Seagate Technology PLC (STX) Upgraded by JPMorgan Chase & Co. to “Neutral”
Seagate Technology PLC (NASDAQ:STX) was upgraded by investment analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a research report issued on Tuesday.
Several other research analysts have also recently weighed in on the stock. Vetr cut shares of Seagate Technology PLC from a “strong-buy” rating to a “hold” rating and set a $23.50 price target on the stock. in a research note on Tuesday, June 14th. Brean Capital reiterated a “buy” rating on shares of Seagate Technology PLC in a research note on Wednesday, June 15th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $24.00 price target on shares of Seagate Technology PLC in a research note on Friday, June 17th. BMO Capital Markets reiterated a “market perform” rating on shares of Seagate Technology PLC in a research note on Wednesday, June 22nd. Finally, Zacks Investment Research upgraded shares of Seagate Technology PLC from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 29th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $35.27.
Seagate Technology PLC (NASDAQ:STX) opened at 37.97 on Tuesday. The stock has a 50 day moving average price of $35.86 and a 200-day moving average price of $28.94. Seagate Technology PLC has a 52 week low of $18.42 and a 52 week high of $49.43. The stock has a market cap of $11.40 billion, a P/E ratio of 46.30 and a beta of 2.50.
Seagate Technology PLC (NASDAQ:STX) last issued its earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.09. Seagate Technology PLC had a net margin of 2.22% and a return on equity of 38.98%. The company had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.32 billion. During the same quarter last year, the company posted $0.77 earnings per share. The firm’s quarterly revenue was down 9.3% on a year-over-year basis. On average, equities analysts anticipate that Seagate Technology PLC will post $3.04 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Wednesday, September 21st will be paid a $0.63 dividend. The ex-dividend date is Monday, September 19th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 6.64%. Seagate Technology PLC’s payout ratio is currently 307.32%.
In related news, SVP Mark Re sold 12,750 shares of the stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $31.84, for a total transaction of $405,960.00. Following the sale, the senior vice president now directly owns 65,520 shares of the company’s stock, valued at $2,086,156.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David H. Morton, Jr. sold 2,773 shares of the stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $35.98, for a total transaction of $99,772.54. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the company. Pzena Investment Management LLC increased its stake in shares of Seagate Technology PLC by 58.1% in the second quarter. Pzena Investment Management LLC now owns 15,500,305 shares of the data storage provider’s stock worth $377,587,000 after buying an additional 5,696,037 shares during the period. ValueAct Holdings L.P. purchased a new stake in shares of Seagate Technology PLC during the second quarter worth about $73,080,000. BlackRock Fund Advisors increased its stake in shares of Seagate Technology PLC by 47.3% in the first quarter. BlackRock Fund Advisors now owns 8,121,266 shares of the data storage provider’s stock worth $279,778,000 after buying an additional 2,607,145 shares during the period. Prudential Financial Inc. increased its stake in shares of Seagate Technology PLC by 438.4% in the second quarter. Prudential Financial Inc. now owns 2,364,558 shares of the data storage provider’s stock worth $57,601,000 after buying an additional 1,925,388 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of Seagate Technology PLC by 5.3% in the second quarter. Vanguard Group Inc. now owns 27,746,230 shares of the data storage provider’s stock worth $675,899,000 after buying an additional 1,388,053 shares during the period. 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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