Seagate Technology (NASDAQ:STX) had its target price lowered by Maxim Group from $54.00 to $51.00 in a research note issued to investors on Wednesday. Maxim Group currently has a hold rating on the data storage provider’s stock.

Other equities analysts have also recently issued research reports about the company. Zacks Investment Research cut Seagate Technology from a buy rating to a hold rating in a report on Tuesday, August 21st. Goldman Sachs Group cut Seagate Technology from a neutral rating to a sell rating and cut their price target for the company from $50.00 to $44.00 in a report on Thursday, August 9th. Benchmark restated a hold rating on shares of Seagate Technology in a report on Tuesday, July 31st. BidaskClub cut Seagate Technology from a strong-buy rating to a buy rating in a report on Wednesday, July 25th. Finally, Craig Hallum cut their price target on Seagate Technology from $57.00 to $47.00 and set a hold rating for the company in a report on Monday, November 5th. Five research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have given a buy rating to the company. Seagate Technology currently has an average rating of Hold and an average price target of $50.91.

Shares of NASDAQ:STX traded down $2.30 during trading on Wednesday, hitting $43.03. 7,510,518 shares of the company’s stock were exchanged, compared to its average volume of 4,841,510. The company has a current ratio of 1.42, a quick ratio of 1.07 and a debt-to-equity ratio of 2.34. Seagate Technology has a 52-week low of $36.69 and a 52-week high of $62.70. The stock has a market capitalization of $13.11 billion, a P/E ratio of 7.81, a P/E/G ratio of 0.69 and a beta of 1.71.

Seagate Technology (NASDAQ:STX) last released its earnings results on Friday, November 2nd. The data storage provider reported $1.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.15. Seagate Technology had a return on equity of 123.05% and a net margin of 12.57%. The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.95 billion. During the same quarter last year, the business posted $0.96 earnings per share. The firm’s revenue was up 13.7% on a year-over-year basis. On average, research analysts predict that Seagate Technology will post 5.33 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Stockholders of record on Wednesday, December 19th will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 5.86%. The ex-dividend date is Tuesday, December 18th. Seagate Technology’s payout ratio is 45.74%.

In related news, insider Valueact Capital Master Fund, acquired 2,090,783 shares of the stock in a transaction dated Monday, August 13th. The stock was acquired at an average cost of $50.94 per share, with a total value of $106,504,486.02. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Holdings L.P. Valueact acquired 500,000 shares of the stock in a transaction dated Wednesday, August 15th. The stock was bought at an average cost of $52.78 per share, with a total value of $26,390,000.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 4,055,357 shares of company stock valued at $209,385,069 and sold 46,086 shares valued at $2,529,660. 1.00% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the company. ValueAct Holdings L.P. lifted its stake in shares of Seagate Technology by 4.4% during the 2nd quarter. ValueAct Holdings L.P. now owns 22,404,700 shares of the data storage provider’s stock worth $1,265,194,000 after acquiring an additional 946,100 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Seagate Technology by 2.0% during the 2nd quarter. BlackRock Inc. now owns 19,515,088 shares of the data storage provider’s stock worth $1,102,017,000 after acquiring an additional 383,002 shares during the last quarter. LSV Asset Management lifted its stake in shares of Seagate Technology by 0.5% during the 3rd quarter. LSV Asset Management now owns 6,282,889 shares of the data storage provider’s stock worth $297,494,000 after acquiring an additional 32,200 shares during the last quarter. Skandinaviska Enskilda Banken AB publ bought a new stake in shares of Seagate Technology during the 3rd quarter worth approximately $259,905,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of Seagate Technology by 11.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,646,954 shares of the data storage provider’s stock worth $172,683,000 after acquiring an additional 375,767 shares during the last quarter. 83.57% 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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Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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