Seagate Technology PLC (STX) Expected to Post Quarterly Sales of $2.56 Billion
Wall Street analysts forecast that Seagate Technology PLC (NASDAQ:STX) will announce sales of $2.56 billion for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Seagate Technology PLC’s earnings. The lowest sales estimate is $2.54 billion and the highest is $2.58 billion. Seagate Technology PLC posted sales of $2.65 billion in the same quarter last year, which suggests a negative year-over-year growth rate of 3.4%. The business is scheduled to issue its next earnings report on Tuesday, August 1st.
On average, analysts expect that Seagate Technology PLC will report full year sales of $2.56 billion for the current fiscal year, with estimates ranging from $10.91 billion to $10.98 billion. For the next year, analysts anticipate that the business will report sales of $10.84 billion per share, with estimates ranging from $10.60 billion to $11.26 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover Seagate Technology PLC.
Seagate Technology PLC (NASDAQ:STX) last posted its quarterly earnings results on Wednesday, April 26th. The data storage provider reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.04. Seagate Technology PLC had a net margin of 6.61% and a return on equity of 79.83%. The company had revenue of $2.67 billion for the quarter, compared to the consensus estimate of $2.71 billion. During the same period last year, the company posted $0.22 EPS. The firm’s quarterly revenue was up 3.0% compared to the same quarter last year.
Several research firms recently weighed in on STX. Evercore ISI began coverage on shares of Seagate Technology PLC in a research report on Friday. They issued an “in-line” rating and a $48.00 price objective on the stock. Aegis began coverage on shares of Seagate Technology PLC in a research report on Tuesday, June 13th. They issued a “buy” rating and a $50.00 price objective on the stock. Royal Bank Of Canada restated a “hold” rating and issued a $45.00 price objective on shares of Seagate Technology PLC in a research report on Friday, June 9th. Susquehanna Bancshares Inc restated a “neutral” rating and issued a $44.00 price objective (up from $43.00) on shares of Seagate Technology PLC in a research report on Thursday, June 1st. Finally, Stifel Nicolaus restated a “hold” rating and issued a $45.00 price objective (down from $46.00) on shares of Seagate Technology PLC in a research report on Saturday, April 29th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. Seagate Technology PLC has an average rating of “Hold” and a consensus target price of $43.05.
Seagate Technology PLC (STX) traded down 1.00% during midday trading on Friday, hitting $41.41. 895,005 shares of the stock were exchanged. Seagate Technology PLC has a 1-year low of $20.77 and a 1-year high of $50.96. The company has a market capitalization of $12.28 billion, a P/E ratio of 17.04 and a beta of 1.71. The company’s 50 day moving average is $42.57 and its 200 day moving average is $43.52.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 5th. Shareholders of record on Wednesday, June 21st will be given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 6.02%. The ex-dividend date is Monday, June 19th. Seagate Technology PLC’s dividend payout ratio is currently 103.70%.
In other news, CEO Stephen J. Luczo sold 100,000 shares of the firm’s stock in a transaction on Tuesday, April 25th. The stock was sold at an average price of $50.00, for a total transaction of $5,000,000.00. Following the completion of the transaction, the chief executive officer now directly owns 27,188 shares in the company, valued at $1,359,400. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO David H. Morton, Jr. sold 3,040 shares of the firm’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $43.26, for a total value of $131,510.40. Following the transaction, the chief financial officer now owns 9,063 shares of the company’s stock, valued at $392,065.38. The disclosure for this sale can be found here. Insiders have sold 116,456 shares of company stock valued at $5,715,313 in the last three months. Insiders own 1.50% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of Seagate Technology PLC by 3,179.5% in the first quarter. BlackRock Inc. now owns 18,336,509 shares of the data storage provider’s stock valued at $842,196,000 after buying an additional 17,777,387 shares during the last quarter. Norges Bank bought a new position in shares of Seagate Technology PLC during the fourth quarter valued at $122,042,000. Two Sigma Investments LP increased its position in shares of Seagate Technology PLC by 247,689.9% in the fourth quarter. Two Sigma Investments LP now owns 2,703,388 shares of the data storage provider’s stock valued at $103,188,000 after buying an additional 2,702,297 shares during the last quarter. Prudential Financial Inc. increased its position in shares of Seagate Technology PLC by 355.8% in the first quarter. Prudential Financial Inc. now owns 2,603,387 shares of the data storage provider’s stock valued at $119,573,000 after buying an additional 2,032,271 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of Seagate Technology PLC by 1,387.8% in the first quarter. Renaissance Technologies LLC now owns 1,292,893 shares of the data storage provider’s stock valued at $59,383,000 after buying an additional 1,205,993 shares during the last quarter. Hedge funds and other institutional investors own 87.23% of the company’s stock.
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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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