Zacks Investment Research upgraded shares of Seagate Technology PLC (NASDAQ:STX) from a hold rating to a buy rating in a report issued on Wednesday. Zacks Investment Research currently has $43.00 target price on the data storage provider’s stock.
According to Zacks, “Seagate is the second-largest manufacturer of HDDs in the U.S. Estimates have been going up ahead of the company's Q1 earnings release. Seagate's recent decision to cut the global workforce will drive its bottom-line performance in the long run. We believe that it is a step in the right direction as the shrinking of the PC business necessitates measures to align costs accordingly. Going forward, the company should benefit from the strength in its hybrid drives. Also, it is focusing on the enterprise side, where it could acquire higher-margin businesses. Synergies from acquisitions and product innovations are other growth drivers.”
Other analysts also recently issued research reports about the company. RBC Capital Markets restated a sector perform rating and set a $31.00 price objective (up previously from $27.00) on shares of Seagate Technology PLC in a report on Tuesday, August 2nd. Morgan Stanley upgraded Seagate Technology PLC from an underweight rating to an equal weight rating and boosted their price objective for the stock from $20.00 to $27.00 in a report on Tuesday, July 12th. Vetr downgraded Seagate Technology PLC from a strong-buy rating to a hold rating and set a $23.50 price objective on the stock. in a report on Tuesday, June 14th. Mizuho boosted their price objective on Seagate Technology PLC from $23.00 to $31.00 and gave the stock a neutral rating in a report on Tuesday, August 2nd. Finally, Argus restated a hold rating on shares of Seagate Technology PLC in a report on Tuesday, August 16th. Two analysts have rated the stock with a sell rating, nineteen have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $35.27.
Seagate Technology PLC (NASDAQ:STX) opened at 37.89 on Wednesday. Seagate Technology PLC has a 12-month low of $18.42 and a 12-month high of $49.43. The company has a 50-day moving average of $35.70 and a 200 day moving average of $29.01. The stock has a market cap of $11.37 billion, a price-to-earnings ratio of 46.21 and a beta of 2.50.
Seagate Technology PLC (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.09. The firm had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.32 billion. Seagate Technology PLC had a return on equity of 38.98% and a net margin of 2.22%. The business’s revenue for the quarter was down 9.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.77 EPS. Equities analysts anticipate that Seagate Technology PLC will post $3.04 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Wednesday, September 21st will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 6.65%. The ex-dividend date of this dividend is Monday, September 19th. Seagate Technology PLC’s payout ratio is presently 307.32%.
In related news, Director Frank Biondi sold 1,251 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $32.45, for a total value of $40,594.95. Following the transaction, the director now owns 6,433 shares in the company, valued at $208,750.85. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Mark Re sold 3,082 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $32.50, for a total value of $100,165.00. Following the completion of the transaction, the senior vice president now owns 56,623 shares in the company, valued at approximately $1,840,247.50. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.
A number of institutional investors have recently bought and sold shares of STX. Geode Capital Management LLC boosted its position in Seagate Technology PLC by 4.0% in the first quarter. Geode Capital Management LLC now owns 2,429,601 shares of the data storage provider’s stock valued at $83,532,000 after buying an additional 93,659 shares in the last quarter. PGGM Investments boosted its position in Seagate Technology PLC by 96.4% in the second quarter. PGGM Investments now owns 1,423,321 shares of the data storage provider’s stock valued at $34,672,000 after buying an additional 698,632 shares in the last quarter. Eagle Asset Management Inc. boosted its position in Seagate Technology PLC by 944.4% in the second quarter. Eagle Asset Management Inc. now owns 710,896 shares of the data storage provider’s stock valued at $17,317,000 after buying an additional 642,829 shares in the last quarter. Alps Advisors Inc. boosted its position in Seagate Technology PLC by 88.2% in the second quarter. Alps Advisors Inc. now owns 1,136,305 shares of the data storage provider’s stock valued at $27,680,000 after buying an additional 532,405 shares in the last quarter. Finally, Algert Global LLC purchased a new position in Seagate Technology PLC during the first quarter valued at about $452,000. Institutional investors and hedge funds own 83.86% of the company’s stock.
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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