Wall Street brokerages expect Seagate Technology PLC (NASDAQ:STX) to announce sales of $2.74 billion for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Seagate Technology’s earnings. The lowest sales estimate is $2.73 billion and the highest is $2.75 billion. Seagate Technology reported sales of $2.67 billion in the same quarter last year, which would suggest a positive year over year growth rate of 2.6%. The business is scheduled to announce its next earnings results on Wednesday, April 25th.
According to Zacks, analysts expect that Seagate Technology will report full-year sales of $2.74 billion for the current year, with estimates ranging from $10.36 billion to $10.94 billion. For the next year, analysts forecast that the business will report sales of $10.60 billion per share, with estimates ranging from $9.87 billion to $11.03 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover Seagate Technology.
Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Monday, January 29th. The data storage provider reported $1.48 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.39 by $0.09. The business had revenue of $2.91 billion during the quarter, compared to analyst estimates of $2.86 billion. Seagate Technology had a net margin of 6.10% and a return on equity of 93.35%. The business’s revenue was up .7% on a year-over-year basis. During the same period last year, the business earned $1.38 EPS.
A number of research firms have commented on STX. Vetr upgraded shares of Seagate Technology from a “hold” rating to a “buy” rating and set a $56.12 price objective on the stock in a research note on Monday. Citigroup increased their price objective on shares of Seagate Technology from $46.00 to $56.00 and gave the company a “neutral” rating in a research note on Tuesday, January 30th. Robert W. Baird increased their price objective on shares of Seagate Technology from $40.00 to $48.00 and gave the company a “neutral” rating in a research note on Tuesday, January 30th. Morgan Stanley increased their price objective on shares of Seagate Technology from $48.00 to $51.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 30th. Finally, BMO Capital Markets increased their price objective on shares of Seagate Technology to $53.00 and gave the company a “market perform” rating in a research note on Tuesday, January 30th. Four analysts have rated the stock with a sell rating, twenty have assigned a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $49.76.
In related news, insider Stephen J. Luczo sold 341,738 shares of the stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $55.00, for a total value of $18,795,590.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Stephen J. Luczo sold 100,000 shares of the stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $48.99, for a total transaction of $4,899,000.00. Following the completion of the sale, the chairman now directly owns 95,420 shares in the company, valued at approximately $4,674,625.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 779,394 shares of company stock worth $41,495,557. Insiders own 0.87% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Assetmark Inc. increased its holdings in shares of Seagate Technology by 43.5% in the 3rd quarter. Assetmark Inc. now owns 145,777 shares of the data storage provider’s stock worth $4,835,000 after acquiring an additional 44,171 shares during the period. Jaffetilchin Investment Partners LLC acquired a new stake in shares of Seagate Technology in the 4th quarter worth about $346,000. Cetera Investment Advisers acquired a new stake in shares of Seagate Technology in the 2nd quarter worth about $344,000. Iat Reinsurance Co. LTD. acquired a new stake in shares of Seagate Technology in the 3rd quarter worth about $12,455,000. Finally, Bristol Advisors LLC acquired a new stake in shares of Seagate Technology in the 4th quarter worth about $711,000. 92.72% of the stock is currently owned by institutional investors and hedge funds.
Seagate Technology (STX) traded down $1.00 during midday trading on Friday, reaching $50.77. 5,412,729 shares of the company’s stock were exchanged, compared to its average volume of 5,928,651. Seagate Technology has a 12-month low of $30.60 and a 12-month high of $56.45. The company has a quick ratio of 1.25, a current ratio of 1.58 and a debt-to-equity ratio of 4.07. The company has a market cap of $14,745.51, a P/E ratio of 23.02, a price-to-earnings-growth ratio of 0.68 and a beta of 1.88.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 4th. Stockholders of record on Wednesday, March 21st will be given a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, March 20th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 4.96%. Seagate Technology’s payout ratio is currently 114.55%.
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About Seagate Technology
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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