Seagate Technology PLC (STX) Expected to Post Quarterly Sales of $2.74 Billion
Equities research analysts expect that Seagate Technology PLC (NASDAQ:STX) will announce sales of $2.74 billion for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Seagate Technology’s earnings, with estimates ranging from $2.73 billion to $2.76 billion. Seagate Technology reported sales of $2.89 billion during the same quarter last year, which indicates a negative year-over-year growth rate of 5.2%. The firm is expected to issue its next quarterly earnings results on Tuesday, January 23rd.
On average, analysts expect that Seagate Technology will report full year sales of $2.74 billion for the current fiscal year, with estimates ranging from $10.27 billion to $10.46 billion. For the next fiscal year, analysts expect that the business will post sales of $10.21 billion per share, with estimates ranging from $9.87 billion to $10.50 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Seagate Technology.
Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Monday, October 23rd. The data storage provider reported $0.96 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.10. The firm had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.54 billion. Seagate Technology had a return on equity of 84.50% and a net margin of 7.41%. The company’s revenue was down 5.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.99 earnings per share.
Several research firms have recently commented on STX. Citigroup Inc. lifted their price objective on Seagate Technology from $34.00 to $41.00 and gave the stock a “neutral” rating in a report on Tuesday, October 24th. Mizuho lifted their price objective on Seagate Technology from $36.00 to $39.00 and gave the stock a “neutral” rating in a report on Monday, October 23rd. UBS AG lifted their price objective on Seagate Technology from $28.00 to $30.00 and gave the stock a “sell” rating in a report on Tuesday, October 24th. Zacks Investment Research upgraded Seagate Technology from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Finally, KeyCorp reiterated a “hold” rating on shares of Seagate Technology in a report on Monday, October 23rd. Four investment analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Seagate Technology has a consensus rating of “Hold” and an average target price of $41.41.
In other Seagate Technology news, CFO David H. Morton, Jr. sold 7,909 shares of the company’s stock in a transaction that occurred on Monday, October 23rd. The stock was sold at an average price of $40.00, for a total transaction of $316,360.00. Following the transaction, the chief financial officer now owns 25,561 shares in the company, valued at approximately $1,022,440. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jay L. Geldmacher sold 5,365 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $40.00, for a total value of $214,600.00. Following the transaction, the director now owns 8,715 shares in the company, valued at approximately $348,600. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,892 shares of company stock worth $1,071,459. 0.87% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the business. Belpointe Asset Management LLC bought a new stake in shares of Seagate Technology in the 3rd quarter worth approximately $504,000. Yellowstone Partners LLC bought a new stake in shares of Seagate Technology in the 3rd quarter worth approximately $2,166,000. Balentine LLC boosted its position in shares of Seagate Technology by 56.8% in the 3rd quarter. Balentine LLC now owns 4,471 shares of the data storage provider’s stock worth $148,000 after purchasing an additional 1,619 shares in the last quarter. ValueAct Holdings L.P. boosted its position in shares of Seagate Technology by 55.3% in the 3rd quarter. ValueAct Holdings L.P. now owns 21,458,600 shares of the data storage provider’s stock worth $711,782,000 after purchasing an additional 7,642,835 shares in the last quarter. Finally, Vident Investment Advisory LLC bought a new stake in shares of Seagate Technology in the 3rd quarter worth approximately $297,000. Hedge funds and other institutional investors own 90.10% of the company’s stock.
Seagate Technology (STX) traded down $0.04 on Friday, hitting $40.29. The stock had a trading volume of 1,340,056 shares, compared to its average volume of 3,403,132. The stock has a market capitalization of $11,656.66, a P/E ratio of 9.85, a P/E/G ratio of 0.53 and a beta of 1.68. The company has a debt-to-equity ratio of 4.03, a quick ratio of 1.55 and a current ratio of 1.96. Seagate Technology has a 1 year low of $30.60 and a 1 year high of $50.96.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 3rd. Investors of record on Wednesday, December 20th will be issued a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, December 19th. This represents a $2.52 dividend on an annualized basis and a yield of 6.25%. Seagate Technology’s dividend payout ratio is presently 95.09%.
Seagate Technology 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.
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