Seagate Technology PLC (NASDAQ:STX)’s stock price reached a new 52-week high on Monday . The stock traded as high as $60.83 and last traded at $60.70, with a volume of 19400 shares trading hands. The stock had previously closed at $59.98.
A number of research firms have recently issued reports on STX. Zacks Investment Research lowered Seagate Technology from a “buy” rating to a “hold” rating and set a $62.00 target price for the company. in a research note on Thursday, January 9th. Benchmark boosted their price target on Seagate Technology from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Susquehanna Bancshares restated a “sell” rating and issued a $40.00 price target on shares of Seagate Technology in a report on Monday, December 16th. ValuEngine downgraded shares of Seagate Technology from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Finally, Bank of America lifted their price objective on shares of Seagate Technology from $45.00 to $50.00 and gave the company an “underperform” rating in a research note on Monday, November 4th. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $52.26.
The business has a 50 day simple moving average of $59.30 and a two-hundred day simple moving average of $53.62. The company has a current ratio of 1.58, a quick ratio of 1.17 and a debt-to-equity ratio of 2.34. The stock has a market cap of $15.76 billion, a price-to-earnings ratio of 12.61, a price-to-earnings-growth ratio of 10.21 and a beta of 1.61.
Seagate Technology (NASDAQ:STX) last announced its earnings results on Friday, November 1st. The data storage provider reported $1.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.03. The company had revenue of $2.58 billion for the quarter, compared to analyst estimates of $2.57 billion. Seagate Technology had a return on equity of 61.26% and a net margin of 17.66%. Seagate Technology’s quarterly revenue was down 13.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.70 EPS. Research analysts anticipate that Seagate Technology PLC will post 4.86 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, January 8th. Investors of record on Thursday, December 26th were issued a $0.65 dividend. The ex-dividend date was Tuesday, December 24th. This is a boost from Seagate Technology’s previous quarterly dividend of $0.63. This represents a $2.60 annualized dividend and a yield of 4.28%. Seagate Technology’s dividend payout ratio is currently 53.94%.
In other Seagate Technology news, Director Stephen J. Luczo sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $55.60, for a total transaction of $278,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Jeffrey D. Nygaard sold 2,969 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $55.90, for a total value of $165,967.10. Following the transaction, the executive vice president now directly owns 26,954 shares in the company, valued at approximately $1,506,728.60. The disclosure for this sale can be found here. Insiders sold 493,533 shares of company stock worth $28,805,087 over the last ninety days. 1.12% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. UNIVEST FINANCIAL Corp acquired a new stake in Seagate Technology during the fourth quarter worth about $229,000. Windward Capital Management Co. CA boosted its stake in Seagate Technology by 22.9% in the fourth quarter. Windward Capital Management Co. CA now owns 68,600 shares of the data storage provider’s stock valued at $4,082,000 after acquiring an additional 12,767 shares during the period. Allred Capital Management LLC bought a new position in shares of Seagate Technology during the fourth quarter valued at approximately $71,000. Tuttle Tactical Management grew its holdings in shares of Seagate Technology by 643.6% during the fourth quarter. Tuttle Tactical Management now owns 48,632 shares of the data storage provider’s stock valued at $2,894,000 after purchasing an additional 42,092 shares during the last quarter. Finally, NewSquare Capital LLC raised its position in shares of Seagate Technology by 5.7% during the 4th quarter. NewSquare Capital LLC now owns 35,166 shares of the data storage provider’s stock worth $2,092,000 after purchasing an additional 1,882 shares during the period. Institutional investors and hedge funds own 84.41% of the company’s stock.
Seagate Technology Company Profile (NASDAQ:STX)
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.
Further Reading: The limitations of an equal weight rating
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