Seagate Technology (NASDAQ:STX) had its price objective decreased by Bank of America from $45.00 to $43.00 in a research note issued to investors on Wednesday morning, BenzingaRatingsTable reports. Bank of America currently has an underperform rating on the data storage provider’s stock.
A number of other research analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Seagate Technology from a hold rating to a sell rating and set a $53.00 price target on the stock. in a research report on Friday, July 24th. Susquehanna Bancshares reaffirmed a sell rating and set a $36.00 price target on shares of Seagate Technology in a research report on Wednesday, April 22nd. Mizuho reduced their price target on shares of Seagate Technology from $56.00 to $50.00 and set a neutral rating on the stock in a research report on Wednesday. Morgan Stanley reduced their price target on shares of Seagate Technology from $56.00 to $55.00 and set an overweight rating on the stock in a research report on Wednesday. Finally, Benchmark cut shares of Seagate Technology from a buy rating to a hold rating in a research report on Wednesday. Seven analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have issued a buy rating to the company’s stock. Seagate Technology has an average rating of Hold and an average target price of $53.00.
STX opened at $45.22 on Wednesday. The company’s 50 day simple moving average is $48.53 and its 200 day simple moving average is $50.95. The company has a debt-to-equity ratio of 2.33, a quick ratio of 1.08 and a current ratio of 1.51. Seagate Technology has a 1 year low of $39.02 and a 1 year high of $64.17. The stock has a market capitalization of $11.60 billion, a PE ratio of 11.90, a P/E/G ratio of 6.91 and a beta of 1.03.
Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, July 28th. The data storage provider reported $1.20 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.20. The business had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.62 billion. Seagate Technology had a net margin of 9.55% and a return on equity of 68.62%. The company’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period last year, the company earned $0.86 earnings per share. As a group, sell-side analysts expect that Seagate Technology will post 5.31 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 7th. Investors of record on Wednesday, September 23rd will be paid a $0.65 dividend. The ex-dividend date of this dividend is Tuesday, September 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 5.75%. Seagate Technology’s dividend payout ratio (DPR) is presently 56.89%.
In other Seagate Technology news, Director Stephen J. Luczo sold 7,000 shares of the business’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $51.74, for a total transaction of $362,180.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Ban Seng Teh sold 498 shares of the business’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $52.80, for a total transaction of $26,294.40. Following the sale, the senior vice president now owns 11,197 shares of the company’s stock, valued at approximately $591,201.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,493 shares of company stock valued at $1,059,254. Insiders own 1.12% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Balentine LLC bought a new stake in Seagate Technology during the first quarter valued at $25,000. Quadrant Capital Group LLC increased its stake in Seagate Technology by 346.3% during the fourth quarter. Quadrant Capital Group LLC now owns 540 shares of the data storage provider’s stock valued at $28,000 after purchasing an additional 419 shares during the last quarter. Paragon Capital Management LLC bought a new position in shares of Seagate Technology during the first quarter worth about $28,000. First Horizon Advisors Inc. grew its position in shares of Seagate Technology by 145.6% during the first quarter. First Horizon Advisors Inc. now owns 587 shares of the data storage provider’s stock worth $29,000 after acquiring an additional 348 shares during the last quarter. Finally, WASHINGTON TRUST Co bought a new position in shares of Seagate Technology during the first quarter worth about $29,000. Hedge funds and other institutional investors own 83.55% of the company’s stock.
Seagate Technology Company Profile
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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