Norges Bank Invests $197.03 Million in Seagate Technology Holdings PLC $STX

Norges Bank bought a new stake in shares of Seagate Technology Holdings PLC (NASDAQ:STX) during the 2nd quarter, HoldingsChannel reports. The institutional investor bought 1,365,115 shares of the data storage provider’s stock, valued at approximately $197,027,000.

Other institutional investors also recently bought and sold shares of the company. Harbor Asset Planning Inc. purchased a new position in Seagate Technology during the second quarter worth $27,000. MTM Investment Management LLC bought a new stake in shares of Seagate Technology in the 2nd quarter worth about $29,000. Zions Bancorporation National Association UT purchased a new position in shares of Seagate Technology during the 1st quarter worth about $42,000. GoalVest Advisory LLC boosted its stake in shares of Seagate Technology by 30.6% during the 2nd quarter. GoalVest Advisory LLC now owns 320 shares of the data storage provider’s stock worth $46,000 after purchasing an additional 75 shares during the period. Finally, Costello Asset Management INC bought a new position in Seagate Technology during the 1st quarter valued at about $47,000. 92.87% of the stock is currently owned by institutional investors.

Seagate Technology Trading Down 2.4%

Shares of NASDAQ:STX opened at $270.10 on Tuesday. The company has a market capitalization of $57.68 billion, a PE ratio of 34.67, a P/E/G ratio of 1.17 and a beta of 1.63. Seagate Technology Holdings PLC has a 12-month low of $63.19 and a 12-month high of $297.88. The business’s fifty day simple moving average is $245.82 and its 200-day simple moving average is $184.24.

Seagate Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Shareholders of record on Wednesday, December 24th will be given a dividend of $0.74 per share. The ex-dividend date of this dividend is Wednesday, December 24th. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.72. This represents a $2.96 annualized dividend and a dividend yield of 1.1%. Seagate Technology’s payout ratio is currently 38.00%.

Analyst Ratings Changes

STX has been the subject of several analyst reports. Fox Advisors raised their price objective on shares of Seagate Technology from $245.00 to $270.00 in a research note on Wednesday, October 29th. Wells Fargo & Company increased their price target on Seagate Technology from $240.00 to $250.00 and gave the stock an “equal weight” rating 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 stock a “buy” rating in a research note on Tuesday, November 11th. Benchmark upped their price objective on Seagate Technology from $250.00 to $255.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. Finally, Susquehanna increased their target price on Seagate Technology from $80.00 to $150.00 and gave the stock a “negative” rating in a research note on Wednesday, October 29th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $283.41.

Insiders Place Their Bets

In other news, CFO Gianluca Romano sold 54,021 shares of Seagate Technology stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $285.16, for a total value of $15,404,628.36. Following the transaction, the chief financial officer owned 56,293 shares of the company’s stock, valued at $16,052,511.88. The trade was a 48.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stephanie Tilenius sold 2,046 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $266.41, for a total transaction of $545,074.86. Following the transaction, the director owned 12,244 shares of the company’s stock, valued at approximately $3,261,924.04. This trade represents a 14.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 131,261 shares of company stock worth $34,210,708. Insiders own 0.79% of the company’s stock.

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.