BTIG Research reaffirmed their buy rating on shares of Seagate Technology PLC (NASDAQ:STX) in a report issued on Thursday morning. The firm currently has a $45.00 price objective on the data storage provider’s stock, up from their previous price objective of $36.00.
A number of other equities research analysts have also issued reports on the company. Vetr lowered Seagate Technology PLC from a sell rating to a strong sell rating and set a $28.00 price target for the company. in a research note on Monday, August 15th. Craig Hallum raised their price target on Seagate Technology PLC from $37.00 to $50.00 and gave the stock a buy rating in a research note on Wednesday, September 7th. BMO Capital Markets reissued a market perform rating on shares of Seagate Technology PLC in a research note on Wednesday, June 22nd. Jefferies Group raised their price target on Seagate Technology PLC from $32.00 to $38.00 and gave the stock a buy rating in a research note on Tuesday, September 6th. Finally, Royal Bank Of Canada raised their price target on Seagate Technology PLC from $31.00 to $34.00 and gave the stock a sector perform rating in a research note on Wednesday, August 31st. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $35.27.
Seagate Technology PLC (NASDAQ:STX) last issued its quarterly earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.09. Seagate Technology PLC had a return on equity of 38.98% and a net margin of 2.22%. The firm earned $2.65 billion during the quarter, compared to analyst estimates of $2.32 billion. During the same period last year, the company earned $0.77 EPS. Seagate Technology PLC’s quarterly revenue was down 9.3% compared to the same quarter last year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, October 15th. Shareholders of record on Wednesday, September 21st will be paid a dividend of $0.63 per share. The ex-dividend date of this dividend is Monday, September 19th. This represents a $2.52 annualized dividend and a yield of 6.64%. Seagate Technology PLC’s dividend payout ratio (DPR) is currently 307.32%.
In other news, SVP Mark Re sold 12,750 shares of the company’s stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $31.84, for a total value of $405,960.00. Following the completion of the sale, the senior vice president now directly owns 65,520 shares in the company, valued at $2,086,156.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frank Biondi sold 1,251 shares of the company’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $32.45, for a total value of $40,594.95. Following the completion of the sale, the director now owns 6,433 shares of the company’s stock, valued at $208,750.85. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. Geode Capital Management LLC raised its stake 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 worth $83,532,000 after buying an additional 93,659 shares during the period. PGGM Investments raised its stake 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 worth $34,672,000 after buying an additional 698,632 shares during the period. Eagle Asset Management Inc. raised its stake 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 worth $17,317,000 after buying an additional 642,829 shares during the period. Alps Advisors Inc. raised its stake 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 worth $27,680,000 after buying an additional 532,405 shares during the period. Finally, Algert Global LLC bought a new stake in Seagate Technology PLC during the first quarter worth 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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