Wedge Capital Management L L P NC Takes $50.79 Million Position in Seagate Technology Holdings plc (NASDAQ:STX)

Wedge Capital Management L L P NC acquired a new stake in shares of Seagate Technology Holdings plc (NASDAQ:STX) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 597,903 shares of the data storage provider’s stock, valued at approximately $50,792,000. Seagate Technology makes up approximately 1.0% of Wedge Capital Management L L P NC’s portfolio, making the stock its 22nd largest position. Wedge Capital Management L L P NC owned 0.28% of Seagate Technology as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of STX. Vanguard Group Inc. raised its holdings in shares of Seagate Technology by 6.9% in the 4th 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 in the last quarter. Sanders Capital LLC increased its position in shares of Seagate Technology by 1.0% in 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 purchasing an additional 162,561 shares during the last quarter. Capital Research Global Investors raised its stake in Seagate Technology by 56.5% in 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 purchasing an additional 5,640,443 shares in the last quarter. Geode Capital Management LLC lifted its position in Seagate Technology by 3.2% during the fourth 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 last quarter. Finally, Invesco Ltd. lifted its position in Seagate Technology by 14.6% during the fourth quarter. Invesco Ltd. now owns 2,761,534 shares of the data storage provider’s stock valued at $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 Trading Down 0.6%

STX stock opened at $126.97 on Friday. The stock has a market capitalization of $26.95 billion, a price-to-earnings ratio of 23.21 and a beta of 1.40. The firm’s 50-day moving average price is $93.33 and its two-hundred day moving average price is $94.13. 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 quarterly 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 for the quarter, compared to the consensus estimate of $2.14 billion. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. Seagate Technology’s revenue was up 30.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.33 EPS. Equities analysts predict that Seagate Technology Holdings plc will post 6.83 EPS for the current year.

Seagate Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th will be issued a dividend of $0.72 per share. 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 2.27%. Seagate Technology’s dividend payout ratio is presently 41.62%.

Seagate Technology declared that its board has initiated a share 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 reacquire up to 21.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

STX has been the topic of a number of research analyst reports. 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 report on Friday, May 23rd. Wells Fargo & Company increased their target price on Seagate Technology from $105.00 to $122.00 and gave the company an “equal weight” rating in a research note on Friday, May 23rd. Citigroup raised their price target on Seagate Technology from $105.00 to $125.00 and gave the company a “buy” rating in a research report on Tuesday, May 20th. Mizuho dropped their price target on Seagate Technology from $115.00 to $95.00 and set an “outperform” rating for the company in a research note on Thursday, April 10th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $130.00 price objective on shares of Seagate Technology in a report on Friday, May 23rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $118.89.

Insider Buying and Selling

In other Seagate Technology news, Director Stephanie Tilenius sold 2,693 shares of the company’s stock in a transaction that occurred on 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 now owns 12,244 shares in the company, valued at approximately $1,567,721.76. This represents a 18.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ban Seng Teh sold 4,201 shares of the firm’s stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $115.00, for a total value of $483,115.00. Following the completion of the transaction, the executive vice president now owns 22,999 shares of the company’s stock, valued at approximately $2,644,885. The trade was a 15.44% decrease in their position. The disclosure for this sale can be found here. Insiders sold 335,251 shares of company stock valued at $38,760,472 over the last quarter. 0.81% of the stock is owned by company insiders.

About Seagate Technology

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.