ValueAct Capital Increases Seagate Stake Again ~ market folly

Tuesday, September 5, 2017

ValueAct Capital Increases Seagate Stake Again

Jeff Ubben's activist firm ValueAct Capital has filed an amended 13D with the SEC regarding its stake in Seagate Technology (STX).  Per the filing, ValueAct now owns 7.4% of the company with over 21.45 million shares.

Per the filing, ValueAct was buying STX shares on August 23rd through 25th, as well as the 29th and 30th.  In total, they bought 458,600 shares and paid around $31 for the bulk of the buys.

Also, the 13D notes that ValueAct and Morgan Stanley entered into a stock purchase agreement (10b5-1 plan) where MS will buy for the account of VA up to 6 million shares of STX stock.  Purchases can begin as soon as September 1st and will terminate no later than October 31st.

We've also highlighted other recent portfolio activity from ValueAct here.

Per Google Finance, Seagate Technology is "a provider of electronic data storage technology and solutions. The Company's principal products are hard disk drives (HDDs). In addition to HDDs, it produces a range of electronic data storage products, including solid state hybrid drives, solid state drives, peripheral component interconnect express (PCIe) cards and serial advanced technology architecture (SATA) controllers. Its storage technology portfolio also includes storage subsystems and high performance computing solutions. Its products are designed for applications in enterprise servers and storage systems, client compute applications and client non-compute applications. It designs, fabricates and assembles various components found in its disk drives, including read/write heads and recording media. Its design and manufacturing operations are based on technology platforms that are used to produce various disk drive products that serve multiple data storage applications and markets."

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