ValuEngine lowered shares of Seagate Technology PLC (NASDAQ:STX) from a buy rating to a hold rating in a research note published on Friday morning.
A number of other equities research analysts have also recently commented on STX. Susquehanna Bancshares Inc reaffirmed a neutral rating and issued a $44.00 price target (up previously from $43.00) on shares of Seagate Technology PLC in a report on Thursday, June 1st. Royal Bank Of Canada reaffirmed a hold rating and issued a $45.00 price target on shares of Seagate Technology PLC in a report on Friday, June 9th. Aegis initiated coverage on shares of Seagate Technology PLC in a report on Tuesday, June 13th. They issued a buy rating and a $50.00 price target on the stock. Evercore ISI initiated coverage on shares of Seagate Technology PLC in a report on Friday, June 16th. They issued an in-line rating and a $48.00 price target on the stock. Finally, Barclays PLC cut shares of Seagate Technology PLC from an equal weight rating to an underweight rating and lowered their price target for the stock from $49.00 to $40.00 in a report on Thursday, July 13th. Five equities research analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $40.06.
Shares of Seagate Technology PLC (NASDAQ STX) opened at 30.95 on Friday. Seagate Technology PLC has a 1-year low of $30.60 and a 1-year high of $50.96. The company has a market cap of $9.03 billion, a price-to-earnings ratio of 12.00 and a beta of 1.69. The firm has a 50-day moving average price of $32.50 and a 200 day moving average price of $41.01.
Seagate Technology PLC (NASDAQ:STX) last posted its earnings results on Tuesday, July 25th. The data storage provider reported $0.65 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.99 by $0.34. Seagate Technology PLC had a return on equity of 81.87% and a net margin of 7.17%. The firm had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same period in the prior year, the business earned $0.69 EPS. Seagate Technology PLC’s quarterly revenue was down 9.3% compared to the same quarter last year. On average, analysts predict that Seagate Technology PLC will post $3.69 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 4th. Shareholders of record on Wednesday, September 20th will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, September 19th. This represents a $2.52 annualized dividend and a yield of 8.14%. Seagate Technology PLC’s payout ratio is 97.67%.
In other news, insider Philip G. Brace acquired 1,000 shares of the stock in a transaction dated Tuesday, August 1st. The stock was purchased at an average cost of $33.34 per share, with a total value of $33,340.00. Following the completion of the purchase, the insider now owns 62,855 shares in the company, valued at approximately $2,095,585.70. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.87% of the company’s stock.
Several large investors have recently modified their holdings of STX. BlackRock Inc. raised its stake in shares of Seagate Technology PLC by 3,179.5% during the first quarter. BlackRock Inc. now owns 18,336,509 shares of the data storage provider’s stock valued at $842,196,000 after acquiring an additional 17,777,387 shares during the last quarter. ValueAct Holdings L.P. raised its stake in shares of Seagate Technology PLC by 44.8% during the second quarter. ValueAct Holdings L.P. now owns 13,815,765 shares of the data storage provider’s stock valued at $535,361,000 after acquiring an additional 4,276,275 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Seagate Technology PLC by 7,384.8% during the second quarter. Janus Henderson Group PLC now owns 2,700,947 shares of the data storage provider’s stock valued at $104,662,000 after acquiring an additional 2,664,861 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Seagate Technology PLC by 7.4% during the second quarter. Vanguard Group Inc. now owns 33,412,003 shares of the data storage provider’s stock valued at $1,294,716,000 after acquiring an additional 2,292,075 shares during the last quarter. Finally, Prudential Financial Inc. raised its stake in shares of Seagate Technology PLC by 355.8% during the first quarter. Prudential Financial Inc. now owns 2,603,387 shares of the data storage provider’s stock valued at $119,573,000 after acquiring an additional 2,032,271 shares during the last quarter. 89.88% of the stock is owned by hedge funds and other institutional investors.
Seagate Technology PLC Company Profile
Seagate Technology public limited company 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.
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