Benchmark Co. downgraded shares of Seagate Technology PLC (NASDAQ:STX) from a buy rating to a hold rating in a research report report published on Tuesday, July 25th, Marketbeat.com reports.
“Weakness was noted in OEM sales, possibly driven by ODM sales. Weakness was also noted with certain mission critical customers. Performance was termed disappointing in the high capacity, >8TB, nearline market. The NSA, surveillance, and China nearline CSP markets were all termed weak.”,” Benchmark Co.’s analyst commented.
Other research analysts also recently issued research reports about the stock. Needham & Company LLC upped their price objective on shares of Seagate Technology PLC from $55.00 to $57.00 and gave the company a strong-buy rating in a research note on Thursday, April 27th. Susquehanna Bancshares Inc reaffirmed a neutral rating on shares of Seagate Technology PLC in a research note on Wednesday, April 12th. Stifel Nicolaus reaffirmed a hold rating and set a $45.00 price objective on shares of Seagate Technology PLC in a research note on Friday, July 14th. Aegis began coverage on shares of Seagate Technology PLC in a research note on Tuesday, June 13th. They set a buy rating and a $50.00 price objective for the company. Finally, Royal Bank Of Canada dropped their price objective on shares of Seagate Technology PLC from $50.00 to $45.00 and set a sector perform rating for the company in a research note on Thursday, April 27th. Four investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $42.12.
Shares of Seagate Technology PLC (NASDAQ STX) traded up 2.35% on Tuesday, reaching $32.29. 5,647,213 shares of the company’s stock traded hands. The stock’s 50-day moving average price is $36.75 and its 200-day moving average price is $43.00. Seagate Technology PLC has a 52 week low of $31.33 and a 52 week high of $50.96. The stock has a market capitalization of $9.42 billion, a price-to-earnings ratio of 12.52 and a beta of 1.69.
Seagate Technology PLC (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, July 25th. The data storage provider reported $0.65 EPS for the quarter, missing the Zacks’ 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 company had revenue of $2.41 billion for the quarter, compared to analyst estimates of $2.56 billion. During the same period in the prior year, the company earned $0.69 EPS. The company’s revenue was down 9.3% compared to the same quarter last year. Equities analysts predict that Seagate Technology PLC will post $3.70 EPS for the current year.
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The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Shareholders of record on Wednesday, September 20th will be given a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 7.80%. The ex-dividend date of this dividend is Tuesday, September 19th. Seagate Technology PLC’s dividend payout ratio is presently 97.67%.
In other news, SVP Mark Re sold 9,607 shares of the stock in a transaction on Monday, May 15th. The stock was sold at an average price of $43.47, for a total value of $417,616.29. Following the completion of the transaction, the senior vice president now owns 40,470 shares of the company’s stock, valued at $1,759,230.90. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 value 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 approximately $392,065.38. The disclosure for this sale can be found here. Insiders sold 16,456 shares of company stock worth $715,313 over the last ninety days. 1.50% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in STX. BlackRock Inc. boosted its position in shares of Seagate Technology PLC by 3,179.5% in the first quarter. BlackRock Inc. now owns 18,336,509 shares of the data storage provider’s stock valued at $842,196,000 after buying an additional 17,777,387 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Seagate Technology PLC by 7.4% in the second quarter. Vanguard Group Inc. now owns 33,412,003 shares of the data storage provider’s stock valued at $1,294,716,000 after buying an additional 2,292,075 shares in the last quarter. Prudential Financial Inc. boosted its position in shares of Seagate Technology PLC by 355.8% in the first quarter. Prudential Financial Inc. now owns 2,603,387 shares of the data storage provider’s stock valued at $119,573,000 after buying an additional 2,032,271 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Seagate Technology PLC by 1,387.8% in the first quarter. Renaissance Technologies LLC now owns 1,292,893 shares of the data storage provider’s stock valued at $59,383,000 after buying an additional 1,205,993 shares in the last quarter. Finally, Schroder Investment Management Group boosted its position in shares of Seagate Technology PLC by 181.1% in the second quarter. Schroder Investment Management Group now owns 1,772,547 shares of the data storage provider’s stock valued at $68,970,000 after buying an additional 1,141,917 shares in the last quarter. 87.99% of the stock is owned by institutional investors and hedge funds.
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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