PNC Financial Services Group Inc. Acquires 6,506 Shares of Seagate Technology Holdings PLC (NASDAQ:STX)

Key Points

• PNC Financial Services Group Inc. increased its stake in Seagate Technology by 16.3%, acquiring an additional 6,506 shares, bringing its total holdings to 46,482 shares valued at approximately $3.95 million.
• Seagate Technology's recent quarterly earnings report showed an EPS of $2.59, exceeding analysts' expectations and reflecting a year-over-year revenue increase of 29.5%.
• The company's Board of Directors approved a $5.00 billion stock buyback plan, indicating confidence in the stock's value amidst substantial insider stock sales recently.

PNC Financial Services Group Inc. raised its stake in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 16.3% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 46,482 shares of the data storage provider's stock after acquiring an additional 6,506 shares during the period. PNC Financial Services Group Inc.'s holdings in Seagate Technology were worth $3,949,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Ameriflex Group Inc. bought a new stake in shares of Seagate Technology during the 4th quarter valued at about $26,000. Elequin Capital LP purchased a new position in shares of Seagate Technology in the fourth quarter worth approximately $27,000. Fourth Dimension Wealth LLC bought a new stake in Seagate Technology during the fourth quarter valued at approximately $27,000. Wayfinding Financial LLC purchased a new stake in Seagate Technology during the first quarter valued at approximately $31,000. Finally, Golden State Wealth Management LLC increased its holdings in Seagate Technology by 2,200.0% during the first quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider's stock valued at $39,000 after buying an additional 440 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company's stock.

Seagate Technology Stock Performance

STX stock opened at $148.10 on Friday. The firm has a fifty day moving average price of $141.01 and a 200 day moving average price of $109.19. Seagate Technology Holdings PLC has a fifty-two week low of $63.19 and a fifty-two week high of $157.62. The firm has a market cap of $31.50 billion, a PE ratio of 21.88, a price-to-earnings-growth ratio of 0.93 and a beta of 1.50.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The data storage provider reported $2.59 EPS for the quarter, topping analysts' consensus estimates of $2.45 by $0.14. Seagate Technology had a net margin of 16.15% and a negative return on equity of 169.60%. The business had revenue of $2.44 billion during the quarter, compared to analysts' expectations of $2.40 billion. During the same period last year, the company posted $1.05 EPS. The business's revenue was up 29.5% on a year-over-year basis. On average, equities analysts predict that Seagate Technology Holdings PLC will post 6.83 EPS for the current year.

Seagate Technology declared that its Board of Directors has approved a stock repurchase plan on Thursday, May 22nd that permits the company to buyback $5.00 billion in outstanding 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 generally a sign that the company's management believes its stock is undervalued.

Seagate Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.72 per share. The ex-dividend date is Tuesday, September 30th. This represents a $2.88 dividend on an annualized basis and a yield of 1.9%. Seagate Technology's dividend payout ratio is 42.54%.

Insider Buying and Selling

In other news, Director Jay L. Geldmacher sold 2,500 shares of Seagate Technology stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $150.50, for a total value of $376,250.00. Following the completion of the transaction, the director owned 352 shares in the company, valued at approximately $52,976. The trade was a 87.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ban Seng Teh sold 5,905 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $155.00, for a total value of $915,275.00. Following the sale, the executive vice president owned 6,147 shares in the company, valued at $952,785. The trade was a 49.00% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 428,546 shares of company stock valued at $52,912,056. 0.81% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on STX shares. Morgan Stanley lifted their price target on shares of Seagate Technology from $167.00 to $168.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. BNP Paribas upgraded Seagate Technology from a "strong sell" rating to a "hold" rating in a research report on Friday, May 16th. Mizuho cut their price target on Seagate Technology from $115.00 to $95.00 and set an "outperform" rating for the company in a report on Thursday, April 10th. UBS Group raised their price objective on Seagate Technology from $85.00 to $155.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Finally, Benchmark lifted their price objective on Seagate Technology from $128.00 to $165.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $151.44.

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.

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