An issue of Seagate Technology plc (NASDAQ:STX) debt rose 1.9% as a percentage of its face value during trading on Wednesday. The high-yield debt issue has a 4.75% coupon and is set to mature on January 1, 2025. The debt is now trading at $100.00 and was trading at $99.38 one week ago. Price changes in a company’s debt in credit markets often anticipate parallel changes in its share price.
STX has been the subject of a number of recent research reports. Cowen and Company reissued a “hold” rating and issued a $36.00 price objective on shares of Seagate Technology plc in a report on Friday, October 13th. UBS AG reissued a “sell” rating and issued a $28.00 price objective (down previously from $34.00) on shares of Seagate Technology plc in a report on Wednesday, July 26th. Jefferies Group LLC set a $29.00 price target on shares of Seagate Technology plc and gave the stock a “hold” rating in a report on Sunday, October 15th. Mizuho reaffirmed a “hold” rating and set a $36.00 price target on shares of Seagate Technology plc in a report on Monday, October 9th. Finally, Barclays PLC upped their price target on shares of Seagate Technology plc from $29.00 to $32.00 and gave the stock an “underweight” rating in a report on Tuesday, October 24th. Four investment analysts have rated the stock with a sell rating, twenty-two have given a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $41.39.
Seagate Technology plc (NASDAQ STX) traded up $0.30 on Friday, hitting $39.42. 3,154,606 shares of the stock traded hands, compared to its average volume of 5,200,074. The firm has a market capitalization of $11,400.00, a PE ratio of 9.24, a PEG ratio of 0.50 and a beta of 1.68. Seagate Technology plc has a 52 week low of $30.60 and a 52 week high of $50.96. The company has a debt-to-equity ratio of 4.03, a quick ratio of 1.55 and a current ratio of 1.96.
Seagate Technology plc (NASDAQ:STX) last issued its earnings results on Monday, October 23rd. The data storage provider reported $0.96 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 6.88% and a return on equity of 55.72%. Seagate Technology plc’s revenue was down 5.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.99 earnings per share. equities research analysts anticipate that Seagate Technology plc will post 3.99 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 3rd. Investors of record on Wednesday, December 20th will be paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 6.39%. The ex-dividend date of this dividend is Tuesday, December 19th. Seagate Technology plc’s dividend payout ratio is presently 95.45%.
In other Seagate Technology plc news, insider Philip G. Brace sold 5,403 shares of the firm’s stock in a transaction on Monday, November 6th. The shares were sold at an average price of $36.79, for a total value of $198,776.37. Following the transaction, the insider now directly owns 33,069 shares of the company’s stock, valued at $1,216,608.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO David H. Morton, Jr. sold 7,909 shares of the firm’s 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 in the company, valued at $1,022,440. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,527 shares of company stock worth $856,859. 0.87% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Seagate Technology plc by 7.4% in 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 buying an additional 2,292,075 shares in the last quarter. ValueAct Holdings L.P. lifted its stake in shares of Seagate Technology plc by 55.3% in the third quarter. ValueAct Holdings L.P. now owns 21,458,600 shares of the data storage provider’s stock valued at $711,782,000 after buying an additional 7,642,835 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Seagate Technology plc by 1.4% in the second quarter. BlackRock Inc. now owns 18,592,514 shares of the data storage provider’s stock valued at $720,459,000 after buying an additional 256,005 shares in the last quarter. LSV Asset Management lifted its stake in shares of Seagate Technology plc by 1.7% in the second quarter. LSV Asset Management now owns 6,521,232 shares of the data storage provider’s stock valued at $252,697,000 after buying an additional 106,811 shares in the last quarter. Finally, APG Asset Management N.V. lifted its stake in shares of Seagate Technology plc by 4.2% in the third quarter. APG Asset Management N.V. now owns 3,392,370 shares of the data storage provider’s stock valued at $112,525,000 after buying an additional 135,300 shares in the last quarter. 90.30% of the stock is currently owned by hedge funds and other institutional investors.
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About Seagate Technology plc
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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