Arrowstreet Capital Limited Partnership Purchases New Holdings in Seagate Technology Holdings PLC $STX

Arrowstreet Capital Limited Partnership purchased a new stake in Seagate Technology Holdings PLC (NASDAQ:STX) in the second quarter, HoldingsChannel.com reports. The institutional investor purchased 251,555 shares of the data storage provider’s stock, valued at approximately $36,307,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vision Financial Markets LLC bought a new position in shares of Seagate Technology in the second quarter valued at $173,000. Nordea Investment Management AB lifted its stake in Seagate Technology by 18.0% in the second quarter. Nordea Investment Management AB now owns 18,422 shares of the data storage provider’s stock valued at $2,632,000 after acquiring an additional 2,808 shares during the last quarter. Central Asset Investments & Management Holdings HK Ltd grew its position in shares of Seagate Technology by 185.8% in the 2nd quarter. Central Asset Investments & Management Holdings HK Ltd now owns 18,734 shares of the data storage provider’s stock valued at $2,704,000 after acquiring an additional 12,178 shares during the period. Retirement Planning Co of New England Inc. acquired a new position in shares of Seagate Technology during the 1st quarter worth about $272,000. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Seagate Technology by 21.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 61,263 shares of the data storage provider’s stock worth $8,886,000 after purchasing an additional 10,847 shares during the last quarter. Institutional investors own 92.87% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on STX. Benchmark lifted their price target on Seagate Technology from $250.00 to $255.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. BNP Paribas Exane reduced their target price on Seagate Technology from $240.00 to $230.00 and set a “neutral” rating for the company in a research note on Wednesday, October 29th. Fox Advisors boosted their target price on Seagate Technology from $245.00 to $270.00 in a report on Wednesday, October 29th. TD Cowen raised their price target on Seagate Technology from $270.00 to $340.00 and gave the company a “buy” rating in a report on Tuesday, November 11th. Finally, Argus lifted their price objective on shares of Seagate Technology from $170.00 to $300.00 and gave the stock a “strong-buy” rating in a research report on Thursday, October 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Seagate Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $287.17.

Seagate Technology Stock Up 5.0%

Shares of NASDAQ:STX opened at $278.79 on Friday. The company’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 12-month low of $63.19 and a 12-month high of $297.88. The firm has a market cap of $59.54 billion, a PE ratio of 35.79, a PEG ratio of 1.04 and a beta of 1.59.

Seagate Technology Increases Dividend

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

Insider Activity

In other Seagate Technology news, EVP John Christopher Morris sold 15,347 shares of Seagate Technology stock in a transaction on Friday, September 12th. The stock was sold at an average price of $195.80, for a total value of $3,004,942.60. Following the completion of the transaction, the executive vice president directly owned 9,843 shares of the company’s stock, valued at $1,927,259.40. The trade was a 60.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kian Fatt Chong sold 7,078 shares of the company’s stock in a transaction on Thursday, October 30th. The shares were sold at an average price of $272.14, for a total value of $1,926,206.92. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 152,011 shares of company stock worth $39,835,990. 0.79% of the stock is currently owned by 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.