Sunbelt Securities Inc. Raises Holdings in Seagate Technology Holdings plc (NASDAQ:STX)

Sunbelt Securities Inc. lifted its stake in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 66.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,253 shares of the data storage provider’s stock after purchasing an additional 500 shares during the quarter. Sunbelt Securities Inc.’s holdings in Seagate Technology were worth $108,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Elequin Capital LP bought a new stake in shares of Seagate Technology during the 4th quarter valued at $27,000. Fourth Dimension Wealth LLC bought a new stake in shares of Seagate Technology during the 4th quarter valued at $27,000. JFS Wealth Advisors LLC raised its stake in shares of Seagate Technology by 27.0% during the 4th quarter. JFS Wealth Advisors LLC now owns 532 shares of the data storage provider’s stock valued at $46,000 after purchasing an additional 113 shares during the period. Human Investing LLC bought a new stake in shares of Seagate Technology during the 4th quarter valued at $48,000. Finally, Mizuho Bank Ltd. raised its stake in shares of Seagate Technology by 140.0% during the 4th quarter. Mizuho Bank Ltd. now owns 600 shares of the data storage provider’s stock valued at $52,000 after purchasing an additional 350 shares during the period. 92.87% of the stock is currently owned by institutional investors.

Insider Activity at Seagate Technology

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $84.56, for a total value of $1,691,200.00. Following the completion of the sale, 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Judy Bruner sold 10,446 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $108.71, for a total value of $1,135,584.66. Following the completion of the sale, the director now owns 12,268 shares of the company’s stock, valued at approximately $1,333,654.28. This trade represents a 45.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold 106,856 shares of company stock worth $11,202,861 in the last ninety days. 0.81% of the stock is owned by company insiders.

Seagate Technology Price Performance

Shares of STX stock opened at $117.05 on Wednesday. The stock has a market capitalization of $24.84 billion, a PE ratio of 21.40 and a beta of 1.32. Seagate Technology Holdings plc has a 1-year low of $63.19 and a 1-year high of $117.36. The business has a 50-day moving average of $87.67 and a 200 day moving average of $92.80.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.75 by $0.15. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 30.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.33 EPS. Analysts anticipate that Seagate Technology Holdings plc will post 6.83 EPS for the current year.

Seagate Technology announced that its board has authorized a stock repurchase program on Thursday, May 22nd that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the data storage provider to reacquire up to 21.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Seagate Technology Announces Dividend

The business 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. This represents a $2.88 annualized dividend and a yield of 2.46%. The ex-dividend date of this dividend is Wednesday, June 25th. Seagate Technology’s dividend payout ratio is presently 41.62%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on STX. Morgan Stanley upped their target price on Seagate Technology from $99.00 to $140.00 and gave the stock an “overweight” rating in a research note on Friday, May 23rd. Cantor Fitzgerald upped their target price on Seagate Technology from $110.00 to $125.00 and gave the stock a “neutral” rating in a research note on Monday, May 19th. BNP Paribas upgraded Seagate Technology from a “strong sell” rating to a “hold” rating in a research note on Friday, May 16th. Bank of America upped their target price on Seagate Technology from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday, May 23rd. Finally, Wall Street Zen upgraded Seagate Technology from a “hold” rating to a “buy” rating in a research note on Thursday, May 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $118.37.

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.