Range Financial Group LLC Boosts Stock Holdings in Seagate Technology Holdings plc (NASDAQ:STX)

Range Financial Group LLC raised its holdings in Seagate Technology Holdings plc (NASDAQ:STX - Free Report) by 11.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,280 shares of the data storage provider's stock after purchasing an additional 3,232 shares during the period. Seagate Technology accounts for about 1.2% of Range Financial Group LLC's holdings, making the stock its 21st biggest position. Range Financial Group LLC's holdings in Seagate Technology were worth $2,742,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Yousif Capital Management LLC lifted its position in Seagate Technology by 0.4% during the fourth quarter. Yousif Capital Management LLC now owns 27,594 shares of the data storage provider's stock valued at $2,382,000 after purchasing an additional 121 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Seagate Technology by 37.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,150 shares of the data storage provider's stock valued at $1,760,000 after purchasing an additional 5,527 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in Seagate Technology by 3.0% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 479,613 shares of the data storage provider's stock valued at $41,395,000 after purchasing an additional 14,185 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Seagate Technology by 9.5% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 48,834 shares of the data storage provider's stock valued at $4,215,000 after purchasing an additional 4,229 shares during the last quarter. Finally, Vest Financial LLC lifted its position in Seagate Technology by 33.4% during the fourth quarter. Vest Financial LLC now owns 4,950 shares of the data storage provider's stock valued at $427,000 after purchasing an additional 1,238 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company's stock.

Seagate Technology Stock Performance

NASDAQ:STX opened at $126.97 on Monday. Seagate Technology Holdings plc has a one year low of $63.19 and a one year high of $129.96. The firm has a market cap of $26.95 billion, a P/E ratio of 23.21 and a beta of 1.40. The firm has a 50-day simple moving average of $93.33 and a 200-day simple moving average of $94.09.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly 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. The business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.14 billion. Seagate Technology had a net margin of 14.67% and a negative return on equity of 63.48%. The company's quarterly revenue was up 30.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.33 EPS. On average, research analysts predict that Seagate Technology Holdings plc will post 6.83 EPS for the current fiscal year.

Seagate Technology announced that its Board of Directors has initiated a share buyback plan on Thursday, May 22nd that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the data storage provider to buy up to 21.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Seagate Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Wednesday, June 25th will be issued a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend is Wednesday, June 25th. Seagate Technology's dividend payout ratio (DPR) is currently 41.62%.

Insider Activity

In other news, Director Judy Bruner sold 10,446 shares of the company's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $108.71, for a total transaction of $1,135,584.66. Following the completion of the sale, the director now owns 12,268 shares of the company's stock, valued at $1,333,654.28. This represents a 45.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William D. Mosley sold 70,000 shares of the company's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $109.47, for a total transaction of $7,662,900.00. Following the sale, the chief executive officer now directly owns 485,677 shares of the company's stock, valued at $53,167,061.19. The trade was a 12.60% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 335,251 shares of company stock valued at $38,760,472 in the last ninety days. Insiders own 0.81% of the company's stock.

Analyst Upgrades and Downgrades

STX has been the subject of a number of recent research reports. Barclays boosted their price objective on shares of Seagate Technology from $80.00 to $90.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 30th. Rosenblatt Securities restated a "buy" rating and issued a $130.00 price objective on shares of Seagate Technology in a report on Friday, May 23rd. BNP Paribas Exane upgraded shares of 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. Cantor Fitzgerald boosted their price objective on shares of Seagate Technology from $110.00 to $125.00 and gave the stock a "neutral" rating in a report on Monday, May 19th. Finally, Wedbush restated an "outperform" rating and issued a $140.00 price objective on shares of Seagate Technology in a report on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $118.89.

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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