Seagate Technology (NASDAQ:STX) Sets New 12-Month High at $57.17

Seagate Technology PLC (NASDAQ:STX)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $57.17 and last traded at $56.42, with a volume of 117162 shares changing hands. The stock had previously closed at $56.05.

Several equities analysts recently commented on STX shares. BidaskClub raised shares of Seagate Technology from a “hold” rating to a “buy” rating in a research report on Tuesday, September 10th. KeyCorp set a $58.00 price objective on shares of Seagate Technology and gave the company a “hold” rating in a research report on Tuesday, September 10th. Wedbush started coverage on shares of Seagate Technology in a research report on Wednesday, June 26th. They issued a “neutral” rating and a $35.00 price objective for the company. They noted that the move was a valuation call. Cleveland Research started coverage on shares of Seagate Technology in a research report on Friday, June 7th. They issued a “hold” rating for the company. Finally, Benchmark reaffirmed a “buy” rating and issued a $55.00 price objective (down from $57.00) on shares of Seagate Technology in a research report on Monday, August 5th. Five equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $45.75.

The business’s 50 day moving average is $48.79 and its 200-day moving average is $47.27. The stock has a market cap of $14.83 billion, a price-to-earnings ratio of 11.70, a PEG ratio of 10.78 and a beta of 1.64. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.52 and a current ratio of 1.95.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Friday, August 2nd. The data storage provider reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.03. Seagate Technology had a net margin of 19.36% and a return on equity of 72.07%. The firm had revenue of $2.37 billion for the quarter, compared to analysts’ expectations of $2.33 billion. During the same quarter last year, the company earned $1.62 EPS. The firm’s revenue for the quarter was down 16.4% compared to the same quarter last year. Sell-side analysts anticipate that Seagate Technology PLC will post 4.3 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 9th. Stockholders of record on Wednesday, September 25th will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, September 24th. This represents a $2.52 annualized dividend and a dividend yield of 4.46%. Seagate Technology’s payout ratio is 52.28%.

In related news, Director Stephen J. Luczo sold 5,000 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $47.21, for a total value of $236,050.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Stephen J. Luczo sold 10,000 shares of the business’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $47.00, for a total transaction of $470,000.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 130,000 shares of company stock worth $6,814,500. Corporate insiders own 1.12% of the company’s stock.

A number of large investors have recently modified their holdings of the business. ValueAct Holdings L.P. increased its stake in Seagate Technology by 6.9% during the second quarter. ValueAct Holdings L.P. now owns 31,554,360 shares of the data storage provider’s stock worth $1,486,841,000 after purchasing an additional 2,034,200 shares during the period. BlackRock Inc. grew its position in shares of Seagate Technology by 1.1% during the first quarter. BlackRock Inc. now owns 19,734,970 shares of the data storage provider’s stock worth $945,106,000 after buying an additional 221,030 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Seagate Technology by 3.4% during the second quarter. Bank of New York Mellon Corp now owns 2,857,336 shares of the data storage provider’s stock worth $134,637,000 after buying an additional 94,917 shares in the last quarter. Morgan Stanley grew its position in shares of Seagate Technology by 40.4% during the second quarter. Morgan Stanley now owns 2,491,729 shares of the data storage provider’s stock worth $117,410,000 after buying an additional 717,007 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of Seagate Technology by 5.2% during the second quarter. Invesco Ltd. now owns 2,036,970 shares of the data storage provider’s stock worth $95,982,000 after buying an additional 101,002 shares in the last quarter. Institutional investors own 83.61% of the company’s stock.

About Seagate Technology (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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