Craig Hallum downgraded shares of Seagate Technology PLC (NASDAQ:STX) from a buy rating to a hold rating in a report issued on Wednesday morning, Marketbeat.com reports.

Several other research firms have also recently commented on STX. Citigroup Inc. lowered their target price on shares of Seagate Technology PLC from $46.00 to $42.00 and set a neutral rating on the stock in a research note on Tuesday, July 18th. Jefferies Group LLC lowered their target price on shares of Seagate Technology PLC from $55.00 to $50.00 and set a buy rating on the stock in a research note on Friday, April 28th. Barclays PLC cut shares of Seagate Technology PLC from an equal weight rating to an underweight rating and lowered their target price for the company from $49.00 to $40.00 in a research note on Thursday, July 13th. Longbow Research cut shares of Seagate Technology PLC from a buy rating to a neutral rating in a research note on Tuesday, July 25th. Finally, Needham & Company LLC raised their target price 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. Four investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of Hold and an average target price of $42.12.

Seagate Technology PLC (NASDAQ STX) opened at 32.61 on Wednesday. The firm has a market capitalization of $9.52 billion, a price-to-earnings ratio of 12.64 and a beta of 1.73. Seagate Technology PLC has a 52 week low of $30.09 and a 52 week high of $50.96. The stock’s 50 day moving average is $39.26 and its 200-day moving average is $43.32.

Seagate Technology PLC (NASDAQ:STX) last released its quarterly earnings data on Tuesday, July 25th. The data storage provider reported $0.65 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.99 by $0.34. Seagate Technology PLC had a return on equity of 81.87% and a net margin of 7.17%. The firm had revenue of $2.41 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same period last year, the business earned $0.69 EPS. The firm’s revenue was down 9.3% on a year-over-year basis. On average, equities research analysts expect that Seagate Technology PLC will post $3.70 EPS for the current year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 20th will be given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 7.73%. The ex-dividend date of this dividend is Tuesday, September 19th. Seagate Technology PLC’s payout ratio is presently 97.67%.

In related news, Director Chong Sup Park sold 3,809 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $43.63, for a total transaction of $166,186.67. Following the transaction, the director now owns 11,753 shares of the company’s stock, valued at $512,783.39. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO David H. Morton, Jr. sold 3,040 shares of the firm’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $43.26, for a total transaction of $131,510.40. Following the transaction, the chief financial officer now directly owns 9,063 shares in the company, valued at approximately $392,065.38. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,456 shares of company stock worth $715,313. Insiders own 1.50% of the company’s stock.

A number of institutional investors have recently modified their holdings of STX. Bank of Montreal Can raised its position in shares of Seagate Technology PLC by 4.1% in the first quarter. Bank of Montreal Can now owns 1,609,469 shares of the data storage provider’s stock valued at $73,923,000 after buying an additional 63,627 shares during the last quarter. Legacy Private Trust Co. acquired a new position in shares of Seagate Technology PLC during the first quarter valued at $214,000. Creative Planning raised its position in shares of Seagate Technology PLC by 8.1% in the first quarter. Creative Planning now owns 46,180 shares of the data storage provider’s stock valued at $2,121,000 after buying an additional 3,449 shares during the last quarter. Raymond James Trust N.A. raised its position in shares of Seagate Technology PLC by 3.3% in the first quarter. Raymond James Trust N.A. now owns 10,122 shares of the data storage provider’s stock valued at $465,000 after buying an additional 327 shares during the last quarter. Finally, Cornerstone Investment Partners LLC raised its position in shares of Seagate Technology PLC by 0.3% in the first quarter. Cornerstone Investment Partners LLC now owns 39,580 shares of the data storage provider’s stock valued at $1,818,000 after buying an additional 110 shares during the last quarter. 86.75% of the stock is currently owned by hedge funds and other institutional investors.

Seagate Technology PLC Company Profile

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.

Analyst Recommendations for Seagate Technology PLC (NASDAQ:STX)

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