Seagate Technology PLC (STX) Earns “Equal Weight” Rating from Morgan Stanley
Morgan Stanley reissued their equal weight rating on shares of Seagate Technology PLC (NASDAQ:STX) in a report published on Wednesday morning. They currently have a $36.00 target price on the data storage provider’s stock, up from their prior target price of $30.00.
Several other research analysts have also commented on STX. Vetr lowered shares of Seagate Technology PLC from a strong-buy rating to a hold rating and set a $23.50 price objective for the company. in a report on Tuesday, June 14th. Brean Capital restated a buy rating on shares of Seagate Technology PLC in a report on Wednesday, June 15th. Royal Bank Of Canada restated a sector perform rating and issued a $24.00 price objective on shares of Seagate Technology PLC in a report on Friday, June 17th. BMO Capital Markets restated a market perform rating on shares of Seagate Technology PLC in a report on Wednesday, June 22nd. Finally, Zacks Investment Research upgraded shares of Seagate Technology PLC from a strong sell rating to a hold rating in a report on Wednesday, June 29th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. Seagate Technology PLC currently has a consensus rating of Hold and an average price target of $38.35.
Shares of Seagate Technology PLC (NASDAQ:STX) opened at 35.01 on Wednesday. The firm has a 50-day moving average of $36.28 and a 200 day moving average of $29.02. The company has a market capitalization of $10.51 billion, a P/E ratio of 42.70 and a beta of 2.50. Seagate Technology PLC has a 1-year low of $18.42 and a 1-year high of $41.83.
Seagate Technology PLC (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, August 2nd. The data storage provider reported $0.69 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.09. Seagate Technology PLC had a net margin of 2.22% and a return on equity of 38.98%. The business earned $2.65 billion during the quarter, compared to analyst estimates of $2.32 billion. During the same period in the prior year, the business earned $0.77 EPS. The company’s revenue for the quarter was down 9.3% on a year-over-year basis. On average, equities research analysts expect that Seagate Technology PLC will post $3.04 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Saturday, October 15th. Shareholders of record on Wednesday, September 21st were paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 7.20%. The ex-dividend date of this dividend was Monday, September 19th. Seagate Technology PLC’s payout ratio is 307.32%.
In other news, SVP Mark Re sold 5,800 shares of Seagate Technology PLC stock in a transaction that occurred on Wednesday, August 31st. The shares were sold at an average price of $33.58, for a total transaction of $194,764.00. Following the sale, the senior vice president now owns 46,970 shares in the company, valued at $1,577,252.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO David H. Morton, Jr. sold 1,716 shares of Seagate Technology PLC stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $36.16, for a total transaction of $62,050.56. Following the sale, the chief financial officer now owns 20,782 shares in the company, valued at approximately $751,477.12. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
Several large investors have recently added to or reduced their stakes in STX. Spirit of America Management Corp NY bought a new stake in Seagate Technology PLC during the third quarter valued at about $104,000. Cowen Prime Services LLC acquired a new stake in shares of Seagate Technology PLC during the second quarter valued at $105,000. Glenmede Trust Co. NA boosted its stake in shares of Seagate Technology PLC by 30.2% in the second quarter. Glenmede Trust Co. NA now owns 4,650 shares of the data storage provider’s stock valued at $113,000 after buying an additional 1,079 shares in the last quarter. Advisory Services Network LLC boosted its stake in shares of Seagate Technology PLC by 30.2% in the second quarter. Advisory Services Network LLC now owns 5,603 shares of the data storage provider’s stock valued at $136,000 after buying an additional 1,300 shares in the last quarter. Finally, Tredje AP fonden acquired a new stake in shares of Seagate Technology PLC during the second quarter valued at $146,000. Hedge funds and other institutional investors own 83.93% of the company’s stock.
About Seagate Technology PLC
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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