Summit Redstone upgraded shares of Seagate Technology (NASDAQ:STX) to a hold rating in a report published on Friday morning.
Several other equities analysts also recently commented on the company. Zacks Investment Research upgraded Seagate Technology from a sell rating to a hold rating in a report on Monday, October 8th. Goldman Sachs Group downgraded Seagate Technology from a neutral rating to a sell rating and lowered their price target for the company from $50.00 to $44.00 in a report on Thursday, August 9th. Evercore ISI downgraded Seagate Technology from an in-line rating to an underperform rating and lowered their price target for the company from $55.00 to $45.00 in a report on Tuesday, September 4th. ValuEngine downgraded Seagate Technology from a hold rating to a sell rating in a report on Tuesday, October 2nd. Finally, BidaskClub cut Seagate Technology from a buy rating to a hold rating in a research report on Friday, September 28th. Five equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $53.29.
STX stock traded up $1.29 during midday trading on Friday, hitting $44.27. 10,657,054 shares of the company traded hands, compared to its average volume of 4,476,433. Seagate Technology has a twelve month low of $36.07 and a twelve month high of $62.70. The company has a quick ratio of 1.02, a current ratio of 1.35 and a debt-to-equity ratio of 2.59. The company 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.
Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Friday, November 2nd. The data storage provider reported $1.70 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 company had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.95 billion. During the same quarter last year, the company posted $0.96 earnings per share. The company’s revenue for the quarter was up 13.7% compared to the same quarter last year. As a group, equities analysts expect that Seagate Technology will post 6.11 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Stockholders of record on Wednesday, December 19th will be given a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 5.69%. Seagate Technology’s dividend payout ratio is 45.74%.
In related news, EVP James J. Murphy sold 509 shares of the firm’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $56.60, for a total value of $28,809.40. Following the completion of the transaction, the executive vice president now directly owns 37,693 shares of the company’s stock, valued at $2,133,423.80. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Valueact Capital Master Fund, bought 2,090,783 shares of Seagate Technology stock in a transaction that occurred on Monday, August 13th. The stock was purchased at an average cost of $50.94 per share, with a total value of $106,504,486.02. The disclosure for this purchase can be found here. Over the last three months, insiders bought 4,636,648 shares of company stock valued at $239,240,175 and sold 46,086 shares valued at $2,529,660. 1.00% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. WESPAC Advisors SoCal LLC bought a new position in Seagate Technology in the third quarter worth $108,000. Quad Cities Investment Group LLC bought a new position in Seagate Technology in the second quarter worth $124,000. Partners Capital Investment Group LLP bought a new position in Seagate Technology in the second quarter worth $136,000. First Hawaiian Bank bought a new position in Seagate Technology in the third quarter worth $139,000. Finally, Qube Research & Technologies Ltd bought a new position in Seagate Technology in the second quarter worth $146,000. 83.24% of the stock is owned by hedge funds and other institutional investors.
Seagate Technology Company Profile
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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