Seagate Technology PLC (NASDAQ:STX) had its price target lowered by Cowen and Company from $45.00 to $36.00 in a research report sent to investors on Wednesday, MarketBeat.com reports. Cowen and Company currently has an outperform rating on the data storage provider’s stock.
A number of other brokerages have also weighed in on STX. Citigroup Inc. reduced their price target on shares of Seagate Technology PLC from $46.00 to $42.00 and set a neutral rating for the company in a research note on Tuesday, July 18th. Barclays PLC lowered shares of Seagate Technology PLC from an equal weight rating to an underweight rating and reduced their price target for the stock from $49.00 to $40.00 in a research note on Thursday, July 13th. Jefferies Group LLC reduced their price target on shares of Seagate Technology PLC from $55.00 to $50.00 and set a buy rating for the company in a research note on Friday, April 28th. Longbow Research lowered shares of Seagate Technology PLC from a buy rating to a neutral rating in a research note on Tuesday. Finally, Needham & Company LLC upped their price target on shares of Seagate Technology PLC from $55.00 to $57.00 and gave the stock a strong-buy rating in a research note on Thursday, April 27th. Four research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $42.12.
Shares of Seagate Technology PLC (NASDAQ:STX) traded up 0.15% on Wednesday, reaching $32.61. 7,865,473 shares of the company’s stock were exchanged. Seagate Technology PLC has a 1-year low of $30.09 and a 1-year high of $50.96. The stock’s 50-day moving average price is $39.26 and its 200-day moving average price is $43.32. The company has a market capitalization of $9.52 billion, a P/E ratio of 12.64 and a beta of 1.73.
Seagate Technology PLC (NASDAQ:STX) last issued its quarterly 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 company had revenue of $2.41 billion during the quarter, compared to analyst estimates of $2.56 billion. Seagate Technology PLC had a return on equity of 81.87% and a net margin of 7.17%. The company’s revenue was down 9.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.69 earnings per share. Analysts anticipate that Seagate Technology PLC will post $3.70 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 4th. Stockholders of record on Wednesday, September 20th will be paid a dividend of $0.63 per share. The ex-dividend date is Tuesday, September 19th. This represents a $2.52 annualized dividend and a dividend yield of 7.73%. Seagate Technology PLC’s dividend payout ratio (DPR) is 97.67%.
In related news, SVP Mark Re sold 9,607 shares of the company’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $43.47, for a total transaction of $417,616.29. Following the completion of the sale, the senior vice president now directly owns 40,470 shares of the company’s stock, valued at approximately $1,759,230.90. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Chong Sup Park sold 3,809 shares of the company’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $43.63, for a total transaction of $166,186.67. Following the sale, the director now directly owns 11,753 shares of the company’s stock, valued at $512,783.39. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,456 shares of company stock worth $715,313. 1.50% of the stock is currently owned by company insiders.
Several hedge funds have recently bought and sold shares of the company. Ledyard National Bank increased its stake in Seagate Technology PLC by 1,318.3% in the first quarter. Ledyard National Bank now owns 4,255 shares of the data storage provider’s stock valued at $195,000 after buying an additional 3,955 shares in the last quarter. Sii Investments Inc. WI increased its stake in Seagate Technology PLC by 4.3% in the first quarter. Sii Investments Inc. WI now owns 6,465 shares of the data storage provider’s stock valued at $295,000 after buying an additional 269 shares in the last quarter. Global X Management Co. LLC increased its stake in Seagate Technology PLC by 29.2% in the first quarter. Global X Management Co. LLC now owns 3,490 shares of the data storage provider’s stock valued at $160,000 after buying an additional 789 shares in the last quarter. Suntrust Banks Inc. increased its stake in Seagate Technology PLC by 124.8% in the first quarter. Suntrust Banks Inc. now owns 55,237 shares of the data storage provider’s stock valued at $2,535,000 after buying an additional 30,668 shares in the last quarter. Finally, Ropes Wealth Advisors LLC increased its stake in Seagate Technology PLC by 104.1% in the first quarter. Ropes Wealth Advisors LLC now owns 6,302 shares of the data storage provider’s stock valued at $289,000 after buying an additional 3,215 shares in the last quarter. 86.75% of the stock is owned by institutional investors and hedge funds.
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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