Arrowstreet Capital Limited Partnership Invests $36.31 Million in Seagate Technology Holdings PLC $STX

Arrowstreet Capital Limited Partnership acquired a new stake in Seagate Technology Holdings PLC (NASDAQ:STX) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 251,555 shares of the data storage provider’s stock, valued at approximately $36,307,000. Arrowstreet Capital Limited Partnership owned 0.12% of Seagate Technology at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. JPMorgan Chase & Co. lifted its stake in shares of Seagate Technology by 12.9% in the 1st quarter. JPMorgan Chase & Co. now owns 18,920,792 shares of the data storage provider’s stock valued at $1,607,321,000 after purchasing an additional 2,161,191 shares during the period. Norges Bank acquired a new stake in shares of Seagate Technology during the second quarter worth $197,027,000. Boston Partners bought a new stake in Seagate Technology in the second quarter valued at about $193,500,000. Wellington Management Group LLP lifted its stake in Seagate Technology by 3,339.4% in the first quarter. Wellington Management Group LLP now owns 933,996 shares of the data storage provider’s stock valued at $79,343,000 after buying an additional 906,840 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in Seagate Technology by 2.7% during the first quarter. Vanguard Group Inc. now owns 28,743,126 shares of the data storage provider’s stock worth $2,441,729,000 after buying an additional 769,009 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Insider Transactions at Seagate Technology

In other news, Director Stephanie Tilenius sold 2,046 shares of the business’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $266.41, for a total value of $545,074.86. Following the sale, the director owned 12,244 shares of the company’s stock, valued at $3,261,924.04. The trade was a 14.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Ban Seng Teh sold 6,000 shares of the firm’s stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $270.00, for a total transaction of $1,620,000.00. Following the completion of the transaction, the executive vice president directly owned 12,041 shares of the company’s stock, valued at approximately $3,251,070. This trade represents a 33.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 152,011 shares of company stock worth $39,835,990. Corporate insiders own 0.79% of the company’s stock.

Seagate Technology Price Performance

STX opened at $278.79 on Friday. The company has a market capitalization of $59.54 billion, a price-to-earnings ratio of 35.79, a P/E/G ratio of 1.04 and a beta of 1.59. The business’s 50-day moving average price is $249.44 and its two-hundred day moving average price is $187.61. Seagate Technology Holdings PLC has a 1 year low of $63.19 and a 1 year high of $297.88.

Seagate Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 9th. Investors of record on Wednesday, December 24th will be given a $0.74 dividend. The ex-dividend date of this dividend is Wednesday, December 24th. This represents a $2.96 dividend on an annualized basis and a yield of 1.1%. This is a boost from Seagate Technology’s previous quarterly dividend of $0.72. Seagate Technology’s payout ratio is 36.97%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Morgan Stanley increased their price target on shares of Seagate Technology from $265.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, October 29th. TD Cowen increased their target price on shares of Seagate Technology from $270.00 to $340.00 and gave the stock a “buy” rating in a report on Tuesday, November 11th. Barclays lifted their price target on shares of Seagate Technology from $200.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 29th. Argus upped their price objective on shares of Seagate Technology from $170.00 to $300.00 and gave the company a “strong-buy” rating in a research report on Thursday, October 30th. Finally, Fox Advisors lifted their target price on Seagate Technology from $245.00 to $270.00 in a report on Wednesday, October 29th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $287.17.

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.