Norges Bank Makes New $25.73 Million Investment in Seagate Technology Holdings plc (NASDAQ:STX)

Norges Bank purchased a new stake in shares of Seagate Technology Holdings plc (NASDAQ:STX) during the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 298,101 shares of the data storage provider’s stock, valued at approximately $25,729,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its stake in Seagate Technology by 6.9% during 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 period. State Street Corp boosted its holdings in shares of Seagate Technology by 6.8% in the third quarter. State Street Corp now owns 8,502,674 shares of the data storage provider’s stock valued at $937,081,000 after acquiring an additional 541,585 shares in the last quarter. National Pension Service acquired a new position in shares of Seagate Technology during the fourth quarter valued at approximately $43,436,000. Los Angeles Capital Management LLC raised its holdings in Seagate Technology by 176.6% during the fourth quarter. Los Angeles Capital Management LLC now owns 741,592 shares of the data storage provider’s stock worth $64,007,000 after purchasing an additional 473,484 shares in the last quarter. Finally, Franklin Resources Inc. lifted its position in Seagate Technology by 29.5% in the third quarter. Franklin Resources Inc. now owns 1,778,811 shares of the data storage provider’s stock worth $197,844,000 after purchasing an additional 405,232 shares during the period. 92.87% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $84.56, for a total transaction of $1,691,200.00. Following the completion of the transaction, the chief executive officer now owns 555,677 shares of the company’s stock, valued at approximately $46,988,047.12. This represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.81% of the stock is owned by company insiders.

Seagate Technology Price Performance

STX stock opened at $66.73 on Monday. The company has a 50-day moving average of $93.10 and a two-hundred day moving average of $97.48. The stock has a market capitalization of $14.13 billion, a price-to-earnings ratio of 12.20 and a beta of 1.01. Seagate Technology Holdings plc has a 52-week low of $63.95 and a 52-week high of $115.32.

Seagate Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Stockholders of record on Wednesday, March 19th were issued a dividend of $0.72 per share. The ex-dividend date was Wednesday, March 19th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 4.32%. Seagate Technology’s dividend payout ratio (DPR) is presently 52.65%.

Analyst Ratings Changes

STX has been the topic of a number of research reports. Mizuho dropped their price objective on Seagate Technology from $130.00 to $110.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. StockNews.com cut shares of Seagate Technology from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. Wedbush restated an “outperform” rating and set a $150.00 price objective on shares of Seagate Technology in a research report on Wednesday, January 22nd. Cantor Fitzgerald reiterated a “neutral” rating and issued a $120.00 target price on shares of Seagate Technology in a report on Wednesday, January 22nd. Finally, Wells Fargo & Company reduced their target price on shares of Seagate Technology from $120.00 to $110.00 and set an “equal weight” rating for the company in a report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $121.00.

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.