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.
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