Benchmark Reaffirms Hold Rating for Seagate Technology (NASDAQ:STX)

Benchmark reissued their hold rating on shares of Seagate Technology (NASDAQ:STX) in a research report sent to investors on Wednesday morning, Benzinga reports.

A number of other equities analysts also recently commented on the stock. Evercore ISI initiated coverage on shares of Seagate Technology in a research note on Tuesday, February 27th. They set an outperform rating and a $110.00 target price on the stock. The Goldman Sachs Group lifted their target price on shares of Seagate Technology from $65.00 to $84.00 and gave the stock a neutral rating in a research note on Friday, January 26th. Morgan Stanley raised shares of Seagate Technology from an equal weight rating to an overweight rating and lifted their target price for the stock from $73.00 to $115.00 in a research note on Tuesday, March 26th. Wedbush reaffirmed a neutral rating and set a $100.00 target price on shares of Seagate Technology in a research note on Wednesday. Finally, TD Cowen lifted their target price on shares of Seagate Technology from $85.00 to $110.00 and gave the stock an outperform rating in a research note on Thursday, January 25th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Seagate Technology presently has a consensus rating of Hold and an average price target of $94.53.

Seagate Technology Stock Down 1.4 %

Shares of NASDAQ STX opened at $86.04 on Wednesday. The firm has a market cap of $18.03 billion, a price-to-earnings ratio of -66.70, a price-to-earnings-growth ratio of 719.92 and a beta of 1.04. Seagate Technology has a 52-week low of $54.47 and a 52-week high of $101.26. The company’s 50-day simple moving average is $89.25 and its 200-day simple moving average is $82.81.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.68 billion. The business’s revenue was down 11.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.43) earnings per share. Equities research analysts anticipate that Seagate Technology will post 0.1 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Thursday, June 20th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date is Thursday, June 20th. Seagate Technology’s dividend payout ratio is currently -217.05%.

Hedge Funds Weigh In On Seagate Technology

A number of large investors have recently bought and sold shares of STX. Capital Research Global Investors raised its position in Seagate Technology by 39.3% during the 4th quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock worth $1,418,413,000 after buying an additional 4,685,454 shares during the last quarter. Norges Bank purchased a new position in Seagate Technology during the 4th quarter worth $188,834,000. FMR LLC raised its position in Seagate Technology by 13.1% during the 3rd quarter. FMR LLC now owns 13,929,708 shares of the data storage provider’s stock worth $918,664,000 after buying an additional 1,612,264 shares during the last quarter. JPMorgan Chase & Co. raised its position in Seagate Technology by 9.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 17,680,400 shares of the data storage provider’s stock worth $1,166,022,000 after buying an additional 1,485,937 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in Seagate Technology by 24.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,410,163 shares of the data storage provider’s stock worth $158,950,000 after buying an additional 470,592 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Seagate Technology Company Profile

Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It provides mass capacity storage products, including enterprise nearline hard disk drives (HDDs), enterprise nearline solid state drives (SSDs), enterprise nearline systems, video and image HDDs, and network-attached storage drives.