Seagate Technology (STX) Shares Gap Down to $58.98

Seagate Technology PLC (NASDAQ:STX) shares gapped down prior to trading on Tuesday . The stock had previously closed at $60.56, but opened at $58.98. Seagate Technology shares last traded at $57.95, with a volume of 2483000 shares changing hands.

STX has been the topic of a number of research analyst reports. ValuEngine cut Seagate Technology from a “buy” rating to a “hold” rating in a report on Thursday, June 7th. Stifel Nicolaus reiterated a “hold” rating and issued a $49.00 target price on shares of Seagate Technology in a report on Thursday, February 22nd. UBS Group set a $43.00 target price on Seagate Technology and gave the company a “sell” rating in a report on Tuesday, March 6th. Barclays lifted their target price on Seagate Technology from $45.00 to $55.00 and gave the company an “underweight” rating in a report on Tuesday, March 27th. Finally, Zacks Investment Research cut Seagate Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 3rd. Four equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $54.51.

The company has a debt-to-equity ratio of 3.17, a current ratio of 1.72 and a quick ratio of 1.39. The company has a market capitalization of $16.64 billion, a P/E ratio of 14.25, a PEG ratio of 0.57 and a beta of 1.63.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, May 1st. The data storage provider reported $1.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.36 by $0.10. Seagate Technology had a return on equity of 105.43% and a net margin of 7.76%. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. During the same quarter in the previous year, the firm posted $1.10 earnings per share. The company’s revenue was up 4.8% compared to the same quarter last year. research analysts expect that Seagate Technology PLC will post 5.34 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 5th. Investors of record on Wednesday, June 20th will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 4.30%. The ex-dividend date of this dividend is Tuesday, June 19th. Seagate Technology’s dividend payout ratio (DPR) is 61.17%.

In related news, insider Stephen J. Luczo sold 5,380 shares of the business’s stock in a transaction dated Monday, April 2nd. The stock was sold at an average price of $60.00, for a total value of $322,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Stephen J. Luczo sold 100,000 shares of the business’s stock in a transaction dated Wednesday, June 6th. The shares were sold at an average price of $59.05, for a total value of $5,905,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 241,487 shares of company stock worth $13,923,746. Insiders own 0.87% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Private Advisor Group LLC boosted its position in shares of Seagate Technology by 20.2% during the fourth quarter. Private Advisor Group LLC now owns 15,795 shares of the data storage provider’s stock worth $681,000 after buying an additional 2,656 shares during the period. Toronto Dominion Bank boosted its position in shares of Seagate Technology by 13.7% during the fourth quarter. Toronto Dominion Bank now owns 124,536 shares of the data storage provider’s stock worth $5,210,000 after buying an additional 14,969 shares during the period. Chartwell Investment Partners LLC acquired a new position in shares of Seagate Technology during the fourth quarter worth approximately $1,970,000. State of Wisconsin Investment Board boosted its position in shares of Seagate Technology by 0.9% during the fourth quarter. State of Wisconsin Investment Board now owns 279,264 shares of the data storage provider’s stock worth $11,684,000 after buying an additional 2,520 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Seagate Technology by 0.3% during the fourth quarter. Bank of New York Mellon Corp now owns 2,904,107 shares of the data storage provider’s stock worth $121,509,000 after buying an additional 7,989 shares during the period. 82.59% of the stock is owned by hedge funds and other institutional investors.

About Seagate Technology

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company manufactures and distributes hard disk drives, solid state drives and their related controllers, solid state hybrid drives, and storage subsystems. Its products are used in enterprise servers and storage systems applications; client compute applications, primarily for desktop and mobile computing; and client non-compute applications, including various end user devices, such as portable external storage systems, surveillance systems, network-attached storage, digital video recorders, and gaming consoles.

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