US Bancorp DE Purchases 3,053 Shares of Seagate Technology Holdings PLC (NASDAQ:STX)

Key Points

• US Bancorp DE increased its holdings in Seagate Technology by 16.9% to approximately $1.80 million during the first quarter of the year.
• Insider transactions revealed that CEO William D. Mosley sold 20,000 shares valued at $3.07 million, reducing his ownership by 4.01%.
• Seagate Technology announced a quarterly dividend of $0.72 per share, with a yield of 1.9%, to be paid on October 9th, along with a $5 billion share repurchase program indicating the board's belief in the stock's undervaluation.

US Bancorp DE lifted its stake in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 16.9% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 21,138 shares of the data storage provider's stock after acquiring an additional 3,053 shares during the period. US Bancorp DE's holdings in Seagate Technology were worth $1,796,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Ameriflex Group Inc. bought a new position in Seagate Technology in the 4th quarter worth approximately $26,000. Elequin Capital LP acquired a new stake in Seagate Technology in the 4th quarter valued at $27,000. Fourth Dimension Wealth LLC acquired a new stake in Seagate Technology in the 4th quarter valued at $27,000. Wayfinding Financial LLC acquired a new stake in Seagate Technology in the 1st quarter valued at $31,000. Finally, Golden State Wealth Management LLC raised its position in 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 purchasing an additional 440 shares during the last quarter. 92.87% of the stock is owned by institutional investors.

Insider Transactions at Seagate Technology

In related news, CEO William D. Mosley sold 20,000 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $153.75, for a total transaction of $3,075,000.00. Following the completion of the transaction, the chief executive officer directly owned 478,912 shares of the company's stock, valued at $73,632,720. This trade represents a 4.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ban Seng Teh sold 5,905 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $155.00, for a total value of $915,275.00. Following the transaction, the executive vice president directly owned 6,147 shares of the company's stock, valued at approximately $952,785. This represents a 49.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 428,546 shares of company stock worth $52,912,056. Insiders own 0.81% of the company's stock.

Seagate Technology Price Performance

NASDAQ:STX traded up $2.35 during trading hours on Friday, reaching $150.45. 1,901,625 shares of the company were exchanged, compared to its average volume of 4,019,640. The company has a market capitalization of $32.00 billion, a P/E ratio of 22.22, a P/E/G ratio of 0.95 and a beta of 1.50. Seagate Technology Holdings PLC has a 1-year low of $63.19 and a 1-year high of $157.62. The business has a 50 day moving average of $141.67 and a 200 day moving average of $109.54.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its 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 firm had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.40 billion. Seagate Technology had a negative return on equity of 169.60% and a net margin of 16.15%. The company's revenue was up 29.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.05 EPS. As a group, equities research analysts anticipate that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current fiscal year.

Seagate Technology declared that its board has authorized a stock buyback program on Thursday, May 22nd that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the data storage provider to purchase up to 21.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management 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 issued 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 dividend yield of 1.9%. Seagate Technology's dividend payout ratio (DPR) is 42.54%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on STX. Barclays lifted their price objective on Seagate Technology from $90.00 to $125.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Susquehanna upped their price objective on Seagate Technology from $68.00 to $80.00 and gave the company a "negative" rating in a report on Wednesday, July 30th. Morgan Stanley boosted their target price on Seagate Technology from $167.00 to $168.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. The Goldman Sachs Group started coverage on Seagate Technology in a research report on Thursday, July 10th. They set a "buy" rating and a $170.00 price objective for the company. Finally, Bank of America upped their price objective on Seagate Technology from $145.00 to $165.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat, Seagate Technology has an average rating of "Moderate Buy" and an average target price of $151.44.

Seagate Technology Company 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.