Zacks Investment Research lowered shares of Seagate Technology PLC (NASDAQ:STX) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.
According to Zacks, “Seagate’s first-quarter fiscal 2018 results reflected increasing adoption of its Nearline hard-drive disks (HDDs). The products’ average capacity per drive crossed 5.4 terabytes. Around 1 million units were shipped, which was thrice as much as in the previous quarter. Growth in the 12-terabyte helium nearline product line was also encouraging. Seagate also benefited from strong growth in non-HDD segment revenues. We believe that Nearline’s rapid adoption will boost Seagate’s competitive position against Western Digital. Notably, the company has joined the Bain-led consortium for the acquisition of Toshiba’s flash memory assets. This will also improve its competitive position in the flash memory market. However, both earnings and revenues declined on a year-over-year basis, which reflects weak execution amid intensifying competition. On a year-to-date basis, the stock has underperformed the industry it belongs to.”
STX has been the topic of a number of other reports. BMO Capital Markets reaffirmed a hold rating and set a $40.00 target price on shares of Seagate Technology PLC in a research report on Monday, October 23rd. Guggenheim reaffirmed a hold rating on shares of Seagate Technology PLC in a research report on Monday, October 23rd. BidaskClub raised shares of Seagate Technology PLC from a buy rating to a strong-buy rating in a research report on Wednesday, October 25th. Argus reaffirmed a hold rating and set a $40.00 target price on shares of Seagate Technology PLC in a research report on Tuesday, October 24th. Finally, Royal Bank Of Canada reaffirmed a hold rating and set a $35.00 target price on shares of Seagate Technology PLC in a research report on Friday, September 1st. Four research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. Seagate Technology PLC has a consensus rating of Hold and an average price target of $41.29.
Seagate Technology PLC (STX) traded down 0.16% on Tuesday, hitting $36.91. The company’s stock had a trading volume of 2,119,804 shares. The firm has a market cap of $10.62 billion, a price-to-earnings ratio of 14.31 and a beta of 1.72. The firm has a 50 day moving average of $34.36 and a 200 day moving average of $37.72. Seagate Technology PLC has a 12 month low of $30.60 and a 12 month high of $50.96.
Seagate Technology PLC (NASDAQ:STX) last issued its earnings results on Monday, October 23rd. The data storage provider reported $0.96 EPS for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.10. The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.54 billion. Seagate Technology PLC had a net margin of 7.41% and a return on equity of 84.50%. The company’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same period last year, the company posted $0.99 earnings per share. Equities research analysts forecast that Seagate Technology PLC will post $4.00 earnings per share for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 3rd. Investors of record on Wednesday, December 20th will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, December 19th. This represents a $2.52 dividend on an annualized basis and a yield of 6.82%. Seagate Technology PLC’s dividend payout ratio is presently 95.09%.
In other news, insider Jeffrey D. Nygaard acquired 5,000 shares of the business’s stock in a transaction on Friday, October 27th. The stock was bought at an average price of $37.38 per share, with a total value of $186,900.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David H. Morton, Jr. sold 7,909 shares of Seagate Technology PLC stock in a transaction 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. Insiders own 0.87% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. WFG Advisors LP increased its holdings in Seagate Technology PLC by 16,536.4% in the second quarter. WFG Advisors LP now owns 3,660 shares of the data storage provider’s stock valued at $142,000 after buying an additional 3,638 shares in the last quarter. Pacer Advisors Inc. purchased a new position in Seagate Technology PLC in the second quarter valued at $150,000. First Quadrant L P CA purchased a new position in Seagate Technology PLC in the second quarter valued at $153,000. SpiderRock Advisors LLC increased its holdings in Seagate Technology PLC by 2,419.5% in the third quarter. SpiderRock Advisors LLC now owns 5,568 shares of the data storage provider’s stock valued at $184,000 after buying an additional 5,347 shares in the last quarter. Finally, Amalgamated Bank purchased a new position in Seagate Technology PLC in the first quarter valued at $215,000. 90.32% of the stock is owned by 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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