Elevated Capital Advisors LLC Raises Stake in Seagate Technology Holdings PLC (NASDAQ:STX)

Elevated Capital Advisors LLC raised its position in shares of Seagate Technology Holdings PLC (NASDAQ:STX) by 8.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,751 shares of the data storage provider’s stock after purchasing an additional 964 shares during the quarter. Elevated Capital Advisors LLC’s holdings in Seagate Technology were worth $1,083,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Ameriflex Group Inc. purchased a new position in Seagate Technology during the fourth quarter valued at approximately $26,000. Elequin Capital LP purchased a new position in Seagate Technology during the fourth quarter valued at approximately $27,000. Fourth Dimension Wealth LLC purchased a new position in Seagate Technology during the fourth quarter valued at approximately $27,000. Golden State Wealth Management LLC lifted its holdings in Seagate Technology by 2,200.0% during the first quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider’s stock valued at $39,000 after purchasing an additional 440 shares in the last quarter. Finally, Menard Financial Group LLC purchased a new position in Seagate Technology during the fourth quarter valued at approximately $50,000. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Seagate Technology Stock Performance

Shares of STX opened at $141.44 on Friday. The company’s fifty day moving average is $111.34 and its 200 day moving average is $97.53. Seagate Technology Holdings PLC has a fifty-two week low of $63.19 and a fifty-two week high of $142.47. The stock has a market capitalization of $30.02 billion, a PE ratio of 20.44 and a beta of 1.40.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. Seagate Technology had a net margin of 17.49% and a negative return on equity of 105.02%. The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.14 billion. During the same quarter in the previous year, the business posted $0.33 earnings per share. The business’s revenue was up 30.5% compared to the same quarter last year. As a group, research analysts forecast that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current year.

Seagate Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Wednesday, June 25th will be given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend is Wednesday, June 25th. Seagate Technology’s dividend payout ratio (DPR) is 41.62%.

Seagate Technology declared that its Board of Directors has approved a share buyback program on Thursday, May 22nd that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the data storage provider to repurchase up to 21.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

STX has been the topic of several analyst reports. Wall Street Zen downgraded shares of Seagate Technology from a “buy” rating to a “hold” rating in a report on Friday, May 30th. Rosenblatt Securities reiterated a “buy” rating and set a $130.00 price objective on shares of Seagate Technology in a research report on Friday, May 23rd. Wedbush reiterated an “outperform” rating and set a $140.00 price objective on shares of Seagate Technology in a research report on Wednesday, May 21st. Citigroup lifted their price objective on shares of Seagate Technology from $105.00 to $125.00 and gave the company a “buy” rating in a research report on Tuesday, May 20th. Finally, Mizuho reduced their price objective on shares of Seagate Technology from $115.00 to $95.00 and set an “outperform” rating on the stock in a research report on Thursday, April 10th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Seagate Technology currently has a consensus rating of “Moderate Buy” and an average price target of $119.42.

Insider Buying and Selling at Seagate Technology

In other news, SVP Kian Fatt Chong sold 6,410 shares of the company’s stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $111.26, for a total value of $713,176.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Ban Seng Teh sold 4,201 shares of the company’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $115.00, for a total transaction of $483,115.00. Following the completion of the transaction, the executive vice president now owns 22,999 shares in the company, valued at $2,644,885. This represents a 15.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 393,791 shares of company stock worth $46,380,998 over the last quarter. Insiders own 0.81% of the company’s stock.

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.