Seagate Technology PLC (STX) Receives Average Rating of “Hold” from Brokerages

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Seagate Technology PLC (NASDAQ:STX) has earned a consensus rating of “Hold” from the thirty analysts that are currently covering the stock, MarketBeat.com reports. Five investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have given a buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $50.28.

STX has been the subject of several research reports. Morgan Stanley reduced their price target on shares of Seagate Technology from $73.00 to $60.00 and set an “overweight” rating for the company in a research report on Monday, November 5th. Maxim Group reduced their price target on shares of Seagate Technology from $54.00 to $51.00 and set a “hold” rating for the company in a research report on Wednesday. Loop Capital reduced their price target on shares of Seagate Technology to $60.00 and set a “buy” rating for the company in a research report on Monday, October 29th. They noted that the move was a valuation call. Royal Bank of Canada restated a “hold” rating and set a $62.00 price target on shares of Seagate Technology in a research report on Monday, July 30th. Finally, Goldman Sachs Group set a $39.00 price objective on shares of Seagate Technology and gave the company a “sell” rating in a report on Wednesday, September 12th.

STX traded down $2.30 during trading on Monday, hitting $43.03. 7,510,518 shares of the company traded hands, compared to its average volume of 4,841,510. The firm has a market cap of $13.11 billion, a P/E ratio of 7.81, a PEG ratio of 0.69 and a beta of 1.71. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.07 and a current ratio of 1.42. Seagate Technology has a one year low of $36.69 and a one year high of $62.70.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Friday, November 2nd. The data storage provider reported $1.70 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.55 by $0.15. The company had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.95 billion. Seagate Technology had a net margin of 12.57% and a return on equity of 123.05%. The firm’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.96 earnings per share. Equities research analysts predict that Seagate Technology will post 5.33 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Wednesday, December 19th will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 5.86%. The ex-dividend date is Tuesday, December 18th. Seagate Technology’s dividend payout ratio (DPR) is presently 45.74%.

In other news, Director Holdings L.P. Valueact purchased 509,492 shares of the stock in a transaction dated Monday, August 13th. The shares were purchased at an average cost of $51.11 per share, with a total value of $26,040,136.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Valueact Capital Master Fund, purchased 2,090,783 shares of the stock in a transaction dated Monday, August 13th. The stock was purchased at an average cost of $50.94 per share, for a total transaction of $106,504,486.02. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 4,055,357 shares of company stock worth $209,385,069 and have sold 46,086 shares worth $2,529,660. 1.00% of the stock is owned by corporate insiders.

Institutional investors have recently made changes to their positions in the company. WESPAC Advisors SoCal LLC purchased a new stake in shares of Seagate Technology in the third quarter worth about $108,000. Girard Partners LTD. purchased a new stake in Seagate Technology in the third quarter valued at approximately $108,000. Quad Cities Investment Group LLC purchased a new stake in Seagate Technology in the second quarter valued at approximately $124,000. Partners Capital Investment Group LLP purchased a new stake in Seagate Technology in the second quarter valued at approximately $136,000. Finally, First Hawaiian Bank purchased a new stake in Seagate Technology in the third quarter valued at approximately $139,000. 83.57% of the stock is currently owned by hedge funds and other institutional investors.

About Seagate Technology

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It manufactures and distributes hard disk drives; solid state drives (SSDs), including serial attached small computer system interface and non-volatile memory express SSDs; solid state hybrid drives; and storage subsystems.

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Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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