$2.74 Billion in Sales Expected for Seagate Technology PLC (STX) This Quarter
Brokerages expect that Seagate Technology PLC (NASDAQ:STX) will post $2.74 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Seagate Technology PLC’s earnings. The highest sales estimate is $2.76 billion and the lowest is $2.73 billion. Seagate Technology PLC posted sales of $2.89 billion in the same quarter last year, which suggests a negative year over year growth rate of 5.2%. The business is scheduled to issue its next quarterly earnings results on Tuesday, January 23rd.
According to Zacks, analysts expect that Seagate Technology PLC will report full year sales of $2.74 billion for the current year, with estimates ranging from $10.27 billion to $10.46 billion. For the next financial year, analysts forecast that the firm will report sales of $10.13 billion per share, with estimates ranging from $9.87 billion to $10.44 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Seagate Technology PLC.
Seagate Technology PLC (NASDAQ:STX) last issued its quarterly earnings results on Monday, October 23rd. The data storage provider reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.10. The firm had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.54 billion. Seagate Technology PLC had a return on equity of 84.50% and a net margin of 7.41%. The firm’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period last year, the company posted $0.99 EPS.
STX has been the subject of several recent analyst reports. Benchmark Co. cut Seagate Technology PLC from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Zacks Investment Research raised Seagate Technology PLC from a “sell” rating to a “hold” rating in a research report on Tuesday, July 25th. Mizuho decreased their target price 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. Loop Capital initiated coverage on Seagate Technology PLC in a research report on Monday, July 24th. They issued a “buy” rating and a $50.00 target price for the company. Finally, Barclays PLC cut Seagate Technology PLC from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $49.00 to $40.00 in a research report on Thursday, July 13th. Four research analysts have rated the stock with a sell rating, twenty-two have given a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $41.29.
In related news, CFO David H. Morton, Jr. sold 7,909 shares of the business’s stock in a transaction that occurred on Monday, October 23rd. The shares were sold at an average price of $40.00, for a total value of $316,360.00. Following the completion of the transaction, the chief financial officer now owns 25,561 shares in the company, valued at approximately $1,022,440. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jeffrey D. Nygaard acquired 5,000 shares of the company’s stock in a transaction that occurred on Friday, October 27th. The stock was bought at an average price of $37.38 per share, with a total value of $186,900.00. The disclosure for this purchase can be found here. Insiders own 0.87% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Symons Capital Management Inc. bought a new position in Seagate Technology PLC in the 3rd quarter worth approximately $8,785,000. Alps Advisors Inc. raised its position in Seagate Technology PLC by 27.5% in the 3rd quarter. Alps Advisors Inc. now owns 1,416,142 shares of the data storage provider’s stock worth $46,973,000 after purchasing an additional 305,646 shares during the last quarter. Pitcairn Co. bought a new position in Seagate Technology PLC in the 3rd quarter worth approximately $848,000. Swiss National Bank raised its position in Seagate Technology PLC by 1.6% in the 3rd quarter. Swiss National Bank now owns 1,092,716 shares of the data storage provider’s stock worth $36,245,000 after purchasing an additional 17,300 shares during the last quarter. Finally, Smith Salley & Associates raised its position in Seagate Technology PLC by 3.6% in the 3rd quarter. Smith Salley & Associates now owns 68,193 shares of the data storage provider’s stock worth $2,261,000 after purchasing an additional 2,373 shares during the last quarter. Hedge funds and other institutional investors own 90.32% of the company’s stock.
Shares of Seagate Technology PLC (STX) opened at $36.33 on Monday. The firm has a market capitalization of $10,510.96, a price-to-earnings ratio of 8.88, a PEG ratio of 0.48 and a beta of 1.68. The company has a debt-to-equity ratio of 4.03, a quick ratio of 1.55 and a current ratio of 1.96. Seagate Technology PLC has a one year low of $30.60 and a one year high of $50.96.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 3rd. Stockholders of record on Wednesday, December 20th will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 6.94%. The ex-dividend date is Tuesday, December 19th. Seagate Technology PLC’s dividend payout ratio (DPR) is currently 95.09%.
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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