SeaBridge Investment Advisors LLC Sells 4,185 Shares of Seagate Technology Holdings PLC (NASDAQ:STX)

SeaBridge Investment Advisors LLC decreased its holdings in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 11.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,308 shares of the data storage provider's stock after selling 4,185 shares during the period. SeaBridge Investment Advisors LLC's holdings in Seagate Technology were worth $2,830,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Capital Research Global Investors boosted its position in shares of Seagate Technology by 56.5% in the fourth 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 during the period. Vanguard Group Inc. increased its holdings 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. Marshall Wace LLP purchased a new stake in Seagate Technology in the 4th quarter worth approximately $77,341,000. Junto Capital Management LP bought a new position in Seagate Technology in the 4th quarter valued at $60,303,000. Finally, Janus Henderson Group PLC grew its position in shares of Seagate Technology by 2,853.4% during the 4th quarter. Janus Henderson Group PLC now owns 670,976 shares of the data storage provider's stock valued at $57,925,000 after purchasing an additional 648,257 shares in the last quarter. Institutional investors own 92.87% of the company's stock.

Seagate Technology Price Performance

NASDAQ:STX traded down $1.93 during mid-day trading on Wednesday, reaching $147.12. 2,694,257 shares of the company's stock traded hands, compared to its average volume of 3,251,026. The company has a 50 day moving average price of $127.30 and a 200-day moving average price of $102.51. The firm has a market capitalization of $31.22 billion, a price-to-earnings ratio of 25.88 and a beta of 1.45. Seagate Technology Holdings PLC has a 12-month low of $63.19 and a 12-month high of $152.16.

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

Seagate Technology announced that its board has approved a share repurchase program on Thursday, May 22nd that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the data storage provider to buy up to 21.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

Seagate Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Wednesday, June 25th were issued a $0.72 dividend. The ex-dividend date was Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a yield of 1.96%. Seagate Technology's dividend payout ratio (DPR) is 41.62%.

Insider Transactions at Seagate Technology

In related news, CFO Gianluca Romano sold 26,816 shares of the company's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $117.58, for a total value of $3,153,025.28. Following the transaction, the chief financial officer owned 38,082 shares in the company, valued at $4,477,681.56. The trade was a 41.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Ban Seng Teh sold 63,418 shares of the firm's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $125.00, for a total transaction of $7,927,250.00. Following the sale, the executive vice president owned 14,658 shares of the company's stock, valued at approximately $1,832,250. This represents a 81.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 395,516 shares of company stock worth $47,831,398. Corporate insiders own 0.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Wall Street Zen lowered shares of Seagate Technology from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. BNP Paribas upgraded Seagate Technology from a "strong sell" rating to a "hold" rating in a report on Friday, May 16th. Wells Fargo & Company raised their price objective on Seagate Technology from $105.00 to $122.00 and gave the company an "equal weight" rating in a report on Friday, May 23rd. Bank of America increased their price target on shares of Seagate Technology from $145.00 to $165.00 and gave the company a "buy" rating in a research report on Monday. Finally, UBS Group boosted their price objective on shares of Seagate Technology from $80.00 to $85.00 and gave the stock a "neutral" rating in a report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $128.00.

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.