Like everyone else, elite investors make mistakes. Some of their top consensus picks, such as Micron and Anadarko Petroleum, have not done well during the last 12 months ending in October due to various reasons. Nevertheless, the data show elite investors’ consensus picks have done well on average. The top 30 S&P 500 stocks among hedge funds at the end of September 2014 yielded an average return of 9.5% during the last four quarters ending in October and sixty three percent of these 30 stocks outperformed the market. S&P 500 Index returned only 5.2% during the same period and less than 49% of its constituents managed to beat this return. Because their consensus picks have done well, we pay attention to what elite funds think before doing extensive research on a stock. In this article, we take a closer look at Seagate Technology PLC (NASDAQ:STX) from the perspective of those elite funds.
Seagate Technology PLC (NASDAQ:STX) has seen a decrease in activity from the world’s largest hedge funds lately. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Molson Coors Brewing Company (NYSE:TAP), Nordstrom, Inc. (NYSE:JWN), and WestRock Co (NYSE:WRK) to gather more data points.
Now, we’re going to check out the latest action regarding Seagate Technology PLC (NASDAQ:STX).
Hedge fund activity in Seagate Technology PLC (NASDAQ:STX)
At Q3’s end, a total of 31 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -11% from the previous quarter. With hedgies’ capital changing hands, there exists an “upper tier” of notable hedge fund managers who were upping their holdings substantially (or already accumulated large positions).
Of the funds tracked by Insider Monkey, Winton Capital Management, managed by David Harding, holds the number one position in Seagate Technology PLC (NASDAQ:STX). Winton Capital Management has a $119 million position in the stock, comprising 0.9% of its 13F portfolio. The second largest stake is held by Iridian Asset Management, led by David Cohen and Harold Levy, holding a $109.6 million position; 0.9% of its 13F portfolio is allocated to the company. Some other members of the smart money that hold long positions comprise Matthew Hulsizer’s PEAK6 Capital Management, and Cliff Asness’ AQR Capital Management.