Zacks: Analysts Expect Seagate Technology PLC (STX) to Post $0.88 EPS
Equities analysts expect Seagate Technology PLC (NASDAQ:STX) to post $0.88 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Seagate Technology PLC’s earnings, with estimates ranging from $0.80 to $1.00. Seagate Technology PLC reported earnings per share of $0.99 in the same quarter last year, which would suggest a negative year over year growth rate of 11.1%. The company is expected to report its next quarterly earnings report on Wednesday, October 18th.
On average, analysts expect that Seagate Technology PLC will report full year earnings of $3.88 per share for the current financial year, with EPS estimates ranging from $3.25 to $4.80. For the next year, analysts anticipate that the firm will report earnings of $4.12 per share, with EPS estimates ranging from $3.49 to $5.00. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Seagate Technology PLC.
Seagate Technology PLC (NASDAQ:STX) last released its quarterly earnings results on Tuesday, July 25th. The data storage provider reported $0.65 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.99 by $0.34. Seagate Technology PLC had a net margin of 7.17% and a return on equity of 81.87%. The business had revenue of $2.41 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same quarter last year, the company posted $0.69 earnings per share. The company’s revenue was down 9.3% on a year-over-year basis.
A number of brokerages have weighed in on STX. Evercore ISI began coverage on Seagate Technology PLC in a research report on Friday, June 16th. They set an “in-line” rating and a $48.00 target price for the company. Royal Bank Of Canada reaffirmed a “hold” rating and set a $35.00 target price on shares of Seagate Technology PLC in a research report on Friday, September 1st. Maxim Group reaffirmed a “hold” rating and set a $38.00 target price (down from $46.00) on shares of Seagate Technology PLC in a research report on Wednesday, July 26th. Craig Hallum lowered Seagate Technology PLC from a “buy” rating to a “hold” rating in a research report on Wednesday, July 26th. Finally, Mizuho reduced their price target on Seagate Technology PLC from $41.00 to $36.00 and set a “neutral” rating for the company in a research report on Tuesday, July 25th. Five research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. Seagate Technology PLC has an average rating of “Hold” and a consensus target price of $41.53.
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Seagate Technology PLC (NASDAQ STX) traded down 1.08% during trading on Friday, hitting $31.99. 3,562,738 shares of the company traded hands. Seagate Technology PLC has a 12-month low of $30.60 and a 12-month high of $50.96. The company has a market capitalization of $9.34 billion, a P/E ratio of 12.40 and a beta of 1.69. The stock has a 50 day moving average price of $32.70 and a 200 day moving average price of $41.15.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Stockholders of record on Wednesday, September 20th will be paid a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, September 19th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 7.88%. Seagate Technology PLC’s payout ratio is 97.67%.
In related news, insider Philip G. Brace bought 1,000 shares of the stock in a transaction dated Tuesday, August 1st. The shares were purchased at an average price of $33.34 per share, for a total transaction of $33,340.00. Following the completion of the purchase, the insider now directly owns 62,855 shares of the company’s stock, valued at $2,095,585.70. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.87% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in STX. WFG Advisors LP raised its holdings in Seagate Technology PLC by 16,536.4% in the 2nd quarter. WFG Advisors LP now owns 3,660 shares of the data storage provider’s stock worth $142,000 after purchasing an additional 3,638 shares during the period. Pacer Advisors Inc. acquired a new position in Seagate Technology PLC in the 2nd quarter worth about $150,000. First Quadrant L P CA acquired a new position in Seagate Technology PLC in the 2nd quarter worth about $153,000. Global X Management Co. LLC raised its holdings in Seagate Technology PLC by 29.2% in the 1st quarter. Global X Management Co. LLC now owns 3,490 shares of the data storage provider’s stock worth $160,000 after purchasing an additional 789 shares during the period. Finally, Sigma Investment Counselors Inc. acquired a new position in Seagate Technology PLC in the 1st quarter worth about $201,000. 88.65% of the stock is 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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