Maxim Group Reaffirms “Hold” Rating for Seagate Technology PLC (STX)
Maxim Group reissued their hold rating on shares of Seagate Technology PLC (NASDAQ:STX) in a report released on Wednesday morning. They currently have a $38.00 price objective on the data storage provider’s stock, down from their prior price objective of $46.00.
“Jun Q results disappoint as surveillance HDD faces a digestion period; most of gross margin miss due to component pricing in ~$100M/quarter ODM portion of business. Below consensus September quarter guidance may not represent the bottom of current down-cycle as digestion periods often last longer than a quarter.”,” the firm’s analyst commented.
A number of other equities research analysts have also recently commented on the company. Needham & Company LLC raised their target price on Seagate Technology PLC from $55.00 to $57.00 and gave the company a strong-buy rating in a research report on Thursday, April 27th. Jefferies Group LLC dropped their target price on Seagate Technology PLC from $55.00 to $50.00 and set a buy rating on the stock in a research report on Friday, April 28th. Cowen and Company restated a market perform rating and set a $45.00 target price (down from $46.00) on shares of Seagate Technology PLC in a research report on Wednesday, April 26th. Royal Bank Of Canada restated a hold rating and set a $45.00 target price on shares of Seagate Technology PLC in a research report on Friday, June 9th. Finally, Longbow Research upgraded Seagate Technology PLC from a neutral rating to a buy rating and raised their target price for the company from $18.42 to $55.00 in a research report on Tuesday, April 11th. Four analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $42.12.
Shares of Seagate Technology PLC (STX) traded up 0.15% during trading on Wednesday, hitting $32.61. The stock had a trading volume of 7,865,473 shares. The firm has a 50 day moving average price of $39.26 and a 200 day moving average price of $43.32. Seagate Technology PLC has a 12-month low of $30.09 and a 12-month high of $50.96. The firm has a market cap of $9.52 billion, a P/E ratio of 12.64 and a beta of 1.73.
Seagate Technology PLC (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, July 25th. The data storage provider reported $0.65 earnings per share for the quarter, missing the 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 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 business posted $0.69 earnings per share. Seagate Technology PLC’s revenue for the quarter was down 9.3% on a year-over-year basis. On average, equities analysts expect that Seagate Technology PLC will post $3.70 earnings per share for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 20th will be issued a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 7.73%. The ex-dividend date is Tuesday, September 19th. Seagate Technology PLC’s payout ratio is 97.67%.
In other Seagate Technology PLC 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 value of $166,186.67. Following the transaction, the director now directly owns 11,753 shares of the company’s stock, valued at approximately $512,783.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Mark Re sold 9,607 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $43.47, for a total transaction of $417,616.29. Following the completion of the transaction, the senior vice president now directly owns 40,470 shares in the company, valued at $1,759,230.90. The disclosure for this sale can be found here. Insiders sold a total of 16,456 shares of company stock worth $715,313 over the last three months. Corporate insiders own 1.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in STX. BlackRock Inc. raised its position in 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 worth $842,196,000 after buying an additional 17,777,387 shares during the period. Prudential Financial Inc. raised its position in 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 worth $119,573,000 after buying an additional 2,032,271 shares during the period. Renaissance Technologies LLC raised its position in 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 worth $59,383,000 after buying an additional 1,205,993 shares during the period. Vanguard Group Inc. raised its position in Seagate Technology PLC by 3.8% in the first quarter. Vanguard Group Inc. now owns 31,119,928 shares of the data storage provider’s stock worth $1,429,338,000 after buying an additional 1,132,336 shares during the period. Finally, Geode Capital Management LLC raised its position in Seagate Technology PLC by 25.1% in the first quarter. Geode Capital Management LLC now owns 3,206,093 shares of the data storage provider’s stock worth $147,067,000 after buying an additional 642,845 shares during the period. 86.75% of the stock is currently 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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