Seagate Technology (NASDAQ:STX) Updates Q1 Earnings Guidance

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Seagate Technology (NASDAQ:STX) issued an update on its first quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.94-1.04 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.90. The company issued revenue guidance of $2.42-2.68 billion, compared to the consensus revenue estimate of $2.56 billion.

STX opened at $52.94 on Friday. The company has a debt-to-equity ratio of 1.97, a current ratio of 1.95 and a quick ratio of 1.52. The business has a 50 day simple moving average of $49.08 and a 200-day simple moving average of $47.35. The stock has a market capitalization of $14.81 billion, a P/E ratio of 10.98, a P/E/G ratio of 10.77 and a beta of 1.65. Seagate Technology has a 12 month low of $35.38 and a 12 month high of $57.20.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Friday, August 2nd. The data storage provider reported $0.86 EPS for the quarter, beating the consensus estimate of $0.83 by $0.03. The business had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.33 billion. Seagate Technology had a return on equity of 72.07% and a net margin of 19.36%. The company’s quarterly revenue was down 16.4% compared to the same quarter last year. During the same period last year, the firm earned $1.62 EPS. Research analysts anticipate that Seagate Technology will post 4.3 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 9th. Stockholders of record on Wednesday, September 25th will be issued a $0.63 dividend. The ex-dividend date is Tuesday, September 24th. This represents a $2.52 annualized dividend and a dividend yield of 4.76%. Seagate Technology’s dividend payout ratio is currently 52.28%.

Several equities analysts recently issued reports on the company. KeyCorp set a $58.00 price objective on Seagate Technology and gave the stock a hold rating in a report on Tuesday, September 10th. Cowen lifted their price objective on Seagate Technology from $40.00 to $51.00 and gave the stock a market perform rating in a report on Friday. BidaskClub raised Seagate Technology from a hold rating to a buy rating in a report on Tuesday, September 10th. Goldman Sachs Group set a $37.00 price objective on Seagate Technology and gave the stock a sell rating in a report on Sunday, July 21st. Finally, Craig Hallum cut Seagate Technology from a buy rating to a hold rating and set a $56.00 price objective for the company. in a report on Friday. Five analysts have rated the stock with a sell rating, sixteen have given a hold rating and six have given a buy rating to the company’s stock. Seagate Technology presently has a consensus rating of Hold and an average target price of $47.52.

In other news, CEO William D. Mosley sold 90,000 shares of the business’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $54.31, for a total value of $4,887,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephen J. Luczo sold 5,000 shares of the business’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $55.29, for a total value of $276,450.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 130,000 shares of company stock valued at $6,814,500. Insiders own 1.12% of the company’s stock.

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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