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.
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