Bank of New York Mellon Corp Has $86.53 Million Stock Position in Seagate Technology Holdings PLC (NASDAQ:STX)

Bank of New York Mellon Corp lowered its position in shares of Seagate Technology Holdings PLC (NASDAQ:STX) by 4.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,018,641 shares of the data storage provider’s stock after selling 44,016 shares during the quarter. Bank of New York Mellon Corp’s holdings in Seagate Technology were worth $86,534,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in STX. Capital Research Global Investors boosted its holdings in shares of Seagate Technology by 56.5% in the 4th quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider’s stock valued at $1,348,262,000 after buying an additional 5,640,443 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Seagate Technology by 6.9% in the 4th quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider’s stock valued at $2,414,446,000 after buying an additional 1,814,821 shares during the last quarter. Marshall Wace LLP bought a new stake in Seagate Technology in the 4th quarter valued at $77,341,000. Junto Capital Management LP bought a new stake in Seagate Technology in the 4th quarter valued at $60,303,000. Finally, Janus Henderson Group PLC raised its stake in Seagate Technology by 2,853.4% in the 4th quarter. Janus Henderson Group PLC now owns 670,976 shares of the data storage provider’s stock valued at $57,925,000 after acquiring an additional 648,257 shares during the period. Institutional investors and hedge funds own 92.87% of the company’s stock.

Wall Street Analyst Weigh In

STX has been the topic of a number of research analyst reports. Mizuho dropped their price target on Seagate Technology from $115.00 to $95.00 and set an “outperform” rating on the stock in a research note on Thursday, April 10th. Citigroup increased their price target on Seagate Technology from $105.00 to $125.00 and gave the company a “buy” rating in a research note on Tuesday, May 20th. Morgan Stanley increased their price target on Seagate Technology from $99.00 to $140.00 and gave the company an “overweight” rating in a research note on Friday, May 23rd. BNP Paribas upgraded Seagate Technology from a “strong sell” rating to a “hold” rating in a research note on Friday, May 16th. Finally, Wall Street Zen cut Seagate Technology from a “buy” rating to a “hold” rating in a research note on Friday, May 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $123.16.

Insiders Place Their Bets

In other news, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $117.01, for a total transaction of $87,757.50. Following the completion of the sale, the director owned 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Stephanie Tilenius sold 2,693 shares of the business’s stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $128.04, for a total value of $344,811.72. Following the sale, the director owned 12,244 shares of the company’s stock, valued at approximately $1,567,721.76. This represents a 18.03% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 393,791 shares of company stock valued at $47,582,998. Company insiders own 0.81% of the company’s stock.

Seagate Technology Stock Performance

Shares of STX stock opened at $144.50 on Friday. The company has a market cap of $30.67 billion, a P/E ratio of 20.88 and a beta of 1.45. The stock has a 50 day simple moving average of $122.98 and a two-hundred day simple moving average of $100.86. 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 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 business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.14 billion. Seagate Technology had a negative return on equity of 105.02% and a net margin of 17.49%. The firm’s revenue for the quarter was up 30.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.33 earnings per share. On average, research analysts predict that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current year.

Seagate Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Wednesday, June 25th were issued a $0.72 dividend. The ex-dividend date of this dividend was Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a yield of 1.99%. Seagate Technology’s payout ratio is currently 41.62%.

Seagate Technology announced that its board has approved a stock buyback plan on Thursday, May 22nd that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the data storage provider to buy up to 21.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

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.