Seagate Technology (NASDAQ:STX) Downgraded by Benchmark to “Hold”

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Benchmark cut shares of Seagate Technology (NASDAQ:STX) from a buy rating to a hold rating in a research note published on Wednesday morning, BenzingaRatingsTable reports.

Several other research firms also recently issued reports on STX. Susquehanna Bancshares reissued a sell rating and issued a $36.00 price target on shares of Seagate Technology in a research report on Wednesday, April 22nd. Summit Insights raised shares of Seagate Technology from a sell rating to a hold rating in a research report on Wednesday. Zacks Investment Research downgraded shares of Seagate Technology from a hold rating to a sell rating and set a $53.00 price target for the company. in a research report on Friday, July 24th. Royal Bank of Canada reduced their price target on shares of Seagate Technology from $60.00 to $54.00 and set a sector perform rating for the company in a research report on Thursday, April 23rd. Finally, Sanford C. Bernstein assumed coverage on Seagate Technology in a research note on Tuesday, July 14th. They set a market perform rating and a $45.00 price objective on the stock. Seven analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have issued a buy rating to the company. The company presently has an average rating of Hold and an average target price of $53.00.

Shares of STX stock opened at $45.22 on Wednesday. The company has a market cap of $11.60 billion, a price-to-earnings ratio of 11.90, a price-to-earnings-growth ratio of 6.91 and a beta of 1.03. Seagate Technology has a 52 week low of $39.02 and a 52 week high of $64.17. The company has a quick ratio of 1.08, a current ratio of 1.51 and a debt-to-equity ratio of 2.33. The firm has a 50 day moving average of $48.53 and a 200-day moving average of $50.95.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, July 28th. The data storage provider reported $1.20 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.20. Seagate Technology had a net margin of 9.55% and a return on equity of 68.62%. The business had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.62 billion. During the same quarter last year, the firm posted $0.86 EPS. Seagate Technology’s revenue was up 6.2% compared to the same quarter last year. Analysts anticipate that Seagate Technology will post 5.31 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Investors of record on Wednesday, September 23rd will be paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 5.75%. The ex-dividend date is Tuesday, September 22nd. Seagate Technology’s dividend payout ratio is currently 56.89%.

In related news, SVP Ban Seng Teh sold 498 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $52.80, for a total value of $26,294.40. Following the sale, the senior vice president now directly owns 11,197 shares in the company, valued at approximately $591,201.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen J. Luczo sold 7,000 shares of the business’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $52.35, for a total value of $366,450.00. The disclosure for this sale can be found here. Insiders sold a total of 20,493 shares of company stock worth $1,059,254 over the last 90 days. 1.12% of the stock is currently owned by company insiders.

Hedge funds have recently bought and sold shares of the business. The Manufacturers Life Insurance Company grew its holdings in Seagate Technology by 11.3% during the 1st quarter. The Manufacturers Life Insurance Company now owns 248,080 shares of the data storage provider’s stock valued at $12,107,000 after buying an additional 25,286 shares in the last quarter. ETRADE Capital Management LLC grew its holdings in Seagate Technology by 15.4% during the 1st quarter. ETRADE Capital Management LLC now owns 9,677 shares of the data storage provider’s stock valued at $472,000 after buying an additional 1,289 shares in the last quarter. Cetera Advisors LLC grew its holdings in Seagate Technology by 16.3% during the 1st quarter. Cetera Advisors LLC now owns 5,219 shares of the data storage provider’s stock valued at $255,000 after buying an additional 731 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Seagate Technology by 12.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 35,839 shares of the data storage provider’s stock valued at $1,749,000 after buying an additional 4,109 shares in the last quarter. Finally, Fifth Third Bancorp grew its holdings in Seagate Technology by 28.2% during the 1st quarter. Fifth Third Bancorp now owns 23,796 shares of the data storage provider’s stock valued at $1,161,000 after buying an additional 5,240 shares in the last quarter. 83.55% of the stock is owned by institutional investors and hedge funds.

About Seagate Technology

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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