BidaskClub Downgrades Seagate Technology PLC (STX) to Buy

BidaskClub downgraded shares of Seagate Technology PLC (NASDAQ:STX) from a strong-buy rating to a buy rating in a research note issued to investors on Monday.

Other equities analysts also recently issued research reports about the stock. Aegis initiated coverage on shares of Seagate Technology PLC in a research note on Tuesday, June 13th. They set a buy rating and a $50.00 target price for the company. Longbow Research raised shares of Seagate Technology PLC from a neutral rating to a buy rating and raised their target price for the company from $18.42 to $55.00 in a research note on Tuesday, April 11th. BTIG Research reaffirmed a buy rating and set a $55.00 target price on shares of Seagate Technology PLC in a research note on Thursday, April 6th. Jefferies Group LLC decreased 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 note on Friday, April 28th. Finally, Loop Capital initiated coverage on shares of Seagate Technology PLC in a research note 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 issued a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $42.12.

Shares of Seagate Technology PLC (STX) traded up 0.94% during mid-day trading on Monday, reaching $33.27. The company had a trading volume of 4,246,856 shares. Seagate Technology PLC has a 12-month low of $30.09 and a 12-month high of $50.96. The company has a market capitalization of $9.71 billion, a P/E ratio of 12.90 and a beta of 1.74. The firm has a 50-day moving average of $38.99 and a 200-day moving average of $43.38.

Seagate Technology PLC (NASDAQ:STX) last announced its earnings results on Tuesday, July 25th. The data storage provider reported $0.65 earnings per share for the quarter, missing the Zacks’ consensus estimate 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 business had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same period in the prior year, the business posted $0.69 EPS. Seagate Technology PLC’s revenue for the quarter was down 9.3% on a year-over-year basis. On average, equities analysts anticipate that Seagate Technology PLC will post $3.70 earnings per share for the current fiscal year.

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The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Stockholders of record on Wednesday, September 20th will be issued a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, September 19th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 7.65%. Seagate Technology PLC’s dividend payout ratio (DPR) is presently 97.67%.

In related news, SVP Mark Re sold 9,607 shares of Seagate Technology PLC stock in a transaction dated 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 transaction, 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 filing with the SEC, which is available through the SEC website. Also, CFO David H. Morton, Jr. sold 3,040 shares of Seagate Technology PLC stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $43.26, for a total transaction of $131,510.40. Following the transaction, the chief financial officer now directly owns 9,063 shares of the company’s stock, valued at $392,065.38. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,456 shares of company stock worth $715,313. Insiders own 1.50% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in STX. Cleararc Capital Inc. boosted its position in Seagate Technology PLC by 0.7% in the first quarter. Cleararc Capital Inc. now owns 7,195 shares of the data storage provider’s stock worth $330,000 after buying an additional 51 shares in the last quarter. Cornerstone Investment Partners LLC boosted its position in 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 worth $1,818,000 after buying an additional 110 shares in the last quarter. Mn Services Vermogensbeheer B.V. boosted its position in Seagate Technology PLC by 1.5% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 7,766 shares of the data storage provider’s stock worth $333,000 after buying an additional 115 shares in the last quarter. Dumont & Blake Investment Advisors LLC boosted its position in Seagate Technology PLC by 0.7% in the first quarter. Dumont & Blake Investment Advisors LLC now owns 16,163 shares of the data storage provider’s stock worth $742,000 after buying an additional 115 shares in the last quarter. Finally, IHT Wealth Management LLC boosted its position in Seagate Technology PLC by 1.6% in the first quarter. IHT Wealth Management LLC now owns 12,225 shares of the data storage provider’s stock worth $562,000 after buying an additional 194 shares in the last quarter. 86.54% of the stock is owned by hedge funds and other 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.