Loop Capital Reiterates “Buy” Rating for Seagate Technology (NASDAQ:STX)

Loop Capital restated their buy rating on shares of Seagate Technology (NASDAQ:STX) in a research note published on Tuesday, January 9th. They currently have a $55.00 price target on the data storage provider’s stock. The analysts noted that the move was a valuation call.

Several other equities analysts have also issued reports on the company. Citigroup boosted their price target on Seagate Technology from $34.00 to $41.00 and gave the company a neutral rating in a research note on Tuesday, October 24th. Mizuho boosted their price objective on Seagate Technology from $36.00 to $39.00 and gave the company a neutral rating in a report on Monday, October 23rd. UBS Group boosted their price objective on Seagate Technology from $28.00 to $30.00 and gave the company a sell rating in a report on Tuesday, October 24th. KeyCorp restated a hold rating on shares of Seagate Technology in a report on Monday, October 23rd. Finally, Royal Bank of Canada upped their price target on Seagate Technology from $35.00 to $40.00 and gave the stock a sector perform rating in a report on Tuesday, October 24th. Four research analysts have rated the stock with a sell rating, twenty-one have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. Seagate Technology presently has a consensus rating of Hold and an average price target of $49.29.

Seagate Technology (STX) opened at $54.44 on Tuesday. The company has a quick ratio of 1.55, a current ratio of 1.58 and a debt-to-equity ratio of 4.07. The company has a market capitalization of $15,722.47 and a P/E ratio of 13.17. Seagate Technology has a 12 month low of $30.60 and a 12 month high of $56.45.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Monday, January 29th. The data storage provider reported $1.48 EPS for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.09. The company had revenue of $2.91 billion for the quarter, compared to analyst estimates of $2.86 billion. Seagate Technology had a return on equity of 93.35% and a net margin of 6.10%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.38 earnings per share. analysts predict that Seagate Technology will post 4.86 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 4th. Shareholders of record on Wednesday, March 21st will be paid a $0.63 dividend. The ex-dividend date is Tuesday, March 20th. This represents a $2.52 dividend on an annualized basis and a yield of 4.63%. Seagate Technology’s dividend payout ratio (DPR) is presently 114.55%.

In other news, CFO David H. Morton, Jr. sold 40,263 shares of the company’s stock in a transaction on Monday, January 8th. The stock was sold at an average price of $48.78, for a total transaction of $1,964,029.14. Following the transaction, the chief financial officer now owns 65,824 shares of the company’s stock, valued at approximately $3,210,894.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Stephen J. Luczo sold 341,738 shares of the company’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $55.00, for a total value of $18,795,590.00. The disclosure for this sale can be found here. Insiders sold a total of 784,797 shares of company stock valued at $41,694,333 in the last 90 days. Corporate insiders own 0.87% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of STX. ValueAct Holdings L.P. lifted its holdings in Seagate Technology by 55.3% during the 3rd quarter. ValueAct Holdings L.P. now owns 21,458,600 shares of the data storage provider’s stock worth $711,782,000 after purchasing an additional 7,642,835 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in Seagate Technology by 7,384.8% during the 2nd quarter. Janus Henderson Group PLC now owns 2,700,947 shares of the data storage provider’s stock worth $104,662,000 after purchasing an additional 2,664,861 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Seagate Technology by 7.4% during the 2nd quarter. Vanguard Group Inc. now owns 33,412,003 shares of the data storage provider’s stock worth $1,294,716,000 after purchasing an additional 2,292,075 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Seagate Technology by 39.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,896,118 shares of the data storage provider’s stock worth $96,064,000 after purchasing an additional 817,861 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Seagate Technology by 74.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,650,262 shares of the data storage provider’s stock worth $63,947,000 after purchasing an additional 703,822 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

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About Seagate Technology

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.

Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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