Longbow Research reiterated their hold rating on shares of Seagate Technology (NASDAQ:STX) in a research note published on Monday, November 12th.
Other equities analysts have also issued research reports about the company. Zacks Investment Research lowered Seagate Technology from a buy rating to a hold rating in a report on Tuesday, August 21st. Goldman Sachs Group lowered Seagate Technology from a neutral rating to a sell rating and dropped their target price for the company from $50.00 to $44.00 in a report on Thursday, August 9th. Benchmark reaffirmed a hold rating on shares of Seagate Technology in a report on Tuesday, July 31st. BidaskClub lowered Seagate Technology from a strong-buy rating to a buy rating in a report on Wednesday, July 25th. Finally, Craig Hallum dropped their price objective on Seagate Technology from $57.00 to $47.00 and set a hold rating on the stock in a report on Monday, November 5th. Five analysts have rated the stock with a sell rating, nineteen have given a hold rating and six have given a buy rating to the company’s stock. Seagate Technology currently has an average rating of Hold and a consensus target price of $50.91.
Shares of NASDAQ STX traded up $0.08 during mid-day trading on Monday, hitting $41.65. The company had a trading volume of 6,679,761 shares, compared to its average volume of 4,040,351. The stock has a market cap of $11.90 billion, a P/E ratio of 7.56, a PEG ratio of 0.62 and a beta of 1.73. 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 1-year low of $36.69 and a 1-year high of $62.70.
Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Friday, November 2nd. The data storage provider reported $1.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.15. The business had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.95 billion. Seagate Technology had a return on equity of 123.05% and a net margin of 12.57%. The company’s revenue for the quarter was up 13.7% compared to the same quarter last year. During the same period last year, the firm earned $0.96 earnings per share. On average, equities analysts forecast that Seagate Technology will post 5.44 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Investors of record on Wednesday, December 19th will be issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 6.05%. The ex-dividend date of this dividend is Tuesday, December 18th. Seagate Technology’s dividend payout ratio is currently 45.74%.
In related news, insider Valueact Capital Master Fund, purchased 124,127 shares of Seagate Technology stock in a transaction dated Friday, November 30th. The stock was bought at an average cost of $41.95 per share, for a total transaction of $5,207,127.65. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP James J. Murphy sold 13,660 shares of Seagate Technology stock in a transaction that occurred on Friday, November 30th. The stock was sold at an average price of $42.53, for a total value of $580,959.80. The disclosure for this sale can be found here. In the last three months, insiders have purchased 990,426 shares of company stock worth $41,467,928. Corporate insiders own 1.00% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. ValueAct Holdings L.P. grew 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 valued at $1,265,194,000 after buying an additional 946,100 shares during the period. Old Port Advisors acquired a new position in shares of Seagate Technology during the 2nd quarter valued at $1,861,000. Chicago Equity Partners LLC acquired a new position in shares of Seagate Technology during the 2nd quarter valued at $1,965,000. Standard Life Aberdeen plc lifted its holdings in shares of Seagate Technology by 8.4% during the 2nd quarter. Standard Life Aberdeen plc now owns 208,273 shares of the data storage provider’s stock valued at $11,761,000 after acquiring an additional 16,137 shares in the last quarter. Finally, Empowered Funds LLC acquired a new position in shares of Seagate Technology during the 3rd quarter valued at $4,386,000. 90.54% of the stock is owned by institutional investors.
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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