Seagate Technology Holdings PLC (NASDAQ:STX) Shares Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Seagate Technology by 13.1%, now owning approximately 0.18% of the company, with a total investment valued at around $32.5 million.
• Seagate Technology reported quarterly earnings of $2.59 per share, surpassing analyst expectations, with revenue growth of 29.5% year-over-year.
• The company has authorized a $5 billion share buyback program and recently declared a quarterly dividend of $0.72 per share, reflecting a yield of 1.9%.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 13.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 382,505 shares of the data storage provider's stock after acquiring an additional 44,304 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.18% of Seagate Technology worth $32,494,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Ameriflex Group Inc. acquired a new stake in shares of Seagate Technology during the 4th quarter worth about $26,000. Elequin Capital LP purchased a new position in Seagate Technology during the fourth quarter worth about $27,000. Fourth Dimension Wealth LLC purchased a new position in Seagate Technology during the fourth quarter worth about $27,000. Wayfinding Financial LLC acquired a new stake in shares of Seagate Technology during the first quarter valued at about $31,000. Finally, Golden State Wealth Management LLC raised its stake in shares of Seagate Technology by 2,200.0% in the 1st quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider's stock valued at $39,000 after acquiring an additional 440 shares during the period. Hedge funds and other institutional investors own 92.87% of the company's stock.

Insider Activity at Seagate Technology

In other news, Director Michael R. Cannon sold 24,190 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $119.00, for a total transaction of $2,878,610.00. Following the completion of the sale, the director owned 10,835 shares in the company, valued at approximately $1,289,365. The trade was a 69.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William D. Mosley sold 70,000 shares of the company's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $109.47, for a total transaction of $7,662,900.00. Following the completion of the transaction, the chief executive officer owned 485,677 shares of the company's stock, valued at approximately $53,167,061.19. The trade was a 12.60% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 428,546 shares of company stock valued at $52,912,056. Company insiders own 0.81% of the company's stock.

Seagate Technology Trading Up 1.6%

Shares of STX opened at $150.45 on Friday. The firm has a market capitalization of $32.00 billion, a price-to-earnings ratio of 22.22, a PEG ratio of 0.95 and a beta of 1.50. The firm's fifty day simple moving average is $141.67 and its 200-day simple moving average is $109.54. Seagate Technology Holdings PLC has a twelve month low of $63.19 and a twelve month high of $157.62.

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

Seagate Technology announced that its board has approved a share buyback program 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 reacquire up to 21.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Seagate Technology Dividend Announcement

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

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Wall Street Zen cut shares of Seagate Technology from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. BNP Paribas Exane upgraded 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 boosted their price objective on Seagate Technology from $145.00 to $165.00 and gave the company a "buy" rating in a report on Monday, July 14th. Citigroup raised their target price on Seagate Technology from $140.00 to $170.00 and gave the company a "buy" rating in a report on Friday, July 11th. Finally, Robert W. Baird lifted their target price on Seagate Technology from $120.00 to $188.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Seagate Technology currently has a consensus rating of "Moderate Buy" and an average target price of $151.44.

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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