Seagate Technology PLC (STX) Releases Earnings Results, Beats Estimates By $0.10 EPS
Seagate Technology PLC (NASDAQ:STX) released its earnings results on Monday. The data storage provider reported $0.96 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.10, Bloomberg Earnings reports. The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.54 billion. Seagate Technology PLC had a return on equity of 81.87% and a net margin of 7.17%. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.99 earnings per share.
Shares of Seagate Technology PLC (NASDAQ:STX) traded up 12.62% during midday trading on Monday, reaching $39.35. The company’s stock had a trading volume of 33,601,239 shares. Seagate Technology PLC has a 52 week low of $30.60 and a 52 week high of $50.96. The stock has a 50-day moving average price of $33.49 and a 200 day moving average price of $38.09. The stock has a market capitalization of $11.33 billion, a PE ratio of 15.25 and a beta of 1.72.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 3rd. Shareholders of record on Wednesday, December 20th will be paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 6.40%. Seagate Technology PLC’s dividend payout ratio is presently 97.67%.
A number of brokerages recently weighed in on STX. Mizuho dropped their price objective on Seagate Technology PLC from $41.00 to $36.00 and set a “neutral” rating on the stock in a report on Tuesday, July 25th. Benchmark Co. lowered Seagate Technology PLC from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Zacks Investment Research raised Seagate Technology PLC from a “sell” rating to a “hold” rating in a report on Tuesday, July 25th. Loop Capital began coverage on Seagate Technology PLC in a report on Monday, July 24th. They set a “buy” rating and a $50.00 price objective on the stock. Finally, Barclays PLC lowered Seagate Technology PLC from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $49.00 to $40.00 in a report on Thursday, July 13th. Four analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $41.10.
In other news, insider Philip G. Brace acquired 1,000 shares of Seagate Technology PLC stock in a transaction that occurred on Tuesday, August 1st. The stock was purchased at an average price of $33.34 per share, with a total value of $33,340.00. Following the completion of the transaction, the insider now owns 62,855 shares in the company, valued at $2,095,585.70. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.87% of the stock is currently owned by company insiders.
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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