Robeco Institutional Asset Management B.V. Reduces Stock Holdings in Seagate Technology Holdings PLC (NASDAQ:STX)

Robeco Institutional Asset Management B.V. trimmed its holdings in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 22.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 108,696 shares of the data storage provider's stock after selling 31,157 shares during the quarter. Robeco Institutional Asset Management B.V. owned 0.05% of Seagate Technology worth $9,234,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted 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 worth $2,414,446,000 after acquiring 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 valued at $1,426,717,000 after buying an additional 162,561 shares during the period. Capital Research Global Investors lifted its holdings in shares of Seagate Technology by 56.5% in 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 buying an additional 5,640,443 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Seagate Technology by 3.2% in 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 buying an additional 132,713 shares during the period. Finally, Invesco Ltd. lifted its holdings in shares of Seagate Technology by 14.6% in the 4th quarter. Invesco Ltd. now owns 2,761,534 shares of the data storage provider's stock valued at $238,348,000 after buying an additional 352,300 shares during the period. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Seagate Technology Trading Up 0.5%

STX stock opened at $141.44 on Monday. The company has a market capitalization of $30.02 billion, a PE ratio of 20.44 and a beta of 1.40. Seagate Technology Holdings PLC has a 12-month low of $63.19 and a 12-month high of $142.47. The business's fifty day moving average price is $111.34 and its 200 day moving average price is $97.52.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.75 by $0.15. Seagate Technology had a negative return on equity of 105.02% and a net margin of 17.49%. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the prior year, the business earned $0.33 EPS. Seagate Technology's revenue was up 30.5% on a year-over-year basis. Research analysts predict that Seagate Technology Holdings PLC will post 6.83 EPS for the current fiscal year.

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. The ex-dividend date of this dividend is Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.04%. Seagate Technology's payout ratio is currently 41.62%.

Seagate Technology announced that its board has approved a stock repurchase plan on Thursday, May 22nd that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the data storage provider to repurchase up to 21.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts have recently issued reports on STX shares. Bank of America boosted their price objective on Seagate Technology from $135.00 to $145.00 and gave the company a "buy" rating in a report on Monday, June 9th. BNP Paribas Exane raised 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. Mizuho reduced 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. Barclays upped their price target on Seagate Technology from $80.00 to $90.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 30th. Finally, BNP Paribas raised Seagate Technology from a "strong sell" rating to a "hold" rating in a report on Friday, May 16th. One equities 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 stock. According to MarketBeat, Seagate Technology presently has an average rating of "Moderate Buy" and a consensus price target of $119.42.

Insider Activity

In other news, SVP Kian Fatt Chong sold 6,410 shares of the stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $111.26, for a total value of $713,176.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Ban Seng Teh sold 599 shares of the company's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $130.00, for a total value of $77,870.00. Following the completion of the sale, the executive vice president now directly owns 10,329 shares of the company's stock, valued at approximately $1,342,770. This trade represents a 5.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 393,791 shares of company stock worth $46,380,998. 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.

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