid-day trading on Friday, reaching $149.07. 3,336,513 shares of the company were exchanged, compared to its average volume of 3,269,810. Seagate Technology Holdings PLC has a 52 week low of $63.19 and a 52 week high of $152.16. The stock has a market capitalization of $31.64 billion, a PE ratio of 21.54 and a beta of 1.45. The business has a 50 day simple moving average of $129.38 and a two-hundred day simple moving average of $103.60.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, beating analysts' consensus estimates of $1.75 by $0.15. The firm had revenue of $2.16 billion during the quarter, compared to analysts' expectations of $2.14 billion. Seagate Technology had a negative return on equity of 105.02% and a net margin of 17.49%. The company's revenue for the quarter was up 30.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.33 earnings per share. On average, analysts predict that Seagate Technology Holdings PLC will post 6.83 EPS for the current year.

Seagate Technology declared that its board has approved a stock 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 typically an indication that the company's leadership believes its shares are undervalued.

Seagate Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Wednesday, June 25th were paid a $0.72 dividend. The ex-dividend date of this dividend was Wednesday, June 25th. This represents a $2.88 annualized dividend and a dividend yield of 1.93%. Seagate Technology's payout ratio is presently 41.62%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on STX. The Goldman Sachs Group started coverage on shares of Seagate Technology in a research note on Thursday, July 10th. They set a "buy" rating and a $170.00 price objective on the stock. BNP Paribas Exane raised shares of Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 price target for the company in a report on Friday, May 16th. Wedbush reissued an "outperform" rating and issued a $140.00 price target on shares of Seagate Technology in a report on Wednesday, May 21st. UBS Group upped their price target on shares of Seagate Technology from $80.00 to $85.00 and gave the company a "neutral" rating in a report on Wednesday, April 30th. Finally, Mizuho cut their price target on shares of Seagate Technology from $115.00 to $95.00 and set an "outperform" rating for the company in a report on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $130.00.

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.