Seagate Technology PLC (STX) Issues Quarterly Earnings Results, Beats Expectations By $0.20 EPS

Seagate Technology PLC (NASDAQ:STX) posted its quarterly earnings data on Wednesday. The data storage provider reported $0.99 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.79 by $0.20. Seagate Technology PLC had a return on equity of 38.98% and a net margin of 2.22%. The firm had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.79 billion.

Shares of Seagate Technology PLC (NASDAQ:STX) opened at 35.34 on Wednesday. The firm has a market capitalization of $10.61 billion, a price-to-earnings ratio of 43.10 and a beta of 2.50. The company’s 50-day moving average price is $36.32 and its 200 day moving average price is $29.03. Seagate Technology PLC has a 12-month low of $18.42 and a 12-month high of $41.83.

Earnings History for Seagate Technology PLC (NASDAQ:STX)

The company also recently disclosed a quarterly dividend, which was paid on Saturday, October 15th. Stockholders of record on Wednesday, September 21st were issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 7.13%. The ex-dividend date of this dividend was Monday, September 19th. Seagate Technology PLC’s dividend payout ratio is presently 307.32%.

In other Seagate Technology PLC news, SVP Mark Re sold 12,750 shares of Seagate Technology PLC stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $31.84, for a total transaction of $405,960.00. Following the completion of the sale, the senior vice president now directly owns 65,520 shares of the company’s stock, valued at approximately $2,086,156.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO David H. Morton, Jr. sold 1,716 shares of Seagate Technology PLC stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $36.16, for a total value of $62,050.56. Following the sale, the chief financial officer now directly owns 20,782 shares of the company’s stock, valued at $751,477.12. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the company. Tredje AP fonden acquired a new stake in shares of Seagate Technology PLC during the second quarter worth about $146,000. Thrivent Financial for Lutherans increased its stake in shares of Seagate Technology PLC by 12.2% in the second quarter. Thrivent Financial for Lutherans now owns 9,819 shares of the data storage provider’s stock worth $239,000 after buying an additional 1,069 shares during the period. Ameritas Investment Partners Inc. increased its stake in shares of Seagate Technology PLC by 2.4% in the second quarter. Ameritas Investment Partners Inc. now owns 10,935 shares of the data storage provider’s stock worth $266,000 after buying an additional 261 shares during the period. FIL Ltd increased its stake in shares of Seagate Technology PLC by 8.4% in the second quarter. FIL Ltd now owns 13,980 shares of the data storage provider’s stock worth $341,000 after buying an additional 1,081 shares during the period. Finally, Pacad Investment Ltd. acquired a new stake in shares of Seagate Technology PLC during the second quarter worth about $392,000. 83.93% of the stock is owned by institutional investors.

A number of research firms recently commented on STX. Stifel Nicolaus reissued a “hold” rating and issued a $35.00 price target on shares of Seagate Technology PLC in a report on Tuesday, September 13th. Argus reissued a “hold” rating on shares of Seagate Technology PLC in a report on Monday, July 18th. Jefferies Group reissued a “buy” rating and issued a $26.00 price target on shares of Seagate Technology PLC in a report on Tuesday, July 12th. Morgan Stanley reissued an “equal weight” rating and issued a $36.00 price target (up from $30.00) on shares of Seagate Technology PLC in a report on Wednesday, October 12th. Finally, Bank of America Corp. reissued a “sell” rating and issued a $28.00 price target on shares of Seagate Technology PLC in a report on Tuesday, September 13th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. Seagate Technology PLC presently has an average rating of “Hold” and an average target price of $38.35.

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.

5 Day Chart for NASDAQ:STX

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