Insider Selling: Seagate Director Sells 25,228 Shares of Stock (STX)
Seagate (NYSE:STX) Director Michael R. Cannon sold 25,228 shares of the stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $49.91, for a total transaction of $1,259,129.48. Following the completion of the sale, the director now directly owns 5,952 shares of the company’s stock, valued at approximately $297,064. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Several analysts have recently commented on the stock. Analysts at Deutsche Bank cut their price target on shares of Seagate from $71.00 to $68.00 in a research note on Tuesday, January 28th. They now have a “buy” rating on the stock. Separately, analysts at BMO Capital Markets cut their price target on shares of Seagate from $63.00 to $58.00 in a research note on Tuesday, January 28th. They now have a “market perform” rating on the stock. Finally, analysts at Zacks upgraded shares of Seagate from a “neutral” rating to an “outperform” rating in a research note on Friday, January 24th. They now have a $73.00 price target on the stock. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $57.89.
Seagate (NYSE:STX) traded down 1.04% during mid-day trading on Tuesday, hitting $49.37. The stock had a trading volume of 2,919,719 shares. Seagate has a one year low of $30.26 and a one year high of $62.76. The stock’s 50-day moving average is $56.10 and its 200-day moving average is $47.78. The company has a market cap of $16.231 billion and a price-to-earnings ratio of 11.23.
Seagate (NYSE:STX) last released its earnings data on Monday, January 27th. The company reported $1.32 EPS for the quarter, missing the Thomson Reuters consensus estimate of $1.39 by $0.07. The company had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.56 billion. During the same quarter in the prior year, the company posted $1.38 earnings per share. The company’s quarterly revenue was down 3.8% on a year-over-year basis. Analysts expect that Seagate will post $5.10 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, February 24th. Stockholders of record on Monday, February 10th will be paid a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a dividend yield of 3.48%. The ex-dividend date is Thursday, February 6th.
Seagate Technology plc (NYSE:STX) is the provider of electronic data storage products.
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