Seagate Technology (NASDAQ:STX) Sets New 1-Year High at $60.83

Seagate Technology PLC (NASDAQ:STX)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $60.83 and last traded at $60.70, with a volume of 19400 shares traded. The stock had previously closed at $59.98.

Several analysts recently commented on STX shares. Barclays reaffirmed a “sell” rating and issued a $42.00 price objective on shares of Seagate Technology in a report on Sunday, November 3rd. Cowen upped their price objective on Seagate Technology from $51.00 to $60.00 and gave the stock a “market perform” rating in a research note on Monday, November 4th. FBN Securities boosted their price target on Seagate Technology from $55.00 to $60.00 in a report on Thursday, September 19th. Morgan Stanley raised their price objective on Seagate Technology from $61.00 to $66.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Finally, Stifel Nicolaus began coverage on shares of Seagate Technology in a report on Monday, December 2nd. They set a “hold” rating and a $62.00 price target on the stock. Six analysts have rated the stock with a sell rating, twelve have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Seagate Technology currently has an average rating of “Hold” and an average price target of $51.30.

The business has a fifty day moving average of $59.22 and a 200-day moving average of $53.35. The stock has a market cap of $15.87 billion, a PE ratio of 12.58, a price-to-earnings-growth ratio of 10.21 and a beta of 1.61. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.58 and a quick ratio of 1.17.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Friday, November 1st. The data storage provider reported $1.03 EPS for the quarter, beating the consensus estimate of $1.00 by $0.03. The business had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.57 billion. Seagate Technology had a net margin of 17.66% and a return on equity of 61.26%. The company’s quarterly revenue was down 13.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.70 EPS. As a group, equities research analysts predict that Seagate Technology PLC will post 4.86 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 8th. Investors of record on Thursday, December 26th were given a dividend of $0.65 per share. The ex-dividend date of this dividend was Tuesday, December 24th. This represents a $2.60 dividend on an annualized basis and a yield of 4.28%. This is an increase from Seagate Technology’s previous quarterly dividend of $0.63. Seagate Technology’s dividend payout ratio (DPR) is presently 53.94%.

In other Seagate Technology news, insider Nicholls Stuart 6,724,138 shares of the firm’s stock in a transaction on Friday, November 15th. Also, EVP Jeffrey D. Nygaard sold 3,916 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $60.03, for a total transaction of $235,077.48. Following the transaction, the executive vice president now directly owns 27,901 shares of the company’s stock, valued at approximately $1,674,897.03. The disclosure for this sale can be found here. Insiders sold 495,533 shares of company stock valued at $28,915,087 over the last quarter. 1.12% of the stock is currently owned by corporate insiders.

Several large investors have recently made changes to their positions in the company. Russell Investments Group Ltd. raised its position in shares of Seagate Technology by 3.4% in the second quarter. Russell Investments Group Ltd. now owns 89,222 shares of the data storage provider’s stock valued at $4,187,000 after buying an additional 2,916 shares during the last quarter. Quantamental Technologies LLC purchased a new position in Seagate Technology during the second quarter worth about $39,000. Glen Harbor Capital Management LLC increased its position in shares of Seagate Technology by 20.8% during the second quarter. Glen Harbor Capital Management LLC now owns 13,156 shares of the data storage provider’s stock valued at $620,000 after acquiring an additional 2,266 shares during the last quarter. Meadow Creek Investment Management LLC lifted its holdings in shares of Seagate Technology by 20.8% in the 2nd quarter. Meadow Creek Investment Management LLC now owns 20,332 shares of the data storage provider’s stock worth $958,000 after acquiring an additional 3,502 shares during the last quarter. Finally, MML Investors Services LLC increased its holdings in Seagate Technology by 1.9% in the 2nd quarter. MML Investors Services LLC now owns 17,054 shares of the data storage provider’s stock valued at $804,000 after purchasing an additional 321 shares during the last quarter. Hedge funds and other institutional investors own 84.41% of the company’s stock.

Seagate Technology Company Profile (NASDAQ:STX)

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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