Seagate Technology (NASDAQ:STX) had its price target hoisted by Loop Capital from $55.00 to $60.00 in a research report sent to investors on Friday morning, The Fly reports. The brokerage currently has a buy rating on the data storage provider’s stock.
A number of other brokerages have also issued reports on STX. Benchmark raised Seagate Technology from a hold rating to a buy rating and set a $60.00 price objective for the company in a report on Friday. Sanford C. Bernstein initiated coverage on Seagate Technology in a report on Tuesday, July 14th. They issued a market perform rating and a $45.00 price objective for the company. Cross Research lowered Seagate Technology from a buy rating to a hold rating in a report on Wednesday, July 29th. BidaskClub upgraded Seagate Technology from a sell rating to a hold rating in a research report on Thursday, September 17th. Finally, Morgan Stanley upped their target price on Seagate Technology from $55.00 to $61.00 and gave the stock an overweight rating in a research report on Tuesday, October 13th. Five research analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have given a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $53.35.
NASDAQ:STX opened at $48.96 on Friday. Seagate Technology has a 52 week low of $39.02 and a 52 week high of $64.17. The firm has a market capitalization of $12.56 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 9.93 and a beta of 0.96. The stock has a 50 day moving average of $49.26 and a 200-day moving average of $48.88. The company has a current ratio of 1.51, a quick ratio of 1.09 and a debt-to-equity ratio of 2.33.
Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Thursday, October 22nd. The data storage provider reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.17. Seagate Technology had a return on equity of 68.62% and a net margin of 9.55%. The business had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same period in the prior year, the company posted $1.03 EPS. The business’s revenue for the quarter was down 10.2% compared to the same quarter last year. As a group, analysts predict that Seagate Technology will post 4.34 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 6th. Stockholders of record on Wednesday, December 23rd will be issued a $0.67 dividend. The ex-dividend date of this dividend is Tuesday, December 22nd. This represents a $2.68 dividend on an annualized basis and a dividend yield of 5.47%. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.65. Seagate Technology’s dividend payout ratio is presently 56.89%.
In other news, Director Stephen J. Luczo sold 56,000 shares of the stock in a transaction on Thursday, October 8th. The stock was sold at an average price of $51.00, for a total value of $2,856,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen J. Luczo sold 7,000 shares of the company’s stock in a transaction on Tuesday, October 20th. The stock was sold at an average price of $52.49, for a total transaction of $367,430.00. The disclosure for this sale can be found here. Insiders sold 79,698 shares of company stock valued at $4,020,593 in the last 90 days. Corporate insiders own 0.97% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of STX. AJO LP increased its stake in shares of Seagate Technology by 418.0% in the second quarter. AJO LP now owns 999,848 shares of the data storage provider’s stock worth $48,402,000 after acquiring an additional 806,809 shares during the last quarter. Assetmark Inc. increased its stake in shares of Seagate Technology by 68,245.2% in the second quarter. Assetmark Inc. now owns 486,618 shares of the data storage provider’s stock worth $23,407,000 after acquiring an additional 485,906 shares during the last quarter. Prudential PLC increased its stake in shares of Seagate Technology by 33.9% in the second quarter. Prudential PLC now owns 1,860,801 shares of the data storage provider’s stock worth $90,081,000 after acquiring an additional 471,500 shares during the last quarter. Wedge Capital Management L L P NC increased its stake in shares of Seagate Technology by 43.9% in the second quarter. Wedge Capital Management L L P NC now owns 1,051,174 shares of the data storage provider’s stock worth $50,887,000 after acquiring an additional 320,517 shares during the last quarter. Finally, ANTIPODES PARTNERS Ltd increased its stake in shares of Seagate Technology by 21.9% in the second quarter. ANTIPODES PARTNERS Ltd now owns 1,716,356 shares of the data storage provider’s stock worth $83,088,000 after acquiring an additional 308,185 shares during the last quarter. 83.24% of the stock is currently owned by institutional investors and hedge funds.
Seagate Technology Company Profile
Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company offers hard disk and solid state drives, including serial advanced technology attachment, serial attached SCSI, and non-volatile memory express products; solid state hybrid drives; and storage subsystems.
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