TCW Group Inc. Acquires 57,969 Shares of Seagate Technology Holdings PLC (NASDAQ:STX)

Key Points

• TCW Group Inc. increased its holdings in Seagate Technology by 16.4% during the first quarter, purchasing an additional 57,969 shares for a total of 410,871 shares valued at approximately $34.9 million.
• Seagate Technology's board approved a $5 billion stock repurchase plan, indicating they believe their shares may be undervalued as it allows for the reacquisition of up to 21.6% of their stock.
• Seagate has recently reported a quarterly earnings of $1.90 per share, exceeding estimates, with a 30.5% revenue increase year-over-year and is forecasted to achieve 6.83 EPS for the current fiscal year.

TCW Group Inc. grew its stake in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 16.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 410,871 shares of the data storage provider's stock after purchasing an additional 57,969 shares during the period. TCW Group Inc. owned about 0.19% of Seagate Technology worth $34,903,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Ameriflex Group Inc. acquired a new stake in shares of Seagate Technology during the 4th quarter valued at about $26,000. Elequin Capital LP acquired a new stake in shares of Seagate Technology during the 4th quarter valued at about $27,000. Fourth Dimension Wealth LLC acquired a new stake in shares of Seagate Technology during the 4th quarter valued at about $27,000. Wayfinding Financial LLC acquired a new stake in shares of Seagate Technology during the 1st quarter valued at about $31,000. Finally, Golden State Wealth Management LLC boosted its position in shares of Seagate Technology by 2,200.0% during 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 in the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Seagate Technology

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the company's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $144.66, for a total transaction of $2,893,200.00. Following the sale, the chief executive officer directly owned 498,710 shares of the company's stock, valued at approximately $72,143,388.60. This represents a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Stephanie Tilenius sold 2,693 shares of the company's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $128.04, for a total transaction of $344,811.72. Following the sale, the director directly owned 12,244 shares in the company, valued at $1,567,721.76. This trade represents a 18.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 395,516 shares of company stock worth $47,831,398. Company insiders own 0.81% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on STX shares. The Goldman Sachs Group began coverage on shares of Seagate Technology in a research report on Thursday, July 10th. They set a "buy" rating and a $170.00 target price on the stock. 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 report on Wednesday. Mizuho cut their price target on shares of Seagate Technology from $115.00 to $95.00 and set an "outperform" rating for the company in a report on Thursday, April 10th. Citigroup lifted their price target on shares of Seagate Technology from $140.00 to $170.00 and gave the company a "buy" rating in a report on Friday, July 11th. Finally, TD Cowen lifted their price target on shares of Seagate Technology from $135.00 to $175.00 and gave the company a "buy" rating in a report on Wednesday. One analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $151.44.

Seagate Technology Price Performance

Shares of Seagate Technology stock traded up $9.10 on Thursday, hitting $156.52. The company had a trading volume of 4,611,717 shares, compared to its average volume of 4,020,452. The firm has a market capitalization of $33.22 billion, a P/E ratio of 23.13 and a beta of 1.45. Seagate Technology Holdings PLC has a twelve month low of $63.19 and a twelve month high of $157.45. The stock has a 50-day moving average of $136.48 and a 200-day moving average of $106.78.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The data storage provider reported $2.59 earnings per share for the quarter, beating the consensus estimate of $2.45 by $0.14. The company had revenue of $2.44 billion during 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 145.16%. The business's quarterly revenue was up 29.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.05 earnings per share. Equities analysts predict that Seagate Technology Holdings PLC will post 6.83 EPS for the current year.

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

Seagate Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Tuesday, September 30th will be given a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend is Tuesday, September 30th. Seagate Technology's dividend payout ratio is presently 42.54%.

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.