Vetr downgraded shares of Seagate Technology PLC (NASDAQ:STX) from a strong-buy rating to a buy rating in a report published on Tuesday morning. They currently have $41.39 price objective on the data storage provider’s stock.
Several other equities research analysts also recently issued reports on the company. Zacks Investment Research raised Seagate Technology PLC from a sell rating to a hold rating in a research report on Tuesday, July 25th. Mizuho reaffirmed a hold rating and issued a $36.00 price target on shares of Seagate Technology PLC in a research report on Monday, October 9th. FBN Securities downgraded Seagate Technology PLC from an outperform rating to a sector perform rating and lowered their price target for the company from $40.00 to $32.00 in a research report on Monday, September 11th. Royal Bank Of Canada reiterated a hold rating and issued a $35.00 target price on shares of Seagate Technology PLC in a research note on Friday, September 1st. Finally, Barclays PLC cut shares of Seagate Technology PLC from an equal weight rating to an underweight rating and reduced their target price for the company from $49.00 to $40.00 in a research note on Thursday, July 13th. Four research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. Seagate Technology PLC presently has a consensus rating of Hold and a consensus price target of $41.29.
Seagate Technology PLC (NASDAQ STX) traded down 0.16% on Tuesday, hitting $36.91. The company had a trading volume of 1,398,218 shares. Seagate Technology PLC has a 12-month low of $30.60 and a 12-month high of $50.96. The firm’s 50 day moving average price is $34.36 and its 200 day moving average price is $37.72. The stock has a market cap of $10.62 billion, a P/E ratio of 14.31 and a beta of 1.72.
Seagate Technology PLC (NASDAQ:STX) last issued its quarterly earnings results on Monday, October 23rd. The data storage provider reported $0.96 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.10. The company had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.54 billion. Seagate Technology PLC had a return on equity of 84.50% and a net margin of 7.41%. The firm’s revenue was down 5.9% compared to the same quarter last year. During the same period last year, the business posted $0.99 earnings per share. Equities analysts predict that Seagate Technology PLC will post $4.00 earnings per share for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 3rd. Stockholders of record on Wednesday, December 20th will be issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 6.82%. The ex-dividend date is Tuesday, December 19th. Seagate Technology PLC’s dividend payout ratio (DPR) is presently 95.09%.
In related news, Director Dambisa F. Moyo sold 8,715 shares of the stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $39.01, for a total value of $339,972.15. Following the completion of the transaction, the director now owns 3,316 shares of the company’s stock, valued at approximately $129,357.16. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO David H. Morton, Jr. sold 7,909 shares of the stock in a transaction that occurred on Monday, October 23rd. The shares were sold at an average price of $40.00, for a total transaction of $316,360.00. Following the completion of the transaction, the chief financial officer now directly owns 25,561 shares of the company’s stock, valued at approximately $1,022,440. The disclosure for this sale can be found here. Corporate insiders own 0.87% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its stake in shares of Seagate Technology PLC by 74.4% during the second quarter. JPMorgan Chase & Co. now owns 1,650,262 shares of the data storage provider’s stock valued at $63,947,000 after acquiring an additional 703,822 shares during the last quarter. CIBC World Markets Inc. bought a new position in shares of Seagate Technology PLC during the second quarter valued at $9,699,000. Aviva PLC raised its stake in shares of Seagate Technology PLC by 2.8% during the second quarter. Aviva PLC now owns 181,216 shares of the data storage provider’s stock valued at $7,022,000 after acquiring an additional 4,950 shares during the last quarter. Meridian Wealth Management LLC raised its stake in shares of Seagate Technology PLC by 7.9% during the second quarter. Meridian Wealth Management LLC now owns 8,284 shares of the data storage provider’s stock valued at $321,000 after acquiring an additional 604 shares during the last quarter. Finally, Xact Kapitalforvaltning AB raised its stake in shares of Seagate Technology PLC by 5.4% during the second quarter. Xact Kapitalforvaltning AB now owns 71,971 shares of the data storage provider’s stock valued at $2,789,000 after acquiring an additional 3,703 shares during the last quarter. 90.32% of the stock is owned by institutional investors and hedge funds.
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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