CCM Investment Advisers LLC Increases Stock Position in Seagate Technology Holdings plc (NASDAQ:STX)

CCM Investment Advisers LLC grew its holdings in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 7.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 156,634 shares of the data storage provider’s stock after purchasing an additional 11,330 shares during the period. CCM Investment Advisers LLC owned approximately 0.07% of Seagate Technology worth $13,306,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Empowered Funds LLC grew its position in Seagate Technology by 460.8% during the fourth quarter. Empowered Funds LLC now owns 18,361 shares of the data storage provider’s stock worth $1,585,000 after buying an additional 15,087 shares during the period. Savant Capital LLC boosted its position in Seagate Technology by 20.3% during the fourth quarter. Savant Capital LLC now owns 4,612 shares of the data storage provider’s stock worth $398,000 after purchasing an additional 779 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Seagate Technology by 14.2% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 11,185 shares of the data storage provider’s stock worth $966,000 after buying an additional 1,390 shares in the last quarter. Asset Management One Co. Ltd. grew its position in shares of Seagate Technology by 9.9% in the fourth quarter. Asset Management One Co. Ltd. now owns 84,222 shares of the data storage provider’s stock valued at $7,360,000 after purchasing an additional 7,599 shares during the last quarter. Finally, Vontobel Holding Ltd. grew its holdings in Seagate Technology by 61.7% during the 4th quarter. Vontobel Holding Ltd. now owns 5,090 shares of the data storage provider’s stock valued at $439,000 after buying an additional 1,942 shares during the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Seagate Technology Stock Down 0.3%

Seagate Technology stock opened at $126.07 on Friday. Seagate Technology Holdings plc has a 52-week low of $63.19 and a 52-week high of $132.23. The firm has a fifty day moving average of $97.70 and a 200-day moving average of $94.93. The firm has a market capitalization of $26.75 billion, a P/E ratio of 23.05 and a beta of 1.40.

Seagate Technology (NASDAQ:STX) last announced its quarterly 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. The firm had revenue of $2.16 billion during 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 firm’s revenue was up 30.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.33 EPS. On average, research analysts expect that Seagate Technology Holdings plc will post 6.83 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Wednesday, June 25th will be paid a dividend of $0.72 per share. The ex-dividend date is Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.28%. Seagate Technology’s dividend payout ratio is currently 41.62%.

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

Wall Street Analyst Weigh In

STX has been the subject of several analyst reports. Rosenblatt Securities reissued a “buy” rating and issued a $130.00 target price on shares of Seagate Technology in a research note on Friday, May 23rd. Cantor Fitzgerald boosted their price objective on shares of Seagate Technology from $110.00 to $125.00 and gave the company a “neutral” rating in a research report on Monday, May 19th. UBS Group raised their target price on shares of Seagate Technology from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 30th. Wall Street Zen downgraded Seagate Technology from a “buy” rating to a “hold” rating in a report on Friday, May 30th. Finally, Citigroup raised their price objective on Seagate Technology from $105.00 to $125.00 and gave the stock a “buy” rating in a report on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $119.42.

Insider Transactions at Seagate Technology

In other news, EVP Ban Seng Teh sold 3,594 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $130.00, for a total transaction of $467,220.00. Following the completion of the transaction, the executive vice president now directly owns 11,064 shares in the company, valued at approximately $1,438,320. This represents a 24.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO William D. Mosley sold 54,347 shares of Seagate Technology stock in a transaction on Monday, June 9th. The stock was sold at an average price of $130.19, for a total transaction of $7,075,435.93. Following the completion of the sale, the chief executive officer now owns 515,677 shares of the company’s stock, valued at approximately $67,135,988.63. This trade represents a 9.53% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 393,192 shares of company stock valued at $46,303,128. Corporate insiders own 0.81% of the company’s stock.

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.