USS Investment Management Ltd Decreases Stock Position in Seagate Technology Holdings plc (NASDAQ:STX)

USS Investment Management Ltd lowered its stake in shares of Seagate Technology Holdings plc (NASDAQ:STX - Free Report) by 27.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,840 shares of the data storage provider's stock after selling 15,770 shares during the period. USS Investment Management Ltd's holdings in Seagate Technology were worth $3,612,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. JFS Wealth Advisors LLC boosted its stake in shares of Seagate Technology by 27.0% during the fourth quarter. JFS Wealth Advisors LLC now owns 532 shares of the data storage provider's stock valued at $46,000 after purchasing an additional 113 shares during the period. Human Investing LLC acquired a new position in shares of Seagate Technology during the fourth quarter valued at about $48,000. Mizuho Bank Ltd. increased its holdings in Seagate Technology by 140.0% in the 4th quarter. Mizuho Bank Ltd. now owns 600 shares of the data storage provider's stock worth $52,000 after buying an additional 350 shares during the period. Johnson Financial Group Inc. increased its holdings in Seagate Technology by 22.7% in the 4th quarter. Johnson Financial Group Inc. now owns 606 shares of the data storage provider's stock worth $52,000 after buying an additional 112 shares during the period. Finally, S.A. Mason LLC purchased a new stake in Seagate Technology in the 4th quarter worth approximately $55,000. Institutional investors own 92.87% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on STX shares. UBS Group increased their price target on Seagate Technology from $80.00 to $85.00 and gave the company a "neutral" rating in a report on Wednesday, April 30th. Barclays lifted their target price on Seagate Technology from $80.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, April 30th. Morgan Stanley lifted their price target on Seagate Technology from $99.00 to $140.00 and gave the stock an "overweight" rating in a report on Friday, May 23rd. Bank of America lifted their target price on Seagate Technology from $125.00 to $135.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Finally, Wedbush reiterated an "outperform" rating and set a $140.00 target price on shares of Seagate Technology in a research report on Wednesday, May 21st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $118.89.

Seagate Technology Price Performance

Seagate Technology stock traded down $0.84 during midday trading on Thursday, hitting $116.51. The company's stock had a trading volume of 714,515 shares, compared to its average volume of 2,981,288. Seagate Technology Holdings plc has a 1-year low of $63.19 and a 1-year high of $119.25. The company has a 50-day moving average price of $88.25 and a two-hundred day moving average price of $92.97. The company has a market cap of $24.72 billion, a price-to-earnings ratio of 21.30 and a beta of 1.32.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.75 by $0.15. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. Seagate Technology had a net margin of 14.67% and a negative return on equity of 63.48%. Seagate Technology's quarterly revenue was up 30.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.33 EPS. Sell-side analysts forecast that Seagate Technology Holdings plc will post 6.83 EPS for the current year.

Seagate Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th will be given a $0.72 dividend. The ex-dividend date is Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.47%. Seagate Technology's dividend payout ratio (DPR) is presently 41.62%.

Seagate Technology announced that its Board of Directors has initiated a share repurchase plan on Thursday, May 22nd that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the data storage provider to reacquire up to 21.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Insider Activity

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the firm's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $84.56, for a total value of $1,691,200.00. Following the completion of the sale, the chief executive officer now directly owns 555,677 shares in the company, valued at $46,988,047.12. This trade represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Kian Fatt Chong sold 6,410 shares of Seagate Technology stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $111.26, for a total transaction of $713,176.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 111,057 shares of company stock valued at $11,685,976. 0.81% of the stock is currently owned by insiders.

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.