Seagate Technology Holdings PLC (NASDAQ:STX) Shares Acquired by Mizuho Markets Americas LLC

Key Points

• Mizuho Markets Americas LLC increased its stake in Seagate Technology by 17.8% during the 1st quarter, now owning 361,002 shares valued at approximately $30.67 million.
• Seagate Technology announced a quarterly dividend of $0.72 per share, translating to an annualized yield of 1.9%, with the payment planned for October 9th.
• Analysts have a consensus rating of "Moderate Buy" for Seagate, with a majority of them setting a price target in the range of $100 to $175 per share.

Mizuho Markets Americas LLC lifted its position in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 17.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 361,002 shares of the data storage provider's stock after acquiring an additional 54,499 shares during the period. Mizuho Markets Americas LLC owned 0.17% of Seagate Technology worth $30,667,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Capital Research Global Investors lifted its stake in 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 in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Seagate Technology by 12.9% during the 1st quarter. JPMorgan Chase & Co. now owns 18,920,792 shares of the data storage provider's stock worth $1,607,321,000 after purchasing an additional 2,161,191 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of Seagate Technology during the 4th quarter worth approximately $77,341,000. Vanguard Group Inc. increased its holdings in shares of Seagate Technology by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 28,743,126 shares of the data storage provider's stock worth $2,441,729,000 after buying an additional 769,009 shares during the last quarter. Finally, Junto Capital Management LP acquired a new stake in shares of Seagate Technology during the 4th quarter worth approximately $60,303,000. 92.87% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

STX has been the subject of several recent research reports. BNP Paribas Exane raised shares of Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 price target for the company in a research report on Friday, May 16th. Bank of America lifted their price objective on shares of Seagate Technology from $145.00 to $165.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Cantor Fitzgerald raised shares of Seagate Technology from a "neutral" rating to an "overweight" rating and set a $175.00 price target for the company in a research report on Wednesday, July 30th. Wedbush reissued an "outperform" rating and issued a $140.00 price target on shares of Seagate Technology in a research report on Wednesday, May 21st. Finally, Wells Fargo & Company lifted their price objective on shares of Seagate Technology from $122.00 to $160.00 and gave the company an "equal weight" rating in a research note on Thursday, July 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $151.44.

Seagate Technology Stock Up 1.6%

STX stock opened at $150.45 on Friday. Seagate Technology Holdings PLC has a fifty-two week low of $63.19 and a fifty-two week high of $157.62. The firm's 50-day simple moving average is $141.67 and its 200 day simple moving average is $109.53. The stock has a market cap of $32.00 billion, a PE ratio of 22.22, a price-to-earnings-growth ratio of 0.94 and a beta of 1.50.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its earnings results on Tuesday, July 29th. The data storage provider reported $2.59 EPS for the quarter, beating the consensus estimate of $2.45 by $0.14. The firm had revenue of $2.44 billion for the quarter, compared to analysts' expectations of $2.40 billion. Seagate Technology had a net margin of 16.15% and a negative return on equity of 169.60%. Seagate Technology's quarterly revenue was up 29.5% on a year-over-year basis. During the same quarter last year, the company earned $1.05 EPS. Equities analysts forecast that Seagate Technology Holdings PLC will post 6.83 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Tuesday, September 30th will be issued a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Tuesday, September 30th. Seagate Technology's dividend payout ratio (DPR) is presently 42.54%.

Seagate Technology declared that its Board of Directors has authorized a stock repurchase plan on Thursday, May 22nd that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the data storage provider to buy up to 21.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board believes its shares are undervalued.

Insider Activity

In other Seagate Technology news, CFO Gianluca Romano sold 26,816 shares of the firm'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 completion of the transaction, the chief financial officer directly owned 38,082 shares in the company, valued at $4,477,681.56. This trade represents a 41.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO William D. Mosley sold 70,000 shares of the firm's stock in a transaction that occurred 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 owned 485,677 shares of the company's stock, valued at approximately $53,167,061.19. This represents a 12.60% decrease in their ownership of the stock. 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. Corporate insiders own 0.81% of the company's stock.

Seagate Technology 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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