Seagate Technology PLC (STX) Price Target Increased to $36.00 by Analysts at Maxim Group
Seagate Technology PLC (NASDAQ:STX) had its target price hoisted by Maxim Group from $35.00 to $36.00 in a report issued on Wednesday. The brokerage currently has a “hold” rating on the data storage provider’s stock. Maxim Group’s price objective would indicate a potential upside of 2.56% from the company’s current price.
A number of other research analysts have also recently commented on STX. Vetr cut shares of Seagate Technology PLC from a “strong-buy” rating to a “hold” rating and set a $23.50 target price for the company. in a report on Tuesday, June 14th. Brean Capital reissued a “buy” rating on shares of Seagate Technology PLC in a report on Wednesday, June 15th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $24.00 target price on shares of Seagate Technology PLC in a report on Friday, June 17th. BMO Capital Markets reissued a “market perform” rating on shares of Seagate Technology PLC in a report on Wednesday, June 22nd. Finally, Zacks Investment Research raised shares of Seagate Technology PLC from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 29th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the company. Seagate Technology PLC presently has a consensus rating of “Hold” and a consensus target price of $38.06.
Shares of Seagate Technology PLC (NASDAQ:STX) opened at 35.10 on Wednesday. The company’s 50 day moving average is $35.95 and its 200 day moving average is $28.99. The company has a market capitalization of $10.53 billion, a P/E ratio of 42.80 and a beta of 2.50. Seagate Technology PLC has a 12-month low of $18.42 and a 12-month high of $49.26.
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Seagate Technology PLC (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.09. Seagate Technology PLC had a net margin of 2.22% and a return on equity of 38.98%. The business earned $2.65 billion during the quarter, compared to analysts’ expectations of $2.32 billion. During the same quarter in the prior year, the business posted $0.77 earnings per share. Seagate Technology PLC’s revenue was down 9.3% compared to the same quarter last year. Analysts expect that Seagate Technology PLC will post $3.04 earnings per share for the current fiscal year.
The firm also recently declared 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 of this dividend is Monday, September 19th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 7.18%. Seagate Technology PLC’s dividend payout ratio (DPR) is presently 307.32%.
In related news, SVP Mark Re sold 3,082 shares of the business’s stock in a transaction that occurred on Tuesday, August 9th. The stock was 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 owns 56,623 shares in the company, valued at approximately $1,840,247.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David H. Morton, Jr. sold 1,716 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 20,782 shares of the company’s stock, valued at approximately $751,477.12. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Hanlon Investment Management Inc. increased its stake in Seagate Technology PLC by 111.1% in the first quarter. Hanlon Investment Management Inc. now owns 228,173 shares of the data storage provider’s stock worth $7,861,000 after buying an additional 120,093 shares during the last quarter. BB&T Securities LLC boosted its position in shares of Seagate Technology PLC by 4.3% in the first quarter. BB&T Securities LLC now owns 57,412 shares of the data storage provider’s stock worth $1,977,000 after buying an additional 2,374 shares during the period. M&T Bank Corp boosted its position in shares of Seagate Technology PLC by 5.4% in the first quarter. M&T Bank Corp now owns 31,140 shares of the data storage provider’s stock worth $1,074,000 after buying an additional 1,604 shares during the period. Sentry Investment Management LLC boosted its position in shares of Seagate Technology PLC by 5.7% in the first quarter. Sentry Investment Management LLC now owns 18,682 shares of the data storage provider’s stock worth $644,000 after buying an additional 1,006 shares during the period. Finally, BlackRock Japan Co. Ltd boosted its position in shares of Seagate Technology PLC by 1.6% in the first quarter. BlackRock Japan Co. Ltd now owns 396,145 shares of the data storage provider’s stock worth $13,647,000 after buying an additional 6,109 shares during the period. Institutional investors own 83.86% of the company’s stock.
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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