Seagate Technology PLC (STX) Expected to Post Quarterly Sales of $2.56 Billion
Equities analysts expect Seagate Technology PLC (NASDAQ:STX) to post $2.56 billion in sales for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for Seagate Technology PLC’s earnings. The highest sales estimate is $2.58 billion and the lowest is $2.53 billion. Seagate Technology PLC reported sales of $2.80 billion during the same quarter last year, which would suggest a negative year over year growth rate of 8.6%. The business is expected to report its next quarterly earnings results on Wednesday, October 18th.
According to Zacks, analysts expect that Seagate Technology PLC will report full year sales of $2.56 billion for the current fiscal year, with estimates ranging from $9.88 billion to $10.63 billion. For the next fiscal year, analysts anticipate that the company will post sales of $10.21 billion per share, with estimates ranging from $9.68 billion to $10.46 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that that provide coverage for Seagate Technology PLC.
Seagate Technology PLC (NASDAQ:STX) last issued its earnings results on Tuesday, July 25th. The data storage provider reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by $0.34. Seagate Technology PLC had a net margin of 7.17% and a return on equity of 81.87%. The company had revenue of $2.41 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same quarter in the prior year, the business earned $0.69 EPS. The business’s quarterly revenue was down 9.3% on a year-over-year basis.
A number of equities analysts have recently commented on STX shares. Loop Capital started coverage on shares of Seagate Technology PLC in a report on Monday, July 24th. They issued a “buy” rating and a $50.00 price target on the stock. Aegis started coverage on shares of Seagate Technology PLC in a report on Tuesday, June 13th. They issued a “buy” rating and a $50.00 price target on the stock. ValuEngine lowered shares of Seagate Technology PLC from a “strong-buy” rating to a “buy” rating in a report on Friday, July 28th. BidaskClub lowered shares of Seagate Technology PLC from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $37.00 price target (down previously from $40.00) on shares of Seagate Technology PLC in a report on Thursday, July 13th. Five investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $41.53.
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In other Seagate Technology PLC news, insider Philip G. Brace purchased 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The stock was bought at an average cost of $33.34 per share, for a total transaction of $33,340.00. Following the purchase, the insider now directly owns 62,855 shares in the company, valued at $2,095,585.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.87% of the stock is owned by company insiders.
Institutional investors have recently modified their holdings of the stock. Global X Management Co. LLC increased its stake in shares of Seagate Technology PLC by 29.2% in the 1st quarter. Global X Management Co. LLC now owns 3,490 shares of the data storage provider’s stock worth $160,000 after acquiring an additional 789 shares in the last quarter. WFG Advisors LP increased its stake in shares of Seagate Technology PLC by 16,536.4% in the 2nd quarter. WFG Advisors LP now owns 3,660 shares of the data storage provider’s stock worth $142,000 after acquiring an additional 3,638 shares in the last quarter. Pacer Advisors Inc. bought a new position in shares of Seagate Technology PLC in the 2nd quarter worth about $150,000. First Quadrant L P CA bought a new position in shares of Seagate Technology PLC in the 2nd quarter worth about $153,000. Finally, Sigma Investment Counselors Inc. bought a new stake in Seagate Technology PLC during the 1st quarter valued at about $201,000. Institutional investors own 88.65% of the company’s stock.
Shares of Seagate Technology PLC (NASDAQ:STX) opened at 31.99 on Friday. The firm has a market cap of $9.34 billion, a price-to-earnings ratio of 12.40 and a beta of 1.69. Seagate Technology PLC has a 12 month low of $30.60 and a 12 month high of $50.96. The firm has a 50-day moving average of $32.70 and a 200-day moving average of $41.15.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 20th will be paid a $0.63 dividend. The ex-dividend date is Tuesday, September 19th. This represents a $2.52 annualized dividend and a dividend yield of 7.88%. Seagate Technology PLC’s payout ratio is 97.67%.
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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