Cable Hill Partners LLC Makes New Investment in Seagate Technology Holdings PLC (NASDAQ:STX)

Cable Hill Partners LLC acquired a new position in shares of Seagate Technology Holdings PLC (NASDAQ:STX) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 2,198 shares of the data storage provider’s stock, valued at approximately $200,000.

Several other hedge funds also recently made changes to their positions in STX. Johnson Financial Group Inc. grew its holdings in shares of Seagate Technology by 22.7% during the fourth quarter. Johnson Financial Group Inc. now owns 606 shares of the data storage provider’s stock worth $52,000 after buying an additional 112 shares during the last quarter. Signaturefd LLC grew its holdings in shares of Seagate Technology by 2.3% during the fourth quarter. Signaturefd LLC now owns 4,988 shares of the data storage provider’s stock worth $431,000 after buying an additional 113 shares during the last quarter. 1620 Investment Advisors Inc. grew its holdings in shares of Seagate Technology by 2.6% during the fourth quarter. 1620 Investment Advisors Inc. now owns 4,835 shares of the data storage provider’s stock worth $417,000 after buying an additional 123 shares during the last quarter. Level Four Advisory Services LLC grew its holdings in shares of Seagate Technology by 4.1% during the fourth quarter. Level Four Advisory Services LLC now owns 3,343 shares of the data storage provider’s stock worth $289,000 after buying an additional 131 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. grew its holdings in shares of Seagate Technology by 0.9% during 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 buying an additional 134 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Seagate Technology Stock Performance

Shares of STX opened at $147.12 on Thursday. The stock has a fifty day moving average of $127.30 and a two-hundred day moving average of $102.51. The company has a market capitalization of $31.22 billion, a PE ratio of 21.26 and a beta of 1.45. Seagate Technology Holdings PLC has a fifty-two week low of $63.19 and a fifty-two week high of $152.16.

Seagate Technology (NASDAQ:STX) last issued its quarterly 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. Seagate Technology had a negative return on equity of 105.02% and a net margin of 17.49%. The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same period in the previous year, the firm posted $0.33 EPS. Seagate Technology’s revenue was up 30.5% on a year-over-year basis. As a group, equities research analysts forecast that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current fiscal year.

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

Seagate Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Stockholders of record on Wednesday, June 25th were paid a dividend of $0.72 per share. The ex-dividend date was Wednesday, June 25th. This represents a $2.88 annualized dividend and a dividend yield of 1.96%. Seagate Technology’s dividend payout ratio is presently 41.62%.

Insider Activity

In other news, EVP Ban Seng Teh sold 1,725 shares of the business’s stock in a transaction on Friday, July 11th. The shares were sold at an average price of $144.00, for a total transaction of $248,400.00. Following the completion of the sale, the executive vice president directly owned 12,052 shares of the company’s stock, valued at $1,735,488. The trade was a 12.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Stephanie Tilenius sold 2,693 shares of the business’s stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $128.04, for a total transaction of $344,811.72. Following the sale, the director directly owned 12,244 shares of the company’s stock, valued at $1,567,721.76. This represents a 18.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 395,516 shares of company stock valued at $47,831,398 in the last ninety days. Company insiders own 0.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on STX shares. The Goldman Sachs Group started coverage on shares of Seagate Technology in a research report on Thursday, July 10th. They issued a “buy” rating and a $170.00 price objective for the company. Wells Fargo & Company raised their price objective on shares of Seagate Technology from $105.00 to $122.00 and gave the company an “equal weight” rating in a research report on Friday, May 23rd. Barclays raised their price objective on shares of Seagate Technology from $80.00 to $90.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 30th. Rosenblatt Securities restated a “buy” rating and issued a $130.00 price objective on shares of Seagate Technology in a research report on Friday, May 23rd. Finally, Mizuho reduced their price target on shares of Seagate Technology from $115.00 to $95.00 and set an “outperform” rating for the company in a research report on Thursday, April 10th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $128.00.

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.