Seagate Technology PLC (STX) Upgraded by JPMorgan Chase & Co. to “Neutral”
Seagate Technology PLC (NASDAQ:STX) was upgraded by investment analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a research note issued to investors on Tuesday, The Fly reports.
Other research analysts have also issued reports about the company. RBC Capital Markets reaffirmed a “sector perform” rating and set a $31.00 target price (up from $27.00) on shares of Seagate Technology PLC in a report on Tuesday, August 2nd. Morgan Stanley raised Seagate Technology PLC from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $20.00 to $27.00 in a report on Tuesday, July 12th. Vetr lowered Seagate Technology PLC from a “strong-buy” rating to a “hold” rating and set a $23.50 target price on the stock. in a report on Tuesday, June 14th. Mizuho lifted their target price on Seagate Technology PLC from $23.00 to $31.00 and gave the stock a “neutral” rating in a report on Tuesday, August 2nd. Finally, Argus reaffirmed a “hold” rating on shares of Seagate Technology PLC in a report on Tuesday, August 16th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $35.27.
Seagate Technology PLC (NASDAQ:STX) opened at 37.97 on Tuesday. The firm has a 50-day moving average of $35.86 and a 200 day moving average of $28.94. The firm has a market capitalization of $11.40 billion, a PE ratio of 46.30 and a beta of 2.50. Seagate Technology PLC has a 52 week low of $18.42 and a 52 week high of $49.43.
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Seagate Technology PLC (NASDAQ:STX) last issued its quarterly earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.09. The company had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.32 billion. Seagate Technology PLC had a return on equity of 38.98% and a net margin of 2.22%. The company’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same period last year, the company earned $0.77 earnings per share. Analysts predict that Seagate Technology PLC will post $3.04 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Saturday, October 15th. Investors of record on Wednesday, September 21st will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 6.64%. The ex-dividend date of this dividend is Monday, September 19th. Seagate Technology PLC’s dividend payout ratio is 307.32%.
In other Seagate Technology PLC news, SVP Mark Re sold 12,750 shares of the business’s 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 transaction, the senior vice president now owns 65,520 shares of the company’s stock, valued at $2,086,156.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO David H. Morton, Jr. sold 1,716 shares of the business’s stock in a transaction on Wednesday, September 14th. The stock was sold at an average price of $36.16, for a total value of $62,050.56. Following the completion of the transaction, the chief financial officer now directly owns 20,782 shares in the company, valued at approximately $751,477.12. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of STX. Cowen Prime Services LLC acquired a new position in Seagate Technology PLC during the second quarter worth approximately $105,000. Glenmede Trust Co. NA raised its position in 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 worth $113,000 after buying an additional 1,079 shares in the last quarter. Advisory Services Network LLC raised its position in 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 worth $136,000 after buying an additional 1,300 shares in the last quarter. Tredje AP fonden acquired a new position in Seagate Technology PLC during the second quarter worth approximately $146,000. Finally, RidgeWorth Capital Management LLC raised its position in Seagate Technology PLC by 14.5% in the second quarter. RidgeWorth Capital Management LLC now owns 6,545 shares of the data storage provider’s stock worth $157,000 after buying an additional 827 shares in the last quarter. 83.86% of the stock is currently owned by institutional investors.
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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