Gulf International Bank UK Ltd Lowers Position in Seagate Technology Holdings PLC (NASDAQ:STX)

Gulf International Bank UK Ltd cut its stake in Seagate Technology Holdings PLC (NASDAQ:STX) by 17.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,102 shares of the data storage provider’s stock after selling 2,523 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Seagate Technology were worth $1,028,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Johnson Financial Group Inc. raised its stake in shares of Seagate Technology by 22.7% in the fourth quarter. Johnson Financial Group Inc. now owns 606 shares of the data storage provider’s stock worth $52,000 after purchasing an additional 112 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its stake in shares of Seagate Technology by 0.9% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 15,247 shares of the data storage provider’s stock worth $1,327,000 after purchasing an additional 134 shares during the last quarter. QRG Capital Management Inc. raised its stake in shares of Seagate Technology by 1.2% in the first quarter. QRG Capital Management Inc. now owns 10,876 shares of the data storage provider’s stock worth $924,000 after purchasing an additional 134 shares during the last quarter. Prosperity Consulting Group LLC increased its position in shares of Seagate Technology by 4.5% during the fourth quarter. Prosperity Consulting Group LLC now owns 3,459 shares of the data storage provider’s stock valued at $299,000 after acquiring an additional 150 shares during the last quarter. Finally, Blair William & Co. IL increased its position in shares of Seagate Technology by 5.9% during the first quarter. Blair William & Co. IL now owns 2,835 shares of the data storage provider’s stock valued at $241,000 after acquiring an additional 157 shares during the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Benchmark increased their price target on Seagate Technology from $128.00 to $165.00 and gave the company a “buy” rating in a research report on Wednesday, July 30th. BNP Paribas Exane raised Seagate Technology from an “underperform” rating to a “neutral” rating and set a $100.00 price target for the company in a research report on Friday, May 16th. Citigroup increased their price target on Seagate Technology from $140.00 to $170.00 and gave the company a “buy” rating in a research report on Friday, July 11th. Morgan Stanley increased their price target on Seagate Technology from $167.00 to $168.00 and gave the company an “overweight” rating in a research report on Wednesday, July 30th. Finally, Rosenblatt Securities increased their price target on Seagate Technology from $185.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, July 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $151.44.

Insider Buying and Selling

In other news, CEO William D. Mosley sold 70,000 shares of the firm’s stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $109.47, for a total value of $7,662,900.00. Following the completion of the transaction, the chief executive officer directly owned 485,677 shares of the company’s stock, valued at $53,167,061.19. This trade represents a 12.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 sale, the director directly owned 10,835 shares of the company’s stock, valued at $1,289,365. This represents a 69.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold 430,270 shares of company stock valued at $53,173,431 over the last three months. Insiders own 0.81% of the company’s stock.

Seagate Technology Price Performance

Seagate Technology stock opened at $154.43 on Friday. Seagate Technology Holdings PLC has a one year low of $63.19 and a one year high of $158.00. The business has a fifty day moving average price of $144.66 and a 200-day moving average price of $111.22. The firm has a market capitalization of $32.84 billion, a P/E ratio of 22.81, a PEG ratio of 0.99 and a beta of 1.50.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, July 29th. The data storage provider reported $2.59 EPS for the quarter, topping analysts’ consensus estimates of $2.45 by $0.14. Seagate Technology had a negative return on equity of 169.60% and a net margin of 16.15%. The firm had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.40 billion. During the same period last year, the company earned $1.05 earnings per share. The business’s revenue for the quarter was up 29.5% on a year-over-year basis. Sell-side analysts expect that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Tuesday, September 30th will be issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 30th. Seagate Technology’s dividend payout ratio (DPR) is presently 42.54%.

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

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.