Seagate Technology (STX - Get Report) was one of just a few existing names that David Einhorn's firm added onto last quarter: Greenlight added 89,000 shares to its Seagate holdings, ratcheting the firm to more than 7% of the firm's stock portfolio. Like Expedia, Seagate has had quite a year in 2012 -- shares have more than doubled since the first trading day of the year.
Seagate designs, manufactures and sells computer hard drives. That's a business that's proven extremely lucrative of late, as demand for storage grows dramatically. Industry trends are pushing towards technologies like cloud computing, a convenience-focused offering that typically means that data is stored in multiple locations -- both locally on a computer and then remotely on a server. That's fueled growth demand for storage at datacenters and on consumers' computers, two markets that Seagate provides hard drives for.The firm has a solid balance sheet with more than $2 billion in cash that largely offsets STX's $2.9 billion debt position. That, coupled with stellar free cash flow generation, has helped to pay out a hefty dividend, currently weighing in at about 4%. I also featured Seagate last week in " 7 Hot Stocks to Trade (or Not)."