Seagate Technology PLC (STX) Rating Reiterated by Deutsche Bank AG
Seagate Technology PLC (NASDAQ:STX)‘s stock had its “hold” rating reissued by equities research analysts at Deutsche Bank AG in a note issued to investors on Thursday. They currently have a $35.00 price objective on the data storage provider’s stock. Deutsche Bank AG’s price target indicates a potential downside of 0.51% from the company’s current price.
Several other equities analysts have also recently commented on STX. Citigroup Inc. reaffirmed a “neutral” rating on shares of Seagate Technology PLC in a report on Thursday. RBC Capital Markets reissued a “sector perform” rating and issued 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 increased their target price for the stock from $20.00 to $27.00 in a report on Tuesday, July 12th. Mizuho increased 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 reissued a “hold” rating on shares of Seagate Technology PLC in a report on Tuesday, August 16th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $38.35.
Shares of Seagate Technology PLC (NASDAQ:STX) traded down 0.14% on Thursday, reaching $35.18. The company’s stock had a trading volume of 7,302,333 shares. The stock has a market capitalization of $10.56 billion, a price-to-earnings ratio of 42.90 and a beta of 2.50. The stock has a 50-day moving average of $36.14 and a 200 day moving average of $29.07. Seagate Technology PLC has a 52 week low of $18.42 and a 52 week high of $41.83.
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Seagate Technology PLC (NASDAQ:STX) last announced its earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.09. Seagate Technology PLC had a return on equity of 38.98% and a net margin of 2.22%. The firm earned $2.65 billion during the quarter, compared to the consensus estimate of $2.32 billion. During the same quarter in the prior year, the company earned $0.77 EPS. The firm’s revenue for the quarter was down 9.3% compared to the same quarter last year. On average, analysts expect that Seagate Technology PLC will post $3.04 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, October 15th. Investors of record on Wednesday, September 21st will be given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 7.16%. The ex-dividend date is Monday, September 19th. Seagate Technology PLC’s dividend payout ratio is currently 307.32%.
In related news, SVP Mark Re sold 3,082 shares of Seagate Technology PLC stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $32.50, for a total transaction of $100,165.00. Following the completion of the transaction, the senior vice president now owns 56,623 shares in the company, valued at $1,840,247.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David H. Morton, Jr. sold 1,716 shares of Seagate Technology PLC stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $36.16, for a total value of $62,050.56. Following the transaction, 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. 1.50% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of STX. MSI Financial Services Inc boosted its position in Seagate Technology PLC by 9.7% in the third quarter. MSI Financial Services Inc now owns 7,648 shares of the data storage provider’s stock worth $295,000 after buying an additional 678 shares during the last quarter. Capstone Asset Management Co. boosted its position in Seagate Technology PLC by 3.9% in the third quarter. Capstone Asset Management Co. now owns 16,465 shares of the data storage provider’s stock worth $635,000 after buying an additional 620 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in Seagate Technology PLC during the third quarter worth approximately $1,052,000. FCM Investments TX boosted its position in Seagate Technology PLC by 14.1% in the third quarter. FCM Investments TX now owns 19,060 shares of the data storage provider’s stock worth $735,000 after buying an additional 2,349 shares during the last quarter. Finally, Eagle Asset Management Inc. boosted its position in Seagate Technology PLC by 10.3% in the third quarter. Eagle Asset Management Inc. now owns 784,116 shares of the data storage provider’s stock worth $30,227,000 after buying an additional 73,220 shares during the last quarter. Institutional investors and hedge funds 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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