Seagate Technology (STX) Announces Earnings Results, Beats Estimates By $0.09 EPS

Seagate Technology (NASDAQ:STX) posted its quarterly earnings results on Monday, January 29th. The data storage provider reported $1.48 EPS for the quarter, topping the consensus estimate of $1.39 by $0.09, Bloomberg Earnings reports. Seagate Technology had a return on equity of 93.35% and a net margin of 6.10%. The business had revenue of $2.91 billion for the quarter, compared to analyst estimates of $2.86 billion. During the same quarter in the previous year, the firm earned $1.38 EPS. The company’s quarterly revenue was up .7% compared to the same quarter last year.

Seagate Technology (NASDAQ:STX) opened at $49.17 on Tuesday. Seagate Technology has a 52-week low of $30.60 and a 52-week high of $56.45. The company has a market capitalization of $14,230.00, a PE ratio of 22.45, a PEG ratio of 0.63 and a beta of 1.88. The company has a debt-to-equity ratio of 4.07, a quick ratio of 1.25 and a current ratio of 1.58.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 4th. Stockholders of record on Wednesday, March 21st will be given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 5.13%. The ex-dividend date of this dividend is Tuesday, March 20th. Seagate Technology’s dividend payout ratio is presently 115.07%.

In related news, CFO David H. Morton, Jr. sold 40,263 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 65,824 shares in the company, valued at $3,210,894.72. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Stephen J. Luczo sold 241,738 shares of the business’s stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $54.76, for a total value of $13,237,572.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 779,394 shares of company stock valued at $41,495,557. Corporate insiders own 0.87% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. L & S Advisors Inc lifted its stake in Seagate Technology by 0.5% in the second quarter. L & S Advisors Inc now owns 19,412 shares of the data storage provider’s stock valued at $752,000 after buying an additional 100 shares during the last quarter. Intellectus Partners LLC lifted its stake in Seagate Technology by 1.4% in the second quarter. Intellectus Partners LLC now owns 26,172 shares of the data storage provider’s stock valued at $1,031,000 after buying an additional 352 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Seagate Technology by 2.6% in the second quarter. PNC Financial Services Group Inc. now owns 24,808 shares of the data storage provider’s stock valued at $962,000 after buying an additional 617 shares during the last quarter. Albion Financial Group UT lifted its stake in Seagate Technology by 14.8% in the second quarter. Albion Financial Group UT now owns 6,875 shares of the data storage provider’s stock valued at $266,000 after buying an additional 885 shares during the last quarter. Finally, Kwmg LLC lifted its stake in Seagate Technology by 2.7% in the fourth quarter. Kwmg LLC now owns 41,817 shares of the data storage provider’s stock valued at $1,750,000 after buying an additional 1,117 shares during the last quarter. Institutional investors own 91.45% of the company’s stock.

Several research analysts have recently commented on STX shares. Zacks Investment Research upgraded Seagate Technology from a “hold” rating to a “buy” rating and set a $43.00 price target on the stock in a report on Thursday, October 26th. BidaskClub upgraded shares of Seagate Technology from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 25th. TheStreet upgraded shares of Seagate Technology from a “c+” rating to a “b-” rating in a report on Tuesday, January 9th. Morgan Stanley boosted their price objective on shares of Seagate Technology from $32.00 to $37.00 and gave the company an “equal weight” rating in a report on Tuesday, October 24th. Finally, Vetr lowered shares of Seagate Technology from a “strong-buy” rating to a “buy” rating and set a $41.39 price objective on the stock. in a report on Tuesday, October 31st. Four investment analysts have rated the stock with a sell rating, twenty have given a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $49.76.

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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.

Earnings History for Seagate Technology (NASDAQ:STX)

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