Loop Capital started coverage on shares of Seagate Technology PLC (NASDAQ:STX) in a research report report published on Monday, July 24th, Marketbeat.com reports. The brokerage issued a buy rating and a $50.00 target price on the data storage provider’s stock.
Other research analysts have also issued research reports about the stock. Susquehanna Bancshares Inc restated a neutral rating on shares of Seagate Technology PLC in a research note on Wednesday, April 12th. Needham & Company LLC increased 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. Stifel Nicolaus restated a hold rating and set a $45.00 price target on shares of Seagate Technology PLC in a research note on Friday, July 14th. Aegis began coverage on shares of Seagate Technology PLC in a research note on Tuesday, June 13th. They set a buy rating and a $50.00 price target on the stock. Finally, Royal Bank Of Canada dropped their price target on shares of Seagate Technology PLC from $50.00 to $45.00 and set a sector perform rating on the stock in a research note on Thursday, April 27th. Four analysts have rated the stock with a sell rating, twenty-one have given a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. Seagate Technology PLC currently has an average rating of Hold and a consensus target price of $42.12.
Seagate Technology PLC (NASDAQ STX) traded up 2.35% during mid-day trading on Monday, reaching $32.29. 5,647,213 shares of the company’s stock traded hands. The company has a market capitalization of $9.42 billion, a price-to-earnings ratio of 12.52 and a beta of 1.69. Seagate Technology PLC has a 52-week low of $31.35 and a 52-week high of $50.96. The company has a 50-day moving average of $36.75 and a 200-day moving average of $43.00.
Seagate Technology PLC (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, July 25th. The data storage provider reported $0.65 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.99 by $0.34. Seagate Technology PLC had a return on equity of 81.87% and a net margin of 7.17%. The business had revenue of $2.41 billion for the quarter, compared to analyst estimates of $2.56 billion. During the same quarter last year, the company earned $0.69 EPS. The business’s revenue for the quarter was down 9.3% compared to the same quarter last year. Equities research analysts expect that Seagate Technology PLC will post $3.70 EPS for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 4th. Shareholders of record on Wednesday, September 20th will be given a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 7.80%. The ex-dividend date is Tuesday, September 19th. Seagate Technology PLC’s payout ratio is presently 97.67%.
In other Seagate Technology PLC news, SVP Mark Re sold 9,607 shares of the firm’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $43.47, for a total value of $417,616.29. Following the completion of the sale, the senior vice president now owns 40,470 shares in the company, valued at approximately $1,759,230.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO David H. Morton, Jr. sold 3,040 shares of the firm’s stock in a transaction dated Friday, June 9th. The shares were 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 approximately $392,065.38. The disclosure for this sale can be found here. Insiders sold a total of 16,456 shares of company stock valued at $715,313 in the last 90 days. Corporate insiders own 1.50% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of STX. BlackRock Inc. raised its position in shares of Seagate Technology PLC by 3,179.5% in the first quarter. BlackRock Inc. now owns 18,336,509 shares of the data storage provider’s stock valued at $842,196,000 after buying an additional 17,777,387 shares during the period. Vanguard Group Inc. raised its position in shares of Seagate Technology PLC by 7.4% in the second quarter. Vanguard Group Inc. now owns 33,412,003 shares of the data storage provider’s stock valued at $1,294,716,000 after buying an additional 2,292,075 shares during the period. Prudential Financial Inc. raised its position in shares of Seagate Technology PLC by 355.8% in the first quarter. Prudential Financial Inc. now owns 2,603,387 shares of the data storage provider’s stock valued at $119,573,000 after buying an additional 2,032,271 shares during the period. Renaissance Technologies LLC raised its position in shares of Seagate Technology PLC by 1,387.8% in the first quarter. Renaissance Technologies LLC now owns 1,292,893 shares of the data storage provider’s stock valued at $59,383,000 after buying an additional 1,205,993 shares during the period. Finally, Schroder Investment Management Group raised its position in shares of Seagate Technology PLC by 181.1% in the second quarter. Schroder Investment Management Group now owns 1,772,547 shares of the data storage provider’s stock valued at $68,970,000 after buying an additional 1,141,917 shares during the period. 87.99% of the stock is currently owned by institutional investors.
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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