MIG Capital LLC purchased a new stake in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,187 shares of the data storage provider's stock, valued at approximately $356,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Johnson Financial Group Inc. boosted its stake in Seagate Technology by 22.7% during the fourth quarter. Johnson Financial Group Inc. now owns 606 shares of the data storage provider's stock valued at $52,000 after buying an additional 112 shares during the last quarter. B. Riley Wealth Advisors Inc. lifted its stake in shares of Seagate Technology by 0.9% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 15,247 shares of the data storage provider's stock valued at $1,327,000 after purchasing an additional 134 shares during the last quarter. QRG Capital Management Inc. lifted its stake in shares of Seagate Technology by 1.2% in the 1st quarter. QRG Capital Management Inc. now owns 10,876 shares of the data storage provider's stock valued at $924,000 after purchasing an additional 134 shares during the last quarter. Prosperity Consulting Group LLC lifted its stake in shares of Seagate Technology by 4.5% in the 4th quarter. Prosperity Consulting Group LLC now owns 3,459 shares of the data storage provider's stock valued at $299,000 after purchasing an additional 150 shares during the last quarter. Finally, Blair William & Co. IL lifted its stake in shares of Seagate Technology by 5.9% in the 1st quarter. Blair William & Co. IL now owns 2,835 shares of the data storage provider's stock valued at $241,000 after purchasing an additional 157 shares during the last quarter. 92.87% of the stock is owned by institutional investors.
Insider Transactions at Seagate Technology
In other news, CFO Gianluca Romano sold 26,816 shares of Seagate Technology stock in a transaction on 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. This trade represents a 41.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Michael R. Cannon sold 24,190 shares of Seagate Technology stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $119.00, for a total value of $2,878,610.00. Following the completion of the transaction, the director owned 10,835 shares in the company, valued at $1,289,365. This represents a 69.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 430,270 shares of company stock valued at $53,173,431. Company insiders own 0.81% of the company's stock.
Analyst Ratings Changes
Several equities research analysts have recently issued reports on the company. BNP Paribas Exane raised Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 price objective for the company in a research note on Friday, May 16th. Bank of America raised their price objective on Seagate Technology from $145.00 to $165.00 and gave the company a "buy" rating in a research note on Monday, July 14th. TD Cowen raised their price objective on Seagate Technology from $135.00 to $175.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Rosenblatt Securities raised their price objective on Seagate Technology from $185.00 to $200.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Finally, Wall Street Zen lowered Seagate Technology from a "buy" rating to a "hold" rating in a research note on Friday, May 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $151.44.
Get Our Latest Stock Report on Seagate Technology
Seagate Technology Stock Up 2.8%
STX opened at $158.70 on Tuesday. The stock's fifty day moving average is $145.23 and its two-hundred day moving average is $111.83. The company has a market capitalization of $33.75 billion, a P/E ratio of 23.44, a PEG ratio of 0.98 and a beta of 1.50. Seagate Technology Holdings PLC has a 52 week low of $63.19 and a 52 week high of $158.82.
Seagate Technology (NASDAQ:STX - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The data storage provider reported $2.59 EPS for the quarter, topping the consensus estimate of $2.45 by $0.14. The company had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.40 billion. Seagate Technology had a negative return on equity of 169.60% and a net margin of 16.15%. Seagate Technology's quarterly revenue was up 29.5% on a year-over-year basis. During the same period last year, the business posted $1.05 EPS. Equities analysts anticipate that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current year.
Seagate Technology declared that its Board of Directors has initiated a share buyback plan on Thursday, May 22nd that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the data storage provider to repurchase up to 21.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.
Seagate Technology Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 1.8%. The ex-dividend date is Tuesday, September 30th. Seagate Technology's dividend payout ratio (DPR) is presently 42.54%.
About Seagate Technology
(
Free Report)
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.
Further Reading
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