Craig Hallum lowered shares of Seagate Technology PLC (NASDAQ:STX) from a buy rating to a hold rating in a research note published on Wednesday morning, MarketBeat.com reports.
Other equities analysts have also issued research reports about the stock. Aegis started coverage on shares of Seagate Technology PLC in a research report on Tuesday, June 13th. They set a buy rating and a $50.00 target price for the company. Longbow Research upgraded shares of Seagate Technology PLC from a neutral rating to a buy rating and increased their target price for the stock from $18.42 to $55.00 in a research report on Tuesday, April 11th. BTIG Research reiterated a buy rating and set a $55.00 target price on shares of Seagate Technology PLC in a research report on Thursday, April 6th. Jefferies Group LLC cut their target price on shares of Seagate Technology PLC from $55.00 to $50.00 and set a buy rating for the company in a research report on Friday, April 28th. Finally, Loop Capital started coverage on shares of Seagate Technology PLC in a research report on Monday, July 24th. They set a buy rating and a $50.00 target price for the company. Four research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $42.12.
Seagate Technology PLC (NASDAQ:STX) traded up 0.15% during mid-day trading on Wednesday, reaching $32.61. 7,865,473 shares of the company’s stock were exchanged. Seagate Technology PLC has a 52-week low of $30.09 and a 52-week high of $50.96. The company has a 50-day moving average of $39.26 and a 200-day moving average of $43.32. The stock has a market cap of $9.52 billion, a price-to-earnings ratio of 12.64 and a beta of 1.73.
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. The business had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.56 billion. Seagate Technology PLC had a return on equity of 81.87% and a net margin of 7.17%. Seagate Technology PLC’s revenue for the quarter was down 9.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.69 EPS. Equities research analysts anticipate that Seagate Technology PLC will post $3.70 earnings per share for the current year.
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The company also recently announced 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. This represents a $2.52 annualized dividend and a dividend yield of 7.73%. The ex-dividend date of this dividend is Tuesday, September 19th. Seagate Technology PLC’s payout ratio is 97.67%.
In related news, SVP Mark Re sold 9,607 shares of Seagate Technology PLC stock in a transaction on Monday, May 15th. The shares were sold at an average price of $43.47, for a total value of $417,616.29. Following the transaction, the senior vice president now directly owns 40,470 shares of the company’s stock, valued at $1,759,230.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO David H. Morton, Jr. sold 3,040 shares of Seagate Technology PLC stock in a transaction on Friday, June 9th. The stock was sold at an average price of $43.26, for a total transaction of $131,510.40. Following the completion of the transaction, the chief financial officer now directly owns 9,063 shares in the company, valued at $392,065.38. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,456 shares of company stock worth $715,313. 1.50% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of STX. Bank of Montreal Can increased its position in shares of Seagate Technology PLC by 4.1% in the first quarter. Bank of Montreal Can now owns 1,609,469 shares of the data storage provider’s stock valued at $73,923,000 after buying an additional 63,627 shares during the last quarter. Legacy Private Trust Co. purchased a new position in shares of Seagate Technology PLC during the first quarter valued at approximately $214,000. Creative Planning increased its position in shares of Seagate Technology PLC by 8.1% in the first quarter. Creative Planning now owns 46,180 shares of the data storage provider’s stock valued at $2,121,000 after buying an additional 3,449 shares during the last quarter. Raymond James Trust N.A. increased its position in shares of Seagate Technology PLC by 3.3% in the first quarter. Raymond James Trust N.A. now owns 10,122 shares of the data storage provider’s stock valued at $465,000 after buying an additional 327 shares during the last quarter. Finally, Cornerstone Investment Partners LLC increased its position in shares of Seagate Technology PLC by 0.3% in the first quarter. Cornerstone Investment Partners LLC now owns 39,580 shares of the data storage provider’s stock valued at $1,818,000 after buying an additional 110 shares during the last quarter. 86.75% of the stock is currently owned by 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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