Seagate Technology PLC (STX) Receives Buy Rating from Brean Capital
Brean Capital restated their buy rating on shares of Seagate Technology PLC (NASDAQ:STX) in a research note published on Wednesday. They currently have a $42.00 price target on the data storage provider’s stock.
Several other equities analysts also recently commented on the company. Vetr downgraded Seagate Technology PLC from a buy rating to a hold rating and set a $38.84 price objective on the stock. in a research report on Tuesday. Zacks Investment Research downgraded Seagate Technology PLC from a buy rating to a hold rating in a research report on Wednesday, September 14th. Bank of America Corp. restated a sell rating and issued a $28.00 price objective on shares of Seagate Technology PLC in a research report on Tuesday, September 13th. Stifel Nicolaus restated a hold rating and issued a $35.00 price objective on shares of Seagate Technology PLC in a research report on Tuesday, September 13th. Finally, Goldman Sachs Group Inc. boosted their price objective on Seagate Technology PLC from $29.00 to $36.00 and gave the company a neutral rating in a research report on Monday, September 12th. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $34.05.
Seagate Technology PLC (NASDAQ:STX) opened at 38.21 on Wednesday. The company has a 50 day moving average price of $34.43 and a 200-day moving average price of $28.82. The firm has a market capitalization of $11.47 billion, a price-to-earnings ratio of 46.60 and a beta of 2.46. Seagate Technology PLC has a 1-year low of $18.42 and a 1-year high of $49.50.
Seagate Technology PLC (NASDAQ:STX) last released its earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.09. The company had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.32 billion. Seagate Technology PLC had a return on equity of 38.98% and a net margin of 2.22%. Seagate Technology PLC’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.77 earnings per share. On average, analysts forecast that Seagate Technology PLC will post $3.02 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Saturday, October 15th. Shareholders of record on Wednesday, September 21st will be given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 6.60%. The ex-dividend date is Monday, September 19th. Seagate Technology PLC’s dividend payout ratio is currently 307.32%.
In related news, CFO David H. Morton, Jr. sold 1,716 shares of the firm’s stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $36.16, for a total value of $62,050.56. Following the transaction, the chief financial officer now directly owns 20,782 shares of the company’s stock, valued at approximately $751,477.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Frank Biondi sold 1,251 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $32.45, for a total transaction of $40,594.95. Following the completion of the transaction, the director now directly owns 6,433 shares in the company, valued at $208,750.85. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Cowen Prime Services LLC acquired a new stake in Seagate Technology PLC during the second quarter worth approximately $105,000. Glenmede Trust Co. NA increased its stake in Seagate Technology PLC by 30.2% in the second quarter. Glenmede Trust Co. NA now owns 4,650 shares of the data storage provider’s stock worth $113,000 after buying an additional 1,079 shares during the last quarter. Advisory Services Network LLC increased its stake in Seagate Technology PLC by 30.2% in the second quarter. Advisory Services Network LLC now owns 5,603 shares of the data storage provider’s stock worth $136,000 after buying an additional 1,300 shares during the last quarter. Tredje AP fonden acquired a new stake in Seagate Technology PLC during the second quarter worth approximately $146,000. Finally, RidgeWorth Capital Management LLC increased its stake in Seagate Technology PLC by 14.5% in the second quarter. RidgeWorth Capital Management LLC now owns 6,545 shares of the data storage provider’s stock worth $157,000 after buying an additional 827 shares during the last quarter. 83.86% of the stock is currently owned by hedge funds and other institutional investors.
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.
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