BMO Capital Markets reaffirmed their market perform rating on shares of Seagate Technology PLC (NASDAQ:STX) in a research note published on Wednesday morning. BMO Capital Markets currently has a $35.00 price objective on the data storage provider’s stock, down from their prior price objective of $42.00.

Several other research firms have also commented on STX. Cowen and Company reissued a market perform rating and set a $45.00 target price (down from $46.00) on shares of Seagate Technology PLC in a research note on Wednesday, April 26th. Susquehanna Bancshares Inc reissued a neutral rating on shares of Seagate Technology PLC in a research note on Wednesday, April 12th. Longbow Research raised shares of Seagate Technology PLC from a neutral rating to a buy rating and increased their target price for the company from $18.42 to $55.00 in a research note on Tuesday, April 11th. BTIG Research reissued a buy rating and set a $55.00 target price on shares of Seagate Technology PLC in a research note on Thursday, April 6th. Finally, Royal Bank Of Canada reissued a hold rating and set a $45.00 target price on shares of Seagate Technology PLC in a research note on Friday, June 9th. Four equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $42.12.

Shares of Seagate Technology PLC (STX) traded up 0.15% on Wednesday, hitting $32.61. 7,865,473 shares of the stock were exchanged. The firm’s 50-day moving average is $39.26 and its 200-day moving average is $43.32. The company has a market cap of $9.52 billion, a P/E ratio of 12.64 and a beta of 1.73. Seagate Technology PLC has a one year low of $30.09 and a one year high of $50.96.

Seagate Technology PLC (NASDAQ:STX) last released its earnings results on Tuesday, July 25th. The data storage provider reported $0.65 EPS for the quarter, missing the 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 business 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 earnings per share. The firm’s revenue for the quarter was down 9.3% on a year-over-year basis. On average, equities analysts forecast that Seagate Technology PLC will post $3.70 EPS for the current fiscal year.

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

In other Seagate Technology PLC news, CFO David H. Morton, Jr. sold 3,040 shares of the company’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 value of $131,510.40. Following the transaction, the chief financial officer now owns 9,063 shares in the company, valued at approximately $392,065.38. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Mark Re sold 9,607 shares of the company’s stock in a transaction that occurred on Monday, May 15th. The shares were 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 owns 40,470 shares in the company, valued at approximately $1,759,230.90. The disclosure for this sale can be found here. Insiders have sold 16,456 shares of company stock worth $715,313 in the last 90 days. 1.50% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in STX. CIBC Asset Management Inc raised its position in Seagate Technology PLC by 5.5% in the second quarter. CIBC Asset Management Inc now owns 30,121 shares of the data storage provider’s stock valued at $1,167,000 after buying an additional 1,570 shares in the last quarter. Janney Montgomery Scott LLC raised its position in Seagate Technology PLC by 4.1% in the second quarter. Janney Montgomery Scott LLC now owns 195,815 shares of the data storage provider’s stock valued at $7,588,000 after buying an additional 7,742 shares in the last quarter. Harbour Capital Advisors LLC raised its position in Seagate Technology PLC by 3,775.1% in the second quarter. Harbour Capital Advisors LLC now owns 13,563 shares of the data storage provider’s stock valued at $350,000 after buying an additional 13,213 shares in the last quarter. NGAM Advisors L.P. raised its position in Seagate Technology PLC by 6.5% in the second quarter. NGAM Advisors L.P. now owns 270,364 shares of the data storage provider’s stock valued at $10,477,000 after buying an additional 16,499 shares in the last quarter. Finally, Reliance Trust Co. of Delaware bought a new position in Seagate Technology PLC during the second quarter valued at $1,389,000. Hedge funds and other institutional investors own 86.75% of the company’s stock.

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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