Range Financial Group LLC Increases Stock Position in Seagate Technology Holdings plc (NASDAQ:STX)

Range Financial Group LLC lifted its holdings in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 11.1% during the 1st quarter, Holdings Channel reports. The firm owned 32,280 shares of the data storage provider’s stock after buying an additional 3,232 shares during the period. Seagate Technology makes up about 1.2% of Range Financial Group LLC’s holdings, making the stock its 21st biggest position. Range Financial Group LLC’s holdings in Seagate Technology were worth $2,742,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in STX. Yousif Capital Management LLC lifted its position in shares of Seagate Technology by 0.4% during the fourth quarter. Yousif Capital Management LLC now owns 27,594 shares of the data storage provider’s stock worth $2,382,000 after purchasing an additional 121 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Seagate Technology by 37.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,150 shares of the data storage provider’s stock worth $1,760,000 after purchasing an additional 5,527 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Seagate Technology by 3.0% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 479,613 shares of the data storage provider’s stock worth $41,395,000 after purchasing an additional 14,185 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of Seagate Technology by 9.5% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 48,834 shares of the data storage provider’s stock worth $4,215,000 after purchasing an additional 4,229 shares in the last quarter. Finally, Vest Financial LLC lifted its position in shares of Seagate Technology by 33.4% during the fourth quarter. Vest Financial LLC now owns 4,950 shares of the data storage provider’s stock worth $427,000 after purchasing an additional 1,238 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Insider Activity

In related news, Director Michael R. Cannon sold 24,190 shares of Seagate Technology stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $119.00, for a total value of $2,878,610.00. Following the transaction, the director now directly owns 10,835 shares in the company, valued at $1,289,365. This trade represents a 69.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $84.56, for a total transaction of $1,691,200.00. Following the completion of the transaction, the chief executive officer now owns 555,677 shares in the company, valued at approximately $46,988,047.12. This trade represents a 3.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 335,251 shares of company stock valued at $38,760,472 in the last ninety days. 0.81% of the stock is currently owned by company insiders.

Seagate Technology Price Performance

Shares of Seagate Technology stock opened at $126.97 on Monday. The firm’s fifty day simple moving average is $93.33 and its 200-day simple moving average is $94.09. The stock has a market capitalization of $26.95 billion, a price-to-earnings ratio of 23.21 and a beta of 1.40. Seagate Technology Holdings plc has a 12 month low of $63.19 and a 12 month high of $129.96.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.14 billion. Seagate Technology had a net margin of 14.67% and a negative return on equity of 63.48%. The company’s quarterly revenue was up 30.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.33 EPS. Analysts anticipate that Seagate Technology Holdings plc will post 6.83 earnings per share for the current year.

Seagate Technology declared that its board has authorized 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 repurchase up to 21.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Seagate Technology Dividend Announcement

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 issued 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 2.27%. Seagate Technology’s payout ratio is 41.62%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on STX shares. Bank of America increased their price target on shares of Seagate Technology from $125.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, May 23rd. UBS Group raised their target price on shares of Seagate Technology from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Wednesday, April 30th. Wall Street Zen cut shares of Seagate Technology from a “buy” rating to a “hold” rating in a report on Friday, May 30th. Morgan Stanley raised their target price on shares of Seagate Technology from $99.00 to $140.00 and gave the company an “overweight” rating in a report on Friday, May 23rd. Finally, BNP Paribas Exane raised shares of Seagate Technology from an “underperform” rating to a “neutral” rating and set a $100.00 target price on the stock in a report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $118.89.

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.