Morgan Stanley restated their equal weight rating on shares of Seagate Technology PLC (NASDAQ:STX) in a research report report published on Wednesday morning. They currently have a $36.00 price target on the data storage provider’s stock, up from their previous price target of $30.00.
Other analysts also recently issued reports about the stock. RBC Capital Markets reissued a sector perform rating and issued a $31.00 target price (up from $27.00) on shares of Seagate Technology PLC in a research report on Tuesday, August 2nd. Vetr downgraded shares of Seagate Technology PLC from a strong-buy rating to a hold rating and set a $23.50 price objective for the company. in a report on Tuesday, June 14th. Mizuho upped their price objective on shares of Seagate Technology PLC from $23.00 to $31.00 and gave the stock a neutral rating in a report on Tuesday, August 2nd. Argus reaffirmed a hold rating on shares of Seagate Technology PLC in a report on Tuesday, August 16th. Finally, Needham & Company LLC upped their price objective on shares of Seagate Technology PLC from $31.00 to $33.00 and gave the stock a buy rating in a report on Tuesday, July 12th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $38.35.
Seagate Technology PLC (NASDAQ:STX) traded down 1.5504% during midday trading on Wednesday, hitting $34.6838. 2,010,599 shares of the stock traded hands. The stock has a market cap of $10.41 billion, a PE ratio of 42.2973 and a beta of 2.50. Seagate Technology PLC has a 1-year low of $18.42 and a 1-year high of $44.16. The company has a 50-day moving average of $36.04 and a 200-day moving average of $29.03.
Seagate Technology PLC (NASDAQ:STX) last posted its earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.09. The company earned $2.65 billion during the quarter, compared to the consensus estimate of $2.32 billion. Seagate Technology PLC had a net margin of 2.22% and a return on equity of 38.98%. The company’s revenue for the quarter was down 9.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.77 earnings per share. On average, equities analysts expect that Seagate Technology PLC will post $3.04 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Wednesday, September 21st will be issued a $0.63 dividend. The ex-dividend date is Monday, September 19th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 7.15%. Seagate Technology PLC’s dividend payout ratio (DPR) is presently 307.32%.
In related news, SVP Mark Re sold 12,750 shares of the firm’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $31.84, for a total value of $405,960.00. Following the completion of the transaction, the senior vice president now directly owns 65,520 shares of the company’s stock, valued at $2,086,156.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Frank Biondi sold 1,251 shares of the firm’s stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $32.45, for a total transaction of $40,594.95. Following the completion of the transaction, the director now directly owns 6,433 shares of the company’s stock, valued at $208,750.85. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. Cowen Prime Services LLC purchased a new position in Seagate Technology PLC during the second quarter valued at $105,000. Glenmede Trust Co. NA boosted its position in Seagate Technology PLC by 30.2% in the second quarter. Glenmede Trust Co. NA now owns 4,650 shares of the data storage provider’s stock valued at $113,000 after buying an additional 1,079 shares in the last quarter. Advisory Services Network LLC boosted its position in Seagate Technology PLC by 30.2% in the second quarter. Advisory Services Network LLC now owns 5,603 shares of the data storage provider’s stock valued at $136,000 after buying an additional 1,300 shares in the last quarter. Tredje AP fonden purchased a new position in Seagate Technology PLC during the second quarter valued at $146,000. Finally, RidgeWorth Capital Management LLC boosted its position in Seagate Technology PLC by 14.5% in the second quarter. RidgeWorth Capital Management LLC now owns 6,545 shares of the data storage provider’s stock valued at $157,000 after buying an additional 827 shares in the last quarter. 83.86% of the stock is owned by institutional investors and hedge funds.
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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