Seagate Technology (STX) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Seagate Technology (NASDAQ:STX) from a strong-buy rating to a hold rating in a research report released on Tuesday.

According to Zacks, “Seagate is the second-largest manufacturer of HDDs in the U.S., owing to strong demand and adoption of its storage drives. Hints of PC market stabilization as reflected in the latest reports from Gartner and IDC are a positive. Stabilization of the PC market by the research firms bodes well for memory shipments, particularly HDDs. We believe that Seagate’s recent NAND-supply deal with Toshiba will help it in developing advanced HDD, SSD and hybrid solutions. Also, its Nearline’s rapid adoption will boost Seagate’s competitive position against Western Digital. The company’s efforts in the improvement of areal density with the ramping up of its heat assisted magnetic recording (“HAMR”) technology are yet another positive. However, stiff competition in the disk drive marketand customer concentration remains major risk for Seagate.”

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Several other research analysts have also commented on the stock. TheStreet raised shares of Seagate Technology from a c+ rating to a b- rating in a research note on Tuesday, January 9th. BidaskClub raised shares of Seagate Technology from a buy rating to a strong-buy rating in a research note on Friday, December 8th. Craig Hallum reissued a buy rating and set a $56.00 target price (up from $50.00) on shares of Seagate Technology in a research note on Tuesday, January 9th. Loop Capital reissued a buy rating and set a $55.00 target price on shares of Seagate Technology in a research note on Tuesday, January 9th. They noted that the move was a valuation call. Finally, Cowen boosted their target price on shares of Seagate Technology from $39.00 to $47.00 and gave the company a market perform rating in a research note on Tuesday, January 9th. Four analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, five have assigned a buy rating and three have assigned a strong buy rating to the company. Seagate Technology currently has a consensus rating of Hold and a consensus target price of $52.28.

NASDAQ STX opened at $56.62 on Tuesday. The company has a quick ratio of 1.25, a current ratio of 1.58 and a debt-to-equity ratio of 4.07. The firm has a market cap of $16,784.88, a price-to-earnings ratio of 13.74, a PEG ratio of 0.78 and a beta of 1.68. Seagate Technology has a 52 week low of $30.60 and a 52 week high of $61.19.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Monday, January 29th. The data storage provider reported $1.48 EPS for the quarter, topping the consensus estimate of $1.39 by $0.09. The company had revenue of $2.91 billion during the quarter, compared to analyst estimates of $2.86 billion. Seagate Technology had a net margin of 6.10% and a return on equity of 93.35%. Seagate Technology’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.38 earnings per share. analysts predict that Seagate Technology will post 4.87 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 4th. Investors of record on Wednesday, March 21st were paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 4.45%. The ex-dividend date was Tuesday, March 20th. Seagate Technology’s dividend payout ratio (DPR) is presently 61.17%.

In other Seagate Technology news, insider Philip G. Brace sold 12,000 shares of the business’s stock in a transaction dated Tuesday, January 9th. The shares were sold at an average price of $46.44, for a total value of $557,280.00. Following the completion of the transaction, the insider now directly owns 27,069 shares in the company, valued at $1,257,084.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Stephen J. Luczo sold 341,738 shares of the business’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $55.00, for a total transaction of $18,795,590.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 815,428 shares of company stock valued at $43,782,101. 0.87% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in the business. ValueAct Holdings L.P. raised its holdings in Seagate Technology by 55.3% in the third quarter. ValueAct Holdings L.P. now owns 21,458,600 shares of the data storage provider’s stock worth $711,782,000 after purchasing an additional 7,642,835 shares in the last quarter. Two Sigma Advisers LP increased its holdings in shares of Seagate Technology by 7.4% during the fourth quarter. Two Sigma Advisers LP now owns 5,461,842 shares of the data storage provider’s stock valued at $228,523,000 after acquiring an additional 375,667 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Seagate Technology by 0.3% during the fourth quarter. Bank of New York Mellon Corp now owns 2,904,107 shares of the data storage provider’s stock valued at $121,509,000 after acquiring an additional 7,989 shares in the last quarter. UBS Asset Management Americas Inc. increased its holdings in shares of Seagate Technology by 66.8% during the fourth quarter. UBS Asset Management Americas Inc. now owns 2,113,408 shares of the data storage provider’s stock valued at $88,425,000 after acquiring an additional 846,230 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. acquired a new position in shares of Seagate Technology during the fourth quarter valued at about $87,422,000. Institutional investors and hedge funds own 88.84% of the company’s stock.

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Seagate Technology Company Profile

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company manufactures and distributes hard disk drives, solid state drives and their related controllers, solid state hybrid drives, and storage subsystems. Its products are used in enterprise servers and storage systems applications; client compute applications, primarily for desktop and mobile computing; and client non-compute applications, including various end user devices, such as portable external storage systems, surveillance systems, network-attached storage, digital video recorders, and gaming consoles.

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