Equities analysts expect that Seagate Technology PLC (NASDAQ:STX) will post $2.53 billion in sales for the current quarter, Zacks reports. Five analysts have made estimates for Seagate Technology PLC’s earnings. The highest sales estimate is $2.58 billion and the lowest is $2.42 billion. Seagate Technology PLC reported sales of $2.80 billion during the same quarter last year, which indicates a negative year-over-year growth rate of 9.6%. The firm is expected to issue its next earnings report before the market opens on Monday, October 23rd.
According to Zacks, analysts expect that Seagate Technology PLC will report full year sales of $2.53 billion for the current year, with estimates ranging from $9.69 billion to $10.52 billion. For the next fiscal year, analysts expect that the company will post sales of $10.21 billion per share, with estimates ranging from $9.68 billion to $10.46 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Seagate Technology PLC.
Seagate Technology PLC (NASDAQ:STX) last released its quarterly earnings data on Tuesday, July 25th. The data storage provider reported $0.65 EPS for the quarter, missing the Zacks’ consensus estimate of $0.99 by ($0.34). Seagate Technology PLC had a return on equity of 81.87% and a net margin of 7.17%. The company had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same period last year, the firm earned $0.69 earnings per share. The company’s revenue for the quarter was down 9.3% compared to the same quarter last year.
Several equities research analysts have recently issued reports on STX shares. BidaskClub lowered Seagate Technology PLC from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, September 12th. Benchmark Co. lowered Seagate Technology PLC from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Cowen and Company reaffirmed a “hold” rating and set a $36.00 target price on shares of Seagate Technology PLC in a research report on Friday, October 13th. Jefferies Group LLC downgraded Seagate Technology PLC from a “buy” rating to a “hold” rating and cut their price target for the stock from $40.00 to $29.00 in a research note on Monday, September 11th. Finally, Zacks Investment Research downgraded Seagate Technology PLC from a “hold” rating to a “strong sell” rating in a research note on Wednesday, September 20th. Four analysts have rated the stock with a sell rating, twenty have issued a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $40.70.
In related news, insider Philip G. Brace purchased 1,000 shares of the firm’s stock in a transaction on Tuesday, August 1st. The shares were acquired at an average cost of $33.34 per share, with a total value of $33,340.00. Following the purchase, the insider now directly owns 62,855 shares of the company’s stock, valued at $2,095,585.70. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.87% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the business. Global X Management Co. LLC increased its stake in Seagate Technology PLC by 29.2% in the 1st quarter. Global X Management Co. LLC now owns 3,490 shares of the data storage provider’s stock worth $160,000 after purchasing an additional 789 shares during the period. WFG Advisors LP increased its stake in Seagate Technology PLC by 16,536.4% in the 2nd quarter. WFG Advisors LP now owns 3,660 shares of the data storage provider’s stock worth $142,000 after purchasing an additional 3,638 shares during the period. Pacer Advisors Inc. purchased a new position in Seagate Technology PLC in the 2nd quarter worth approximately $150,000. First Quadrant L P CA purchased a new position in Seagate Technology PLC in the 2nd quarter worth approximately $153,000. Finally, Private Advisory Group LLC purchased a new position in Seagate Technology PLC in the 1st quarter worth approximately $206,000. 90.08% of the stock is currently owned by institutional investors and hedge funds.
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Seagate Technology PLC (STX) opened at 33.96 on Wednesday. The company has a market capitalization of $9.77 billion, a PE ratio of 13.16 and a beta of 1.72. Seagate Technology PLC has a 52-week low of $30.60 and a 52-week high of $50.96. The firm’s 50-day moving average is $32.90 and its 200-day moving average is $38.57.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 4th. Investors of record on Wednesday, September 20th were issued a dividend of $0.63 per share. The ex-dividend date was Tuesday, September 19th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 7.42%. Seagate Technology PLC’s dividend payout ratio is 97.67%.
About Seagate Technology PLC
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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