Mutual of America Capital Management LLC Sells 722 Shares of Seagate Technology Holdings PLC (NASDAQ:STX)

Mutual of America Capital Management LLC lessened its position in Seagate Technology Holdings PLC (NASDAQ:STX) by 2.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 24,615 shares of the data storage provider’s stock after selling 722 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Seagate Technology were worth $2,091,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in STX. Ameriflex Group Inc. purchased a new position in Seagate Technology in the 4th quarter worth about $26,000. Elequin Capital LP purchased a new position in Seagate Technology in the 4th quarter worth about $27,000. Fourth Dimension Wealth LLC purchased a new position in Seagate Technology in the 4th quarter worth about $27,000. Wayfinding Financial LLC purchased a new position in Seagate Technology during the 1st quarter valued at about $31,000. Finally, Golden State Wealth Management LLC increased its position in Seagate Technology by 2,200.0% during the 1st quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider’s stock valued at $39,000 after purchasing an additional 440 shares during the period. Institutional investors own 92.87% of the company’s stock.

Insider Transactions at Seagate Technology

In other news, EVP Ban Seng Teh sold 1,725 shares of the stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $144.00, for a total value of $248,400.00. Following the completion of the sale, the executive vice president directly owned 12,052 shares of the company’s stock, valued at approximately $1,735,488. This represents a 12.52% decrease in their ownership of the stock. The transaction 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 stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $119.00, for a total value of $2,878,610.00. Following 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 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 ninety days. 0.81% of the stock is owned by insiders.

Seagate Technology Stock Performance

Shares of STX opened at $149.07 on Friday. The stock has a market capitalization of $31.64 billion, a PE ratio of 21.54 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 company’s 50-day simple moving average is $129.38 and its 200-day simple moving average is $103.48.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share 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 firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.14 billion. During the same period in the prior year, the firm earned $0.33 earnings per share. The business’s quarterly revenue was up 30.5% compared to the same quarter last year. On average, sell-side analysts predict that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current year.

Seagate Technology announced that its board has approved a share repurchase plan on Thursday, May 22nd that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the data storage provider to buy up to 21.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Seagate Technology Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research firms recently commented on STX. Mizuho lowered their target price on shares of Seagate Technology from $115.00 to $95.00 and set an “outperform” rating for the company in a research note on Thursday, April 10th. Rosenblatt Securities restated a “buy” rating and set a $130.00 price objective on shares of Seagate Technology in a research note on Friday, May 23rd. UBS Group lifted their price objective on shares of Seagate Technology from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Wednesday, April 30th. BNP Paribas Exane upgraded shares of Seagate Technology from an “underperform” rating to a “neutral” rating and set a $100.00 price objective for the company in a research note on Friday, May 16th. Finally, BNP Paribas upgraded shares of Seagate Technology from a “strong sell” rating to a “hold” rating in a research note on Friday, May 16th. One analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Seagate Technology has an average rating of “Moderate Buy” and a consensus target price of $130.00.

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.