UMB Bank n.a. Lowers Holdings in Seagate Technology Holdings plc (NASDAQ:STX)

UMB Bank n.a. reduced its stake in Seagate Technology Holdings plc (NASDAQ:STX) by 20.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 675 shares of the data storage provider’s stock after selling 177 shares during the period. UMB Bank n.a.’s holdings in Seagate Technology were worth $57,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of STX. Vest Financial LLC grew its holdings in shares of Seagate Technology by 43.7% during the first quarter. Vest Financial LLC now owns 7,112 shares of the data storage provider’s stock valued at $604,000 after buying an additional 2,162 shares during the last quarter. Salvus Wealth Management LLC boosted its stake in Seagate Technology by 31.7% during the 1st quarter. Salvus Wealth Management LLC now owns 3,348 shares of the data storage provider’s stock valued at $284,000 after purchasing an additional 806 shares during the last quarter. Veracity Capital LLC increased its holdings in shares of Seagate Technology by 12.5% in the 1st quarter. Veracity Capital LLC now owns 3,554 shares of the data storage provider’s stock worth $302,000 after purchasing an additional 396 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its stake in shares of Seagate Technology by 16.1% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 24,542 shares of the data storage provider’s stock worth $2,085,000 after purchasing an additional 3,410 shares during the last quarter. Finally, Kwmg LLC lifted its holdings in shares of Seagate Technology by 1.5% during the first quarter. Kwmg LLC now owns 63,991 shares of the data storage provider’s stock valued at $5,436,000 after purchasing an additional 957 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors.

Seagate Technology Stock Up 1.0%

NASDAQ STX opened at $127.27 on Friday. Seagate Technology Holdings plc has a 52 week low of $63.19 and a 52 week high of $132.23. The firm has a market capitalization of $27.01 billion, a price-to-earnings ratio of 23.27 and a beta of 1.40. The company has a fifty day moving average of $98.91 and a two-hundred day moving average of $95.07.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.75 by $0.15. The firm had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.14 billion. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. Seagate Technology’s quarterly revenue was up 30.5% compared to the same quarter last year. During the same period last year, the company earned $0.33 EPS. Equities research analysts anticipate that Seagate Technology Holdings plc will post 6.83 EPS for the current year.

Seagate Technology Announces Dividend

The business 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 dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend is Wednesday, June 25th. Seagate Technology’s payout ratio is currently 41.62%.

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Rosenblatt Securities reissued a “buy” rating and issued a $130.00 target price on shares of Seagate Technology in a research report on Friday, May 23rd. Wells Fargo & Company boosted their price objective on shares of Seagate Technology from $105.00 to $122.00 and gave the company an “equal weight” rating in a report on Friday, May 23rd. Cantor Fitzgerald raised their target price on shares of Seagate Technology from $110.00 to $125.00 and gave the stock a “neutral” rating in a report on Monday, May 19th. UBS Group lifted their target price on shares of Seagate Technology from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 30th. Finally, Mizuho lowered their price target on Seagate Technology from $115.00 to $95.00 and set an “outperform” rating on the stock in a report on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, Seagate Technology currently has an average rating of “Moderate Buy” and a consensus target price of $119.42.

Insider Buying and Selling at Seagate Technology

In related news, Director Judy Bruner sold 10,446 shares of the firm’s stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $108.71, for a total transaction of $1,135,584.66. Following the completion of the transaction, the director now owns 12,268 shares of the company’s stock, valued at $1,333,654.28. This trade represents a 45.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William D. Mosley sold 54,347 shares of Seagate Technology stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $130.19, for a total value of $7,075,435.93. Following the transaction, the chief executive officer now owns 515,677 shares of the company’s stock, valued at $67,135,988.63. The trade was a 9.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 393,192 shares of company stock worth $46,303,128 over the last quarter. Insiders own 0.81% of the company’s stock.

Seagate Technology 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.