Loop Capital Begins Coverage on Seagate Technology PLC (NASDAQ:STX)

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.

Analyst Recommendations for Seagate Technology PLC (NASDAQ:STX)

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