UMB Bank n.a. Trims Stock Position in Seagate Technology Holdings plc (NASDAQ:STX)

UMB Bank n.a. cut its holdings in Seagate Technology Holdings plc (NASDAQ:STX) by 20.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 675 shares of the data storage provider’s stock after selling 177 shares during the period. UMB Bank n.a.’s holdings in Seagate Technology were worth $57,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in STX. Empowered Funds LLC raised its position in Seagate Technology by 460.8% in the fourth quarter. Empowered Funds LLC now owns 18,361 shares of the data storage provider’s stock valued at $1,585,000 after purchasing an additional 15,087 shares during the period. Savant Capital LLC grew its stake in shares of Seagate Technology by 20.3% in the fourth quarter. Savant Capital LLC now owns 4,612 shares of the data storage provider’s stock valued at $398,000 after buying an additional 779 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings 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 valued at $966,000 after buying an additional 1,390 shares during the period. Asset Management One Co. Ltd. lifted its stake in Seagate Technology by 9.9% during the 4th quarter. Asset Management One Co. Ltd. now owns 84,222 shares of the data storage provider’s stock worth $7,360,000 after acquiring an additional 7,599 shares in the last quarter. Finally, Vontobel Holding Ltd. boosted 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 acquiring an additional 1,942 shares during the period. Institutional investors and hedge funds own 92.87% of the company’s stock.

Seagate Technology Stock Up 1.0%

STX opened at $127.27 on Friday. The business has a fifty day simple moving average of $98.91 and a 200-day simple moving average of $95.07. The firm has a market cap of $27.01 billion, a PE ratio of 23.27 and a beta of 1.40. Seagate Technology Holdings plc has a fifty-two week low of $63.19 and a fifty-two week high of $132.23.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.15. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The business’s revenue for the quarter was up 30.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.33 EPS. On average, equities research analysts anticipate that Seagate Technology Holdings plc will post 6.83 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Wednesday, June 25th will be given a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date is Wednesday, June 25th. Seagate Technology’s dividend payout ratio (DPR) is 41.62%.

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

Wall Street Analyst Weigh In

STX has been the topic of several analyst reports. 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 increased their price target on Seagate Technology from $135.00 to $145.00 and gave the company a “buy” rating in a research report on Monday, June 9th. Cantor Fitzgerald lifted their price objective on Seagate Technology from $110.00 to $125.00 and gave the company a “neutral” rating in a research note on Monday, May 19th. UBS Group raised their target price on shares of Seagate Technology from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Wednesday, April 30th. Finally, Wells Fargo & Company boosted their price target on shares of Seagate Technology from $105.00 to $122.00 and gave the stock an “equal weight” rating in a report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $119.42.

Insider Buying and Selling

In other news, CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $84.56, for a total transaction 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 represents a 3.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Yolanda Lee Conyers sold 750 shares of the firm’s stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $117.01, for a total value of $87,757.50. Following the completion of the transaction, the director now directly owns 5,055 shares in the company, valued at $591,485.55. The trade was a 12.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 393,192 shares of company stock worth $46,303,128. 0.81% of the stock is owned by company insiders.

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.