M&T Bank Corp Raises Position in Seagate Technology Holdings PLC (NASDAQ:STX)

M&T Bank Corp grew its stake in Seagate Technology Holdings PLC (NASDAQ:STX) by 2.1% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,193 shares of the data storage provider’s stock after purchasing an additional 256 shares during the quarter. M&T Bank Corp’s holdings in Seagate Technology were worth $1,035,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Capital Research Global Investors increased its stake in Seagate Technology by 56.5% in 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 buying an additional 5,640,443 shares during the last quarter. Vanguard Group Inc. increased 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 valued at $2,414,446,000 after acquiring an additional 1,814,821 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Seagate Technology during the fourth quarter valued at approximately $77,341,000. Junto Capital Management LP bought a new stake in Seagate Technology during the fourth quarter worth $60,303,000. Finally, Janus Henderson Group PLC boosted its position in Seagate Technology by 2,853.4% in the fourth quarter. Janus Henderson Group PLC now owns 670,976 shares of the data storage provider’s stock worth $57,925,000 after purchasing an additional 648,257 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Analysts Set New Price Targets

STX has been the topic of a number of recent analyst reports. BNP Paribas Exane upgraded Seagate Technology from an “underperform” rating to a “neutral” rating and set a $100.00 target price on the stock in a research note on Friday, May 16th. BNP Paribas upgraded shares of Seagate Technology from a “strong sell” rating to a “hold” rating in a research note on Friday, May 16th. Wedbush reissued an “outperform” rating and set a $140.00 target price on shares of Seagate Technology in a research report on Wednesday, May 21st. Barclays lifted their price target on shares of Seagate Technology from $80.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 30th. Finally, Morgan Stanley increased their price objective on Seagate Technology from $140.00 to $167.00 and gave the company an “overweight” rating in a report on Monday. 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 stock. Based on data from MarketBeat.com, Seagate Technology presently has an average rating of “Moderate Buy” and a consensus price target of $128.00.

Seagate Technology Stock Performance

Seagate Technology stock opened at $149.08 on Tuesday. The stock has a market cap of $31.64 billion, a P/E ratio of 21.54 and a beta of 1.45. Seagate Technology Holdings PLC has a fifty-two week low of $63.19 and a fifty-two week high of $152.16. The firm’s fifty day moving average price is $124.06 and its 200-day moving average price is $101.44.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.75 by $0.15. Seagate Technology had a net margin of 17.49% and a negative return on equity of 105.02%. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.14 billion. During the same quarter in the previous year, the company earned $0.33 EPS. The business’s quarterly revenue was up 30.5% compared to the same quarter last year. Sell-side analysts predict that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current year.

Seagate Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th were given a $0.72 dividend. The ex-dividend date was Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a yield of 1.93%. Seagate Technology’s payout ratio is 41.62%.

Seagate Technology declared that its board has initiated a share repurchase plan on Thursday, May 22nd that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the data storage provider to buy up to 21.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Seagate Technology

In other news, Director Stephanie Tilenius sold 2,693 shares of the firm’s stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $128.04, for a total transaction of $344,811.72. Following the transaction, the director directly owned 12,244 shares of the company’s stock, valued at approximately $1,567,721.76. This trade represents a 18.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $117.01, for a total value of $87,757.50. Following the completion of the sale, the director directly owned 5,055 shares of the company’s stock, valued at approximately $591,485.55. This trade represents a 12.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold 393,791 shares of company stock worth $47,582,998 in the last three months. Corporate 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.