Seagate Technology PLC (STX) Lifted to Buy at Benchmark Co.
Seagate Technology PLC (NASDAQ:STX) was upgraded by research analysts at Benchmark Co. from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage currently has a $45.00 price objective on the data storage provider’s stock, up from their prior price objective of $32.00. Benchmark Co.’s target price indicates a potential upside of 18.51% from the stock’s current price.
Several other brokerages also recently weighed in on STX. Maxim Group lifted their target price on Seagate Technology PLC from $25.00 to $35.00 and gave the company a “hold” rating in a research note on Tuesday, July 12th. Jefferies Group lifted their target price on Seagate Technology PLC from $32.00 to $38.00 and gave the company a “buy” rating in a research note on Tuesday, September 6th. RBC Capital Markets reaffirmed a “sector perform” rating and set a $31.00 target price (up previously from $27.00) on shares of Seagate Technology PLC in a research note on Tuesday, August 2nd. Susquehanna reaffirmed a “neutral” rating and set a $32.00 target price (up previously from $30.00) on shares of Seagate Technology PLC in a research note on Friday, August 19th. Finally, Brean Capital reaffirmed a “buy” rating on shares of Seagate Technology PLC in a research note on Wednesday, June 15th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Seagate Technology PLC presently has an average rating of “Hold” and an average target price of $36.42.
Seagate Technology PLC (NASDAQ:STX) traded down 6.69% during mid-day trading on Tuesday, reaching $35.43. The company’s stock had a trading volume of 8,990,894 shares. The firm has a 50 day moving average price of $35.86 and a 200-day moving average price of $28.94. Seagate Technology PLC has a 1-year low of $18.42 and a 1-year high of $49.43. The company has a market capitalization of $10.63 billion, a PE ratio of 43.21 and a beta of 2.50.
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Seagate Technology PLC (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.09. The business had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.32 billion. Seagate Technology PLC had a return on equity of 38.98% and a net margin of 2.22%. The business’s revenue was down 9.3% on a year-over-year basis. During the same quarter last year, the business posted $0.77 EPS. On average, equities analysts predict that Seagate Technology PLC will post $3.04 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, October 15th. Investors of record on Wednesday, September 21st will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Monday, September 19th. This represents a $2.52 annualized dividend and a dividend yield of 6.64%. Seagate Technology PLC’s dividend payout ratio is presently 307.32%.
In related news, Director Frank Biondi sold 1,251 shares of the business’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $32.45, for a total transaction of $40,594.95. Following the completion of the transaction, the director now owns 6,433 shares of the company’s stock, valued at approximately $208,750.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Mark Re sold 3,082 shares of the business’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $32.50, for a total value of $100,165.00. Following the transaction, the senior vice president now directly owns 56,623 shares of the company’s stock, valued at approximately $1,840,247.50. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Cowen Prime Services LLC purchased a new position in shares of Seagate Technology PLC during the second quarter valued at about $105,000. Glenmede Trust Co. NA raised its position in shares of Seagate Technology PLC by 30.2% in the second quarter. Glenmede Trust Co. NA now owns 4,650 shares of the data storage provider’s stock valued at $113,000 after buying an additional 1,079 shares in the last quarter. Advisory Services Network LLC raised its position in shares of Seagate Technology PLC by 30.2% in the second quarter. Advisory Services Network LLC now owns 5,603 shares of the data storage provider’s stock valued at $136,000 after buying an additional 1,300 shares in the last quarter. Tredje AP fonden purchased a new position in shares of Seagate Technology PLC during the second quarter valued at about $146,000. Finally, Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of Seagate Technology PLC during the first quarter valued at about $214,000. 83.86% of the stock is owned by institutional investors and hedge funds.
Seagate Technology PLC Company Profile
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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