Seagate Technology PLC (NASDAQ:STX) Announces Earnings Results
Seagate Technology PLC (NASDAQ:STX) issued its earnings results on Tuesday. The data storage provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by $0.34, Bloomberg Earnings reports. Seagate Technology PLC had a return on equity of 79.83% and a net margin of 6.61%. The firm had revenue of $2.41 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same period in the previous year, the company earned $0.69 EPS. Seagate Technology PLC’s revenue for the quarter was down 9.3% on a year-over-year basis.
Seagate Technology PLC (NASDAQ:STX) traded down 16.50% during trading on Tuesday, hitting $33.20. The stock had a trading volume of 35,475,705 shares. The company has a market cap of $9.85 billion, a price-to-earnings ratio of 13.66 and a beta of 1.74. Seagate Technology PLC has a 52-week low of $30.09 and a 52-week high of $50.96. The company has a 50-day moving average price of $40.54 and a 200-day moving average price of $43.52. Seagate Technology PLC also was the recipient of unusually large options trading on Monday. Stock investors bought 43,801 put options on the stock. This is an increase of 363% compared to the typical volume of 9,461 put options.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 4th. Stockholders of record on Wednesday, September 20th will be issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 7.59%. Seagate Technology PLC’s payout ratio is currently 103.70%.
In other Seagate Technology PLC news, CFO David H. Morton, Jr. sold 3,040 shares of the stock in a transaction on Friday, June 9th. The stock was sold at an average price of $43.26, for a total transaction of $131,510.40. Following the completion of the transaction, the chief financial officer now directly owns 9,063 shares of the company’s stock, valued at $392,065.38. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Mark Re sold 9,607 shares of the stock in a transaction on Monday, May 15th. The shares were sold at an average price of $43.47, for a total value of $417,616.29. Following the transaction, the senior vice president now directly owns 40,470 shares of the company’s stock, valued at $1,759,230.90. The disclosure for this sale can be found here. Over the last three months, insiders sold 16,456 shares of company stock valued at $715,313. Company insiders own 1.50% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. State Board of Administration of Florida Retirement System raised its position in shares of Seagate Technology PLC by 4.7% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 21,342 shares of the data storage provider’s stock valued at $815,000 after buying an additional 950 shares during the period. Renaissance Technologies LLC purchased a new position in shares of Seagate Technology PLC during the fourth quarter valued at $3,317,000. Quadrature Capital Ltd raised its position in shares of Seagate Technology PLC by 100.3% in the fourth quarter. Quadrature Capital Ltd now owns 161,777 shares of the data storage provider’s stock valued at $6,175,000 after buying an additional 81,009 shares during the period. Teachers Advisors LLC raised its position in shares of Seagate Technology PLC by 7.5% in the fourth quarter. Teachers Advisors LLC now owns 56,428 shares of the data storage provider’s stock valued at $2,154,000 after buying an additional 3,936 shares during the period. Finally, Kentucky Retirement Systems purchased a new position in shares of Seagate Technology PLC during the fourth quarter valued at $816,000. 86.75% of the stock is owned by institutional investors and hedge funds.
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A number of equities research analysts have commented on STX shares. BTIG Research reiterated a “buy” rating and issued a $55.00 price target on shares of Seagate Technology PLC in a research report on Thursday, April 6th. Longbow Research upgraded Seagate Technology PLC from a “neutral” rating to a “buy” rating and upped their price target for the company from $18.42 to $55.00 in a research report on Tuesday, April 11th. Susquehanna Bancshares Inc reiterated a “neutral” rating on shares of Seagate Technology PLC in a research report on Wednesday, April 12th. Cowen and Company reiterated a “market perform” rating and issued a $45.00 price target (down previously from $46.00) on shares of Seagate Technology PLC in a research report on Wednesday, April 26th. Finally, Royal Bank Of Canada reduced their price target on Seagate Technology PLC from $50.00 to $45.00 and set a “sector perform” rating on the stock in a research report on Thursday, April 27th. Four equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $43.56.
About Seagate Technology PLC
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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