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.

WARNING: “Seagate Technology PLC (STX) Expected to Post Quarterly Sales of $2.56 Billion” was originally published by Daily Political and is the property of of Daily Political. If you are reading this story on another domain, it was copied illegally and republished in violation of US & international trademark & copyright laws. The legal version of this story can be read at https://www.dailypolitical.com/2017/06/20/seagate-technology-plc-stx-expected-to-post-quarterly-sales-of-2-56-billion.html.

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.

Get a free copy of the Zacks research report on Seagate Technology PLC (STX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Seagate Technology PLC Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Seagate Technology PLC and related companies with MarketBeat.com's FREE daily email newsletter.