Amalgamated Bank Acquires 243 Shares of Seagate Technology Holdings PLC (NASDAQ:STX)

Amalgamated Bank increased its holdings in shares of Seagate Technology Holdings PLC (NASDAQ:STX) by 0.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 29,964 shares of the data storage provider’s stock after purchasing an additional 243 shares during the period. Amalgamated Bank’s holdings in Seagate Technology were worth $2,545,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings 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 buying an additional 1,814,821 shares during the last quarter. Sanders Capital LLC increased its position in 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 period. Capital Research Global Investors raised its stake in Seagate Technology by 56.5% during the 4th 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 purchasing an additional 5,640,443 shares during the last quarter. Geode Capital Management LLC boosted 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 purchasing an additional 132,713 shares during the period. Finally, Invesco Ltd. grew its position 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 worth $238,348,000 after purchasing an additional 352,300 shares during the last quarter. Institutional investors own 92.87% of the company’s stock.

Seagate Technology Stock Down 1.6%

Shares of STX stock opened at $149.45 on Friday. The company has a market capitalization of $31.72 billion, a P/E ratio of 21.60 and a beta of 1.45. Seagate Technology Holdings PLC has a 12-month low of $63.19 and a 12-month high of $152.16. The firm has a 50-day moving average price of $118.28 and a 200 day moving average price of $99.36.

Seagate Technology (NASDAQ:STX) last posted 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 during the quarter, compared to analysts’ expectations of $2.14 billion. Seagate Technology had a net margin of 17.49% and a negative return on equity of 105.02%. 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 posted $0.33 earnings per share. As a group, research analysts expect 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 authorized a stock buyback program on Thursday, May 22nd that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the data storage provider to repurchase up to 21.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Seagate Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Wednesday, June 25th will be paid a $0.72 dividend. The ex-dividend date of this dividend is Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.93%. Seagate Technology’s dividend payout ratio (DPR) is presently 41.62%.

Insiders Place Their Bets

In other Seagate Technology news, CFO Gianluca Romano sold 26,816 shares of the stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $117.58, for a total transaction of $3,153,025.28. Following the sale, the chief financial officer owned 38,082 shares of the company’s stock, valued at $4,477,681.56. This represents a 41.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael R. Cannon sold 24,190 shares of the firm’s stock in a transaction that occurred on Monday, June 2nd. The shares were 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 directly owned 10,835 shares of the company’s stock, valued at approximately $1,289,365. This represents a 69.06% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 393,791 shares of company stock valued at $47,582,998. 0.81% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Citigroup upped their price objective on shares of Seagate Technology from $105.00 to $125.00 and gave the company a “buy” rating in a research report on Tuesday, May 20th. Wells Fargo & Company upped their price target on 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 lifted their price objective on Seagate Technology from $110.00 to $125.00 and gave the stock a “neutral” rating in a report on Monday, May 19th. Bank of America boosted their price objective on Seagate Technology from $135.00 to $145.00 and gave the company a “buy” rating in a research report on Monday, June 9th. Finally, Morgan Stanley raised their target price on Seagate Technology from $99.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned 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 price target of $119.42.

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.