Longbow Research downgraded shares of Seagate Technology PLC (NASDAQ:STX) from a buy rating to a neutral rating in a research report sent to investors on Tuesday morning, MarketBeat.com reports.

Several other research firms have also recently weighed in on STX. Citigroup Inc. reduced their target price on shares of Seagate Technology PLC from $46.00 to $42.00 and set a neutral rating for the company in a research note on Tuesday, July 18th. Barclays PLC lowered shares of Seagate Technology PLC from an equal weight rating to an underweight rating and dropped their price target for the stock from $49.00 to $40.00 in a research report on Thursday, July 13th. Jefferies Group LLC dropped their price target on shares of Seagate Technology PLC from $55.00 to $50.00 and set a buy rating for the company in a research report on Friday, April 28th. Needham & Company LLC increased their price target on shares of Seagate Technology PLC from $55.00 to $57.00 and gave the stock a strong-buy rating in a research report on Thursday, April 27th. Finally, Stifel Nicolaus reissued a hold rating and issued a $45.00 price target on shares of Seagate Technology PLC in a research report on Friday, July 14th. Four analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $42.12.

Seagate Technology PLC (NASDAQ:STX) traded up 0.15% during trading on Tuesday, hitting $32.61. The stock had a trading volume of 7,865,473 shares. The stock 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 52 week low of $30.09 and a 52 week high of $50.96. The company has a market cap of $9.52 billion, a PE ratio of 12.64 and a beta of 1.73.

Seagate Technology PLC (NASDAQ:STX) last released its earnings results on Tuesday, July 25th. The data storage provider reported $0.65 earnings per share for the quarter, missing the Thomson Reuters’ 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 during the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter in the previous year, the business posted $0.69 EPS. The firm’s quarterly revenue was down 9.3% on a year-over-year basis. Equities analysts predict 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. Shareholders of record on Wednesday, September 20th will be paid a $0.63 dividend. The ex-dividend date is Tuesday, September 19th. This represents a $2.52 dividend on an annualized basis and a yield of 7.73%. Seagate Technology PLC’s payout ratio is presently 97.67%.

In other news, CFO David H. Morton, Jr. sold 3,040 shares of Seagate Technology PLC stock in a transaction 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 of the company’s stock, valued at $392,065.38. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Chong Sup Park sold 3,809 shares of Seagate Technology PLC stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $43.63, for a total transaction of $166,186.67. Following the transaction, the director now directly owns 11,753 shares in the company, valued at $512,783.39. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,456 shares of company stock worth $715,313. Insiders own 1.50% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Ledyard National Bank boosted its position in shares of Seagate Technology PLC by 1,318.3% in the first quarter. Ledyard National Bank now owns 4,255 shares of the data storage provider’s stock worth $195,000 after buying an additional 3,955 shares in the last quarter. Sii Investments Inc. WI boosted its position in shares of Seagate Technology PLC by 4.3% in the first quarter. Sii Investments Inc. WI now owns 6,465 shares of the data storage provider’s stock worth $295,000 after buying an additional 269 shares in the last quarter. Global X Management Co. LLC boosted its position in shares of Seagate Technology PLC by 29.2% in the first quarter. Global X Management Co. LLC now owns 3,490 shares of the data storage provider’s stock worth $160,000 after buying an additional 789 shares in the last quarter. Suntrust Banks Inc. boosted its position in shares of Seagate Technology PLC by 124.8% in the first quarter. Suntrust Banks Inc. now owns 55,237 shares of the data storage provider’s stock worth $2,535,000 after buying an additional 30,668 shares in the last quarter. Finally, Ropes Wealth Advisors LLC boosted its position in shares of Seagate Technology PLC by 104.1% in the first quarter. Ropes Wealth Advisors LLC now owns 6,302 shares of the data storage provider’s stock worth $289,000 after buying an additional 3,215 shares in the last quarter. 86.75% of the stock is currently owned by institutional investors.

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.

Analyst Recommendations for Seagate Technology PLC (NASDAQ:STX)

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