Seagate Technology PLC (STX) Receives “Hold” Rating from Stifel Nicolaus

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Seagate Technology PLC (NASDAQ:STX)‘s stock had its “hold” rating reaffirmed by equities research analysts at Stifel Nicolaus in a report released on Tuesday. They currently have a $35.00 target price on the data storage provider’s stock. Stifel Nicolaus’ target price would suggest a potential downside of 4.24% from the stock’s previous close.
Several other equities research analysts have also recently weighed in on the stock. Vetr cut shares of Seagate Technology PLC from a “sell” rating to a “strong sell” rating and set a $28.00 price target on the stock. in a research report on Monday, August 15th. Craig Hallum boosted their price target on shares of Seagate Technology PLC from $37.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, September 7th. BMO Capital Markets restated a “market perform” rating on shares of Seagate Technology PLC in a research report on Wednesday, June 22nd. Jefferies Group boosted their price target on shares of Seagate Technology PLC from $32.00 to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, September 6th. Finally, Royal Bank Of Canada boosted their price target on shares of Seagate Technology PLC from $31.00 to $34.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 31st. Three investment analysts have rated the stock with a sell rating, twenty have issued a hold rating, four have assigned a buy rating and three have given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $34.26.
Shares of Seagate Technology PLC (NASDAQ:STX) traded down 1.45% on Tuesday, reaching $36.02. 1,346,934 shares of the company’s stock traded hands. Seagate Technology PLC has a 12-month low of $18.42 and a 12-month high of $49.52. The stock has a 50-day moving average of $32.80 and a 200 day moving average of $28.56. The firm has a market cap of $10.76 billion, a P/E ratio of 43.93 and a beta of 2.46.

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Seagate Technology PLC (NASDAQ:STX) last released its quarterly earnings data on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.09. The firm had revenue of $2.65 billion for the quarter, compared to analysts’ expectations 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 revenue for the quarter was down 9.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.77 earnings per share. On average, equities research analysts expect that Seagate Technology PLC will post $2.98 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Wednesday, September 21st will be given 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 6.89%. Seagate Technology PLC’s dividend payout ratio (DPR) is 307.32%.
In related news, SVP Mark Re sold 12,750 shares of the stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $31.84, for a total value of $405,960.00. Following the completion of the transaction, the senior vice president now directly owns 65,520 shares of the company’s stock, valued at approximately $2,086,156.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Frank Biondi sold 1,251 shares of the stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $32.45, for a total value of $40,594.95. Following the completion of the transaction, the director now directly 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.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank bought a new stake in shares of Seagate Technology PLC during the fourth quarter worth about $119,207,000. BlackRock Fund Advisors increased its stake in shares of Seagate Technology PLC by 47.3% in the first quarter. BlackRock Fund Advisors now owns 8,121,266 shares of the data storage provider’s stock worth $279,778,000 after buying an additional 2,607,145 shares during the period. PGGM Investments increased its stake in shares of Seagate Technology PLC by 96.4% in the second quarter. PGGM Investments now owns 1,423,321 shares of the data storage provider’s stock worth $34,672,000 after buying an additional 698,632 shares during the period. Eagle Asset Management Inc. increased its stake in shares of Seagate Technology PLC by 944.4% in the second quarter. Eagle Asset Management Inc. now owns 710,896 shares of the data storage provider’s stock worth $17,317,000 after buying an additional 642,829 shares during the period. Finally, Wedge Capital Management L L P NC bought a new stake in shares of Seagate Technology PLC during the second quarter worth about $36,175,000. 83.96% of the stock is owned by hedge funds and other institutional investors.
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.

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