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TD Asset Management Inc Buys 35,557 Shares of Seagate Technology Holdings PLC (NASDAQ:STX)

Seagate Technology logo with Computer and Technology background

Key Points

  • TD Asset Management Inc has increased its holdings in Seagate Technology by 38.2%, owning 128,574 shares valued at approximately $10.92 million after purchasing an additional 35,557 shares in the first quarter.
  • Seagate Technology's Board of Directors has initiated a stock repurchase program allowing the company to buy back up to $5 billion in shares, indicating confidence in the company's undervaluation.
  • The company recently announced a quarterly dividend of $0.72 per share, reflecting an annualized dividend of $2.88 and a dividend yield of 1.95%.
  • Five stocks to consider instead of Seagate Technology.

TD Asset Management Inc grew its holdings in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 38.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 128,574 shares of the data storage provider's stock after purchasing an additional 35,557 shares during the quarter. TD Asset Management Inc owned approximately 0.06% of Seagate Technology worth $10,922,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of STX. Capital Research Global Investors lifted its stake in 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 buying an additional 5,640,443 shares in the last quarter. Marshall Wace LLP bought a new position in Seagate Technology in the fourth quarter valued at approximately $77,341,000. Junto Capital Management LP bought a new position in Seagate Technology in the fourth quarter valued at approximately $60,303,000. Janus Henderson Group PLC lifted its stake in Seagate Technology by 2,853.4% in the fourth quarter. Janus Henderson Group PLC now owns 670,976 shares of the data storage provider's stock valued at $57,925,000 after buying an additional 648,257 shares in the last quarter. Finally, Wedge Capital Management L L P NC acquired a new stake in shares of Seagate Technology in the first quarter valued at approximately $50,792,000. Institutional investors own 92.87% of the company's stock.

Insider Buying and Selling

In related news, EVP Ban Seng Teh sold 1,725 shares of the company's stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $144.00, for a total transaction of $248,400.00. Following the completion of the sale, the executive vice president owned 12,052 shares of the company's stock, valued at $1,735,488. This represents a 12.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Stephanie Tilenius sold 2,693 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $1,567,721.76. This represents a 18.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold 395,516 shares of company stock valued at $47,831,398 over the last quarter. 0.81% of the stock is owned by company insiders.

Seagate Technology Stock Down 1.4%

Shares of Seagate Technology stock traded down $2.20 during trading on Friday, reaching $154.81. The company's stock had a trading volume of 3,827,283 shares, compared to its average volume of 4,170,483. The business's 50-day moving average price is $138.28 and its 200-day moving average price is $107.69. The firm has a market cap of $32.85 billion, a PE ratio of 22.87, a P/E/G ratio of 1.00 and a beta of 1.50. Seagate Technology Holdings PLC has a 52 week low of $63.19 and a 52 week high of $157.45.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its earnings results on Tuesday, July 29th. The data storage provider reported $2.59 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 169.60%. Seagate Technology's quarterly revenue was up 29.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.05 earnings per share. Equities analysts predict that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current year.

Seagate Technology announced that its board has authorized a stock buyback program on Thursday, May 22nd that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the data storage provider to buy up to 21.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Seagate Technology Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on STX. Barclays lifted their price objective on shares of Seagate Technology from $90.00 to $125.00 and gave the company an "equal weight" rating in a report on Wednesday. Bank of America boosted their target price on shares of Seagate Technology from $145.00 to $165.00 and gave the stock a "buy" rating in a report on Monday, July 14th. Susquehanna boosted their target price on shares of Seagate Technology from $68.00 to $80.00 and gave the stock a "negative" rating in a report on Wednesday. Robert W. Baird boosted their target price on shares of Seagate Technology from $120.00 to $188.00 and gave the stock an "outperform" rating in a report on Wednesday. Finally, Benchmark boosted their target price on shares of Seagate Technology from $128.00 to $165.00 and gave the stock 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 given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $151.44.

View Our Latest Stock Report on STX

Seagate Technology Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Seagate Technology (NASDAQ:STX)

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