CX Institutional Takes $113,000 Position in Seagate Technology Holdings plc (NASDAQ:STX)

CX Institutional acquired a new stake in shares of Seagate Technology Holdings plc (NASDAQ:STX) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 1,330 shares of the data storage provider’s stock, valued at approximately $113,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Seagate Technology by 6.9% during the fourth quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider’s stock worth $2,414,446,000 after purchasing an additional 1,814,821 shares in the last quarter. Sanders Capital LLC boosted its position in shares of Seagate Technology by 1.0% during the fourth quarter. Sanders Capital LLC now owns 16,530,152 shares of the data storage provider’s stock worth $1,426,717,000 after acquiring an additional 162,561 shares during the last quarter. Capital Research Global Investors grew its stake in Seagate Technology by 56.5% during the fourth quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider’s stock valued at $1,348,262,000 after acquiring an additional 5,640,443 shares in the last quarter. Geode Capital Management LLC increased its holdings in Seagate Technology by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 4,295,225 shares of the data storage provider’s stock valued at $370,013,000 after acquiring an additional 132,713 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in Seagate Technology by 14.6% in the 4th quarter. Invesco Ltd. now owns 2,761,534 shares of the data storage provider’s stock valued at $238,348,000 after acquiring an additional 352,300 shares during the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Seagate Technology Stock Performance

STX opened at $131.04 on Tuesday. The stock has a market cap of $27.81 billion, a price-to-earnings ratio of 23.96 and a beta of 1.40. The stock’s 50 day moving average price is $100.20 and its 200-day moving average price is $95.24. Seagate Technology Holdings plc has a one year low of $63.19 and a one year high of $132.23.

Seagate Technology (NASDAQ:STX) last announced its 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 63.48% and a net margin of 14.67%. The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.14 billion. During the same quarter last year, the firm earned $0.33 EPS. The business’s revenue for the quarter was up 30.5% on a year-over-year basis. As a group, analysts predict that Seagate Technology Holdings plc will post 6.83 earnings per share for the current fiscal year.

Seagate Technology declared that its Board of Directors has initiated a stock repurchase program on Thursday, May 22nd that permits the company to repurchase $5.00 billion in 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 leadership believes its stock is undervalued.

Seagate Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders 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 2.20%. Seagate Technology’s payout ratio is 41.62%.

Insider Transactions at Seagate Technology

In other Seagate Technology news, CEO William D. Mosley sold 70,000 shares of the firm’s stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $109.47, for a total value of $7,662,900.00. Following the completion of the transaction, the chief executive officer now owns 485,677 shares of the company’s stock, valued at approximately $53,167,061.19. This trade represents a 12.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Ban Seng Teh sold 63,418 shares of the company’s stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $125.00, for a total value of $7,927,250.00. Following the completion of the transaction, the executive vice president now directly owns 14,658 shares in the company, valued at approximately $1,832,250. The trade was a 81.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 393,192 shares of company stock valued at $46,303,128 in the last quarter. 0.81% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on STX. Mizuho cut their price objective on Seagate Technology from $115.00 to $95.00 and set an “outperform” rating for the company in a research report on Thursday, April 10th. Barclays raised their price target 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 upped their price objective on Seagate Technology from $99.00 to $140.00 and gave the stock an “overweight” rating in a report on Friday, May 23rd. Rosenblatt Securities reiterated a “buy” rating and set a $130.00 target price on shares of Seagate Technology in a research report on Friday, May 23rd. Finally, UBS Group boosted their price target 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. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $119.42.

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.