Seagate Technology PLC’s (STX) Equal Weight Rating Reaffirmed at Morgan Stanley
Morgan Stanley restated their equal weight rating on shares of Seagate Technology PLC (NASDAQ:STX) in a research report report published on Wednesday morning. They currently have a $36.00 price objective on the data storage provider’s stock, up from their prior price objective of $30.00.
A number of other analysts have also recently weighed in on the company. Vetr raised Seagate Technology PLC from a buy rating to a strong-buy rating and set a $41.19 price objective for the company in a research report on Tuesday. Jefferies Group lifted their price target on Seagate Technology PLC from $38.00 to $44.00 and gave the company a buy rating in a research note on Tuesday. Seaport Global Securities lifted their price target on Seagate Technology PLC to $44.00 and gave the company a neutral rating in a research note on Tuesday. Cowen and Company lifted their price target on Seagate Technology PLC from $32.00 to $36.00 and gave the company a market perform rating in a research note on Tuesday. Finally, FBN Securities lifted their price target on Seagate Technology PLC from $33.00 to $38.00 and gave the company a sector perform rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $38.35.
Seagate Technology PLC (NASDAQ:STX) traded down 1.5504% during midday trading on Wednesday, reaching $34.6838. The company’s stock had a trading volume of 2,010,599 shares. The company has a market cap of $10.41 billion, a P/E ratio of 42.2973 and a beta of 2.50. Seagate Technology PLC has a 12-month low of $18.42 and a 12-month high of $44.16. The firm has a 50 day moving average price of $36.04 and a 200-day moving average price of $29.03.
Seagate Technology PLC (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.09. Seagate Technology PLC had a return on equity of 38.98% and a net margin of 2.22%. The business had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same period in the prior year, the business posted $0.77 earnings per share. The company’s quarterly revenue was down 9.3% compared to the same quarter last year. On average, equities research analysts predict that Seagate Technology PLC will post $3.04 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, October 15th. Investors of record on Wednesday, September 21st will be paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 7.15%. The ex-dividend date of this dividend is Monday, September 19th. Seagate Technology PLC’s dividend payout ratio (DPR) is 307.32%.
In related news, Director Frank Biondi sold 1,251 shares of Seagate Technology PLC stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $32.45, for a total transaction of $40,594.95. Following the sale, the director now owns 6,433 shares of the company’s stock, valued at approximately $208,750.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Mark Re sold 3,082 shares of Seagate Technology PLC stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $32.50, for a total transaction of $100,165.00. Following the sale, the senior vice president now directly owns 56,623 shares in the company, valued at approximately $1,840,247.50. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the company. Cowen Prime Services LLC bought a new stake in Seagate Technology PLC during the second quarter valued at $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 valued at $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 valued at $136,000 after buying an additional 1,300 shares during the last quarter. Tredje AP fonden bought a new stake in Seagate Technology PLC during the second quarter valued at $146,000. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new stake in Seagate Technology PLC during the first quarter valued at $214,000. 83.86% of the stock is currently owned by hedge funds and other institutional investors.
About Seagate Technology PLC
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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