Verdence Capital Advisors LLC boosted its holdings in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 22.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,410 shares of the data storage provider's stock after acquiring an additional 2,976 shares during the quarter. Verdence Capital Advisors LLC's holdings in Seagate Technology were worth $1,394,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in STX. Tidal Investments LLC boosted its stake in shares of Seagate Technology by 133.1% in the fourth quarter. Tidal Investments LLC now owns 12,681 shares of the data storage provider's stock worth $1,094,000 after acquiring an additional 7,240 shares during the period. Personal CFO Solutions LLC bought a new stake in Seagate Technology during the 1st quarter valued at approximately $223,000. Amalgamated Bank raised its stake in Seagate Technology by 0.8% during the 1st quarter. Amalgamated Bank now owns 29,964 shares of the data storage provider's stock valued at $2,545,000 after purchasing an additional 243 shares during the period. Alps Advisors Inc. raised its stake in Seagate Technology by 10.2% during the 1st quarter. Alps Advisors Inc. now owns 278,831 shares of the data storage provider's stock valued at $23,687,000 after purchasing an additional 25,817 shares during the period. Finally, Norges Bank bought a new stake in Seagate Technology during the 4th quarter valued at approximately $25,729,000. 92.87% of the stock is owned by institutional investors.
Seagate Technology Stock Performance
NASDAQ STX opened at $146.72 on Friday. The stock has a market capitalization of $31.14 billion, a P/E ratio of 21.20 and a beta of 1.45. Seagate Technology Holdings PLC has a 1 year low of $63.19 and a 1 year high of $152.16. The business's fifty day moving average is $128.31 and its two-hundred day moving average is $102.93.
Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.75 by $0.15. Seagate Technology had a negative return on equity of 105.02% and a net margin of 17.49%. The company had revenue of $2.16 billion for the quarter, compared to analysts' expectations of $2.14 billion. During the same quarter in the prior year, the company earned $0.33 earnings per share. The firm's revenue was up 30.5% on a year-over-year basis. On average, research analysts forecast that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current year.
Seagate Technology announced that its Board of Directors has initiated a stock repurchase plan on Thursday, May 22nd that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the data storage provider to purchase up to 21.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's management believes its stock is undervalued.
Seagate Technology Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th were paid a $0.72 dividend. The ex-dividend date of this dividend was Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a yield of 1.96%. Seagate Technology's payout ratio is currently 41.62%.
Insider Activity
In related news, CEO William D. Mosley sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $144.66, for a total value of $2,893,200.00. Following the transaction, the chief executive officer directly owned 498,710 shares in the company, valued at $72,143,388.60. This represents a 3.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael R. Cannon sold 24,190 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $119.00, for a total transaction of $2,878,610.00. Following the completion of the sale, the director owned 10,835 shares in the company, valued at approximately $1,289,365. This trade represents a 69.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 395,516 shares of company stock valued at $47,831,398 over the last three months. 0.81% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
A number of analysts have issued reports on STX shares. Wall Street Zen downgraded Seagate Technology from a "buy" rating to a "hold" rating in a research note on Friday, May 30th. Rosenblatt Securities reissued a "buy" rating and set a $130.00 target price on shares of Seagate Technology in a research report on Friday, May 23rd. Mizuho cut their target price on Seagate Technology from $115.00 to $95.00 and set an "outperform" rating on the stock in a research report on Thursday, April 10th. The Goldman Sachs Group initiated coverage on Seagate Technology in a research report on Thursday, July 10th. They set a "buy" rating and a $170.00 target price on the stock. Finally, Cantor Fitzgerald boosted their target price on Seagate Technology from $110.00 to $125.00 and gave the company a "neutral" rating in a research report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $130.00.
Get 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.
Further Reading
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