Seagate Technology PLC (NASDAQ:STX) Expected to Post Earnings of $0.83 Per Share

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Wall Street brokerages predict that Seagate Technology PLC (NASDAQ:STX) will post $0.83 earnings per share for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Seagate Technology’s earnings, with the lowest EPS estimate coming in at $0.79 and the highest estimate coming in at $0.88. Seagate Technology posted earnings of $1.62 per share during the same quarter last year, which would indicate a negative year-over-year growth rate of 48.8%. The business is scheduled to issue its next earnings report before the market opens on Friday, August 2nd.

According to Zacks, analysts expect that Seagate Technology will report full-year earnings of $4.78 per share for the current financial year, with EPS estimates ranging from $4.73 to $4.83. For the next year, analysts forecast that the firm will post earnings of $4.70 per share, with EPS estimates ranging from $4.00 to $6.04. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research analysts that follow Seagate Technology.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, April 30th. The data storage provider reported $0.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.12. Seagate Technology had a net margin of 13.73% and a return on equity of 90.33%. The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.32 billion. During the same period last year, the firm posted $1.46 earnings per share. The firm’s revenue for the quarter was down 17.5% compared to the same quarter last year.

A number of equities analysts recently commented on STX shares. ValuEngine lowered shares of TheStreet from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Argus raised their price objective on shares of First Solar to $66.00 and gave the stock an “average” rating in a research note on Friday, May 3rd. Craig Hallum raised their price objective on shares of 1-800-Flowers.Com from $26.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Royal Bank of Canada raised their price objective on shares of Valener from C$22.00 to C$26.00 and gave the stock a “sector perform” rating in a research note on Thursday, March 28th. Finally, Wedbush raised shares of Sunstone Hotel Investors from a “neutral” rating to an “outperform” rating in a research note on Wednesday, June 26th. Five analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the company. Seagate Technology currently has an average rating of “Hold” and an average target price of $46.06.

In other news, Director Stephen J. Luczo sold 5,000 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $47.45, for a total transaction of $237,250.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Stephen J. Luczo sold 99,999 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $49.33, for a total transaction of $4,932,950.67. The disclosure for this sale can be found here. Insiders have sold a total of 119,999 shares of company stock valued at $5,876,251 in the last three months. Company insiders own 1.00% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Front Row Advisors LLC increased its stake in Seagate Technology by 91.0% in the first quarter. Front Row Advisors LLC now owns 573 shares of the data storage provider’s stock valued at $28,000 after purchasing an additional 273 shares in the last quarter. First Interstate Bank bought a new stake in Seagate Technology in the first quarter valued at approximately $31,000. Meridian Wealth Management LLC bought a new stake in Seagate Technology in the first quarter valued at approximately $62,000. Proffitt & Goodson Inc. bought a new stake in Seagate Technology in the first quarter valued at approximately $90,000. Finally, Investors Research Corp bought a new stake in Seagate Technology in the first quarter valued at approximately $96,000. Institutional investors and hedge funds own 85.35% of the company’s stock.

Seagate Technology stock opened at $47.29 on Friday. The business has a 50 day moving average price of $46.10. Seagate Technology has a 52 week low of $35.38 and a 52 week high of $57.68. The company has a quick ratio of 1.16, a current ratio of 1.62 and a debt-to-equity ratio of 2.68. The firm has a market cap of $13.09 billion, a price-to-earnings ratio of 8.57, a price-to-earnings-growth ratio of 8.32 and a beta of 1.68.

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 3rd. Shareholders of record on Wednesday, June 19th were paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 5.33%. The ex-dividend date of this dividend was Tuesday, June 18th. Seagate Technology’s dividend payout ratio (DPR) is currently 45.74%.

Seagate Technology Company Profile

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It manufactures and distributes hard disk drives; solid state drives (SSDs), including serial attached small computer system interface and non-volatile memory express SSDs; solid state hybrid drives; and storage subsystems.

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Earnings History and Estimates for Seagate Technology (NASDAQ:STX)

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