Published On: Sun, Sep 18th, 2016

Seagate Technology PLC (STX) Stock Rating Upgraded by Vetr Inc.

Seagate Technology PLC (NASDAQ:STX) was upgraded by analysts at Vetr from a “strong sell” rating to a “sell” rating in a research note issued to investors on Monday. The brokerage presently has a $33.42 price target on the data storage provider’s stock. Vetr‘s target price points to a potential downside of 8.19% from the stock’s previous close.
A number of other brokerages have also weighed in on STX. Craig Hallum boosted their target price on shares of Seagate Technology PLC from $37.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, September 7th. Royal Bank Of Canada upped their price objective on Seagate Technology PLC from $31.00 to $34.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 31st. Zacks Investment Research upgraded Seagate Technology PLC from a “hold” rating to a “strong-buy” rating and set a $39.00 price objective for the company in a research note on Wednesday, August 31st. RBC Capital Markets upped their price objective on Seagate Technology PLC from $31.00 to $34.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 31st. Finally, Jefferies Group upped their price objective on Seagate Technology PLC from $32.00 to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, September 6th. Three investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating, four have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $34.03.
Seagate Technology PLC (NASDAQ:STX) traded down 0.14% during midday trading on Monday, reaching $36.40. The company’s stock had a trading volume of 8,966,569 shares. The firm has a 50 day moving average price of $32.94 and a 200 day moving average price of $28.59. The firm has a market cap of $10.92 billion, a P/E ratio of 44.39 and a beta of 2.46. Seagate Technology PLC has a one year low of $18.42 and a one year high of $49.52.

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Seagate Technology PLC (NASDAQ:STX) last announced its earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.09. The business earned $2.65 billion during the quarter, compared to analyst estimates of $2.32 billion. Seagate Technology PLC had a net margin of 2.22% and a return on equity of 38.98%. The company’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.77 EPS. Equities research analysts forecast that Seagate Technology PLC will post $3.02 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Wednesday, September 21st will be paid a dividend of $0.63 per share. The ex-dividend date is Monday, September 19th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 6.92%. Seagate Technology PLC’s dividend payout ratio is presently 307.32%.
In other Seagate Technology PLC news, SVP Mark Re sold 3,082 shares of the firm’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $32.50, for a total value of $100,165.00. Following the completion of the sale, the senior vice president now directly owns 56,623 shares in the company, valued at $1,840,247.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Frank Biondi sold 1,251 shares of the firm’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $32.45, for a total transaction of $40,594.95. Following the completion of the sale, the director now owns 6,433 shares of the company’s stock, valued at $208,750.85. The disclosure for this sale can be found here. Insiders own 1.28% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Seagate Technology PLC by 5.3% in the second quarter. Vanguard Group Inc. now owns 27,746,230 shares of the data storage provider’s stock valued at $675,899,000 after buying an additional 1,388,053 shares during the period. Pzena Investment Management LLC increased its stake in shares of Seagate Technology PLC by 58.1% in the second quarter. Pzena Investment Management LLC now owns 15,500,305 shares of the data storage provider’s stock valued at $377,587,000 after buying an additional 5,696,037 shares during the period. BlackRock Fund Advisors increased its stake in shares of Seagate Technology PLC by 6.2% in the second quarter. BlackRock Fund Advisors now owns 8,622,233 shares of the data storage provider’s stock valued at $210,038,000 after buying an additional 500,967 shares during the period. LSV Asset Management increased its stake in shares of Seagate Technology PLC by 2.8% in the second quarter. LSV Asset Management now owns 6,826,898 shares of the data storage provider’s stock valued at $166,303,000 after buying an additional 183,707 shares during the period. Finally, BlackRock Institutional Trust Company N.A. increased its stake in shares of Seagate Technology PLC by 3.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 5,705,526 shares of the data storage provider’s stock valued at $196,555,000 after buying an additional 189,547 shares during the period. Institutional investors own 83.96% of the company’s stock.
About Seagate Technology PLC
Seagate Technology plc (Seagate) is a provider of electronic data storage products. The Company’s products are hard disk drives (HDD). The Company produces a range of electronic data storage products, including solid state hybrid drives (SSHD), solid state drives (SSD), peripheral component interconnect express (PCIe) cards and Serial AT Attachment (SATA) controllers.

To view Vetr’s full report, visit Vetr’s official website.

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