2,398 Shares in Seagate Technology Holdings PLC (NASDAQ:STX) Acquired by Trust Asset Management LLC

Key Points

• Trust Asset Management LLC has acquired a new position in Seagate Technology, purchasing 2,398 shares valued at approximately $204,000 in the first quarter.
• Seagate Technology's recent earnings report showed $2.59 earnings per share, exceeding estimates, and the company reported a 29.5% year-over-year revenue increase.
• Insiders sold a total of 428,546 shares of Seagate’s stock over the last three months, with significant decreases in ownership stakes for both the EVP and Director.

Trust Asset Management LLC acquired a new stake in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 2,398 shares of the data storage provider's stock, valued at approximately $204,000.

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Seagate Technology by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 28,743,126 shares of the data storage provider's stock valued at $2,441,729,000 after buying an additional 769,009 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Seagate Technology by 12.9% in 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. Capital Research Global Investors grew its holdings in shares of 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 worth $1,348,262,000 after purchasing an additional 5,640,443 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Seagate Technology by 3.6% in the 1st quarter. Invesco Ltd. now owns 2,861,418 shares of the data storage provider's stock worth $243,077,000 after purchasing an additional 99,884 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Seagate Technology by 13.4% in the 4th quarter. Northern Trust Corp now owns 1,655,699 shares of the data storage provider's stock worth $142,903,000 after purchasing an additional 195,090 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company's stock.

Seagate Technology Price Performance

Shares of STX stock traded down $1.19 during trading hours on Thursday, reaching $155.73. The company had a trading volume of 2,319,565 shares, compared to its average volume of 3,960,893. Seagate Technology Holdings PLC has a 1-year low of $63.19 and a 1-year high of $158.00. The firm has a market cap of $33.12 billion, a price-to-earnings ratio of 23.00, a P/E/G ratio of 0.98 and a beta of 1.50. The company has a 50 day moving average of $144.11 and a 200 day moving average of $110.85.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The data storage provider reported $2.59 EPS for the quarter, beating analysts' consensus estimates of $2.45 by $0.14. Seagate Technology had a negative return on equity of 169.60% and a net margin of 16.15%. The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter in the prior year, the company posted $1.05 earnings per share. The firm's revenue was up 29.5% on a year-over-year basis. As a group, sell-side 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 disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.72 per share. The ex-dividend date is Tuesday, September 30th. This represents a $2.88 dividend on an annualized basis and a yield of 1.8%. Seagate Technology's payout ratio is currently 42.54%.

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Bank of America upped 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. BNP Paribas Exane raised shares of Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 target price on the stock in a report on Friday, May 16th. TD Cowen upped their target price on shares of Seagate Technology from $135.00 to $175.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Barclays upped their target price on shares of Seagate Technology from $90.00 to $125.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Finally, UBS Group upped their target price on shares of Seagate Technology from $85.00 to $155.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $151.44.

Insider Activity

In other Seagate Technology news, CFO Gianluca Romano sold 26,816 shares of the stock in a transaction on 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 sale, the chief financial officer directly owned 38,082 shares in the company, valued at approximately $4,477,681.56. This trade represents a 41.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Ban Seng Teh sold 63,418 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $125.00, for a total transaction of $7,927,250.00. Following the completion of the sale, the executive vice president owned 14,658 shares in the company, valued at approximately $1,832,250. This trade represents a 81.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 430,270 shares of company stock worth $53,173,431 in the last ninety days. Company insiders own 0.81% of the company's stock.

About Seagate Technology

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.