Mirae Asset Global Investments Co. Ltd. Purchases 3,673 Shares of Seagate Technology Holdings PLC (NASDAQ:STX)

Mirae Asset Global Investments Co. Ltd. raised its stake in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 18.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,823 shares of the data storage provider's stock after purchasing an additional 3,673 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Seagate Technology were worth $2,023,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. increased its position in Seagate Technology by 6.9% during the 4th quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider's stock valued at $2,414,446,000 after purchasing an additional 1,814,821 shares during the period. Sanders Capital LLC lifted its holdings in shares of Seagate Technology by 1.0% in the 4th quarter. Sanders Capital LLC now owns 16,530,152 shares of the data storage provider's stock worth $1,426,717,000 after purchasing an additional 162,561 shares in the last quarter. Capital Research Global Investors lifted its stake in 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 in the last quarter. Geode Capital Management LLC lifted its stake in Seagate Technology by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 4,295,225 shares of the data storage provider's stock valued at $370,013,000 after acquiring an additional 132,713 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in Seagate Technology by 14.6% during the 4th quarter. Invesco Ltd. now owns 2,761,534 shares of the data storage provider's stock valued at $238,348,000 after acquiring an additional 352,300 shares in the last quarter. Institutional investors own 92.87% of the company's stock.

Seagate Technology Stock Performance

NASDAQ:STX traded down $2.49 during mid-day trading on Friday, reaching $149.45. The stock had a trading volume of 3,619,715 shares, compared to its average volume of 3,187,191. The firm has a 50 day moving average price of $118.28 and a two-hundred day moving average price of $99.31. The stock has a market capitalization of $31.72 billion, a P/E ratio of 21.60 and a beta of 1.45. Seagate Technology Holdings PLC has a one year low of $63.19 and a one year 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 earnings per share for the quarter, topping analysts' consensus estimates of $1.75 by $0.15. The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.14 billion. Seagate Technology had a negative return on equity of 105.02% and a net margin of 17.49%. Seagate Technology's quarterly revenue was up 30.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.33 EPS. Research analysts forecast that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current year.

Seagate Technology Dividend Announcement

The business also recently declared 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. This represents a $2.88 annualized dividend and a yield of 1.93%. The ex-dividend date is Wednesday, June 25th. Seagate Technology's dividend payout ratio (DPR) is currently 41.62%.

Seagate Technology declared that its board has approved a share repurchase plan on Thursday, May 22nd that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the data storage provider to purchase up to 21.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

STX has been the subject of several research analyst reports. Citigroup raised their target price on Seagate Technology from $105.00 to $125.00 and gave the company a "buy" rating in a research report on Tuesday, May 20th. 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 report on Friday, May 16th. BNP Paribas raised Seagate Technology from a "strong sell" rating to a "hold" rating in a report on Friday, May 16th. UBS Group lifted their price objective on Seagate Technology from $80.00 to $85.00 and gave the stock a "neutral" rating in a report on Wednesday, April 30th. Finally, Bank of America lifted their price objective on Seagate Technology from $135.00 to $145.00 and gave the stock a "buy" rating in a report on Monday, June 9th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have given 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 an average price target of $119.42.

Insider Activity at Seagate Technology

In other news, 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 transaction 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 position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $144.66, for a total value of $2,893,200.00. Following the completion of the transaction, the chief executive officer directly owned 498,710 shares of the company's stock, valued at approximately $72,143,388.60. This represents a 3.86% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 393,791 shares of company stock worth $47,582,998. 0.81% of the stock is currently owned by insiders.

Seagate Technology Company 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.