Norges Bank Invests $188.83 Million in Seagate Technology Holdings plc (NASDAQ:STX)

Norges Bank purchased a new position in Seagate Technology Holdings plc (NASDAQ:STX - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,211,943 shares of the data storage provider's stock, valued at approximately $188,834,000. Norges Bank owned about 1.06% of Seagate Technology at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in STX. Teacher Retirement System of Texas boosted its holdings in Seagate Technology by 2.8% in the third quarter. Teacher Retirement System of Texas now owns 14,438 shares of the data storage provider's stock valued at $952,000 after acquiring an additional 387 shares during the last quarter. M&T Bank Corp grew its stake in Seagate Technology by 6.0% during the third quarter. M&T Bank Corp now owns 10,303 shares of the data storage provider's stock worth $679,000 after buying an additional 585 shares during the period. Nisa Investment Advisors LLC increased its position in shares of Seagate Technology by 31.5% in the third quarter. Nisa Investment Advisors LLC now owns 34,213 shares of the data storage provider's stock worth $2,256,000 after acquiring an additional 8,200 shares in the last quarter. California Public Employees Retirement System increased its position in shares of Seagate Technology by 1.5% in the third quarter. California Public Employees Retirement System now owns 374,258 shares of the data storage provider's stock worth $24,682,000 after acquiring an additional 5,457 shares in the last quarter. Finally, Private Advisor Group LLC raised its stake in shares of Seagate Technology by 7.4% in the 3rd quarter. Private Advisor Group LLC now owns 16,650 shares of the data storage provider's stock valued at $1,098,000 after acquiring an additional 1,144 shares during the period. 92.87% of the stock is owned by institutional investors and hedge funds.

Seagate Technology Price Performance

NASDAQ:STX traded down $1.21 during mid-day trading on Thursday, reaching $93.46. The stock had a trading volume of 1,829,735 shares, compared to its average volume of 2,706,738. The company has a market capitalization of $19.63 billion, a price-to-earnings ratio of -72.45, a price-to-earnings-growth ratio of 191.47 and a beta of 1.06. Seagate Technology Holdings plc has a 1-year low of $57.06 and a 1-year high of $101.26. The stock's 50 day simple moving average is $89.41 and its two-hundred day simple moving average is $85.86.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, topping the consensus estimate of $0.29 by $0.04. The firm had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.68 billion. Seagate Technology's revenue was down 11.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.43) EPS. Sell-side analysts anticipate that Seagate Technology Holdings plc will post 0.4 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 20th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.00%. The ex-dividend date is Thursday, June 20th. Seagate Technology's dividend payout ratio (DPR) is presently -217.05%.

Insider Activity at Seagate Technology

In related news, EVP Ban Seng Teh sold 9,703 shares of the firm's stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $95.00, for a total value of $921,785.00. Following the sale, the executive vice president now owns 15,185 shares of the company's stock, valued at approximately $1,442,575. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP Ban Seng Teh sold 9,703 shares of Seagate Technology stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $95.00, for a total value of $921,785.00. Following the sale, the executive vice president now directly owns 15,185 shares in the company, valued at approximately $1,442,575. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP John Christopher Morris sold 11,158 shares of the company's stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the completion of the transaction, the senior vice president now owns 17,767 shares of the company's stock, valued at approximately $1,599,030. The disclosure for this sale can be found here. Insiders own 0.89% of the company's stock.

Analyst Upgrades and Downgrades

STX has been the subject of several recent research reports. Benchmark reiterated a "hold" rating on shares of Seagate Technology in a report on Wednesday, April 24th. Wedbush upgraded Seagate Technology from a "neutral" rating to an "outperform" rating and set a $100.00 target price on the stock in a report on Wednesday, May 1st. Barclays reduced their price target on Seagate Technology from $85.00 to $80.00 and set an "equal weight" rating on the stock in a research report on Monday, April 22nd. Cantor Fitzgerald increased their price objective on shares of Seagate Technology from $95.00 to $100.00 and gave the company a "neutral" rating in a research report on Wednesday, April 24th. Finally, Rosenblatt Securities lifted their price objective on shares of Seagate Technology from $100.00 to $115.00 and gave the company a "buy" rating in a research note on Thursday, January 25th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $95.50.

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.