Seagate Technology (STX) Trading 6.8% Higher

Seagate Technology PLC (NASDAQ:STX)’s share price traded up 6.8% on Thursday . The stock traded as high as $43.32 and last traded at $42.98. 7,261,631 shares traded hands during mid-day trading, an increase of 83% from the average session volume of 3,977,425 shares. The stock had previously closed at $40.23.

Several equities analysts recently weighed in on the stock. Zacks Investment Research cut shares of Seagate Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, August 21st. Goldman Sachs Group cut shares of Seagate Technology from a “neutral” rating to a “sell” rating and decreased their target price for the company from $50.00 to $44.00 in a research note on Thursday, August 9th. Benchmark reissued a “hold” rating on shares of Seagate Technology in a research note on Tuesday, July 31st. BidaskClub cut shares of Seagate Technology from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 25th. Finally, Summit Insights raised shares of Seagate Technology from a “sell” rating to a “hold” rating in a research note on Friday. Five equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $53.29.

The firm has a market cap of $12.75 billion, a PE ratio of 7.07, a price-to-earnings-growth ratio of 0.59 and a beta of 1.71. The company has a debt-to-equity ratio of 2.59, a current ratio of 1.35 and a quick ratio of 1.02.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Friday, November 2nd. The data storage provider reported $1.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.15. Seagate Technology had a return on equity of 120.71% and a net margin of 10.57%. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.95 billion. During the same quarter last year, the firm posted $0.96 EPS. The company’s quarterly revenue was up 13.7% on a year-over-year basis. Equities research analysts predict that Seagate Technology PLC will post 6.11 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Wednesday, December 19th will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 5.69%. Seagate Technology’s dividend payout ratio is 45.74%.

In other news, insider Valueact Capital Master Fund, bought 2,090,783 shares of the company’s stock in a transaction dated Monday, August 13th. The stock was bought at an average price of $50.94 per share, with a total value of $106,504,486.02. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Holdings L.P. Valueact bought 581,291 shares of the company’s stock in a transaction dated Thursday, August 9th. The shares were purchased at an average cost of $51.36 per share, with a total value of $29,855,105.76. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 4,636,648 shares of company stock valued at $239,240,175 and have sold 46,086 shares valued at $2,529,660. Company insiders own 1.00% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. ValueAct Holdings L.P. lifted its holdings in shares of Seagate Technology by 4.4% during the second quarter. ValueAct Holdings L.P. now owns 22,404,700 shares of the data storage provider’s stock worth $1,265,194,000 after buying an additional 946,100 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Seagate Technology by 2.0% during the second quarter. BlackRock Inc. now owns 19,515,088 shares of the data storage provider’s stock worth $1,102,017,000 after buying an additional 383,002 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Seagate Technology by 5.6% during the second quarter. Northern Trust Corp now owns 3,384,188 shares of the data storage provider’s stock worth $191,105,000 after buying an additional 180,301 shares in the last quarter. Morgan Stanley lifted its holdings in shares of Seagate Technology by 81.0% during the second quarter. Morgan Stanley now owns 2,691,882 shares of the data storage provider’s stock worth $152,011,000 after buying an additional 1,204,618 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of Seagate Technology by 26.3% during the third quarter. First Trust Advisors LP now owns 2,303,709 shares of the data storage provider’s stock worth $109,081,000 after buying an additional 480,052 shares in the last quarter. 83.24% of the stock is owned by institutional investors.

Seagate Technology Company Profile (NASDAQ:STX)

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It manufactures and distributes hard disk drives; solid state drives (SSDs), including serial attached small computer system interface and non-volatile memory express SSDs; solid state hybrid drives; and storage subsystems.

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