Seagate Technology PLC (STX) PT Lowered to $36.00 at Cowen and Company
Seagate Technology PLC (NASDAQ:STX) had its price objective cut by Cowen and Company from $45.00 to $36.00 in a research report released on Wednesday morning, Marketbeat reports. They currently have an outperform rating on the data storage provider’s stock.
Several other research analysts also recently commented on STX. Summit Redstone reissued a sell rating on shares of Seagate Technology PLC in a report on Saturday, July 22nd. Mizuho cut their price target on shares of Seagate Technology PLC from $41.00 to $36.00 and set a neutral rating for the company in a report on Tuesday, July 25th. Benchmark Co. downgraded shares of Seagate Technology PLC from a buy rating to a hold rating in a report on Tuesday, July 25th. Stifel Nicolaus reissued a hold rating and issued a $45.00 price target on shares of Seagate Technology PLC in a report on Friday, July 14th. Finally, Morgan Stanley reissued an equal weight rating and issued a $37.00 price target (down from $40.00) on shares of Seagate Technology PLC in a report on Thursday, July 13th. Four investment 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 issued a strong buy rating to the stock. Seagate Technology PLC presently has an average rating of Hold and an average price target of $42.12.
Seagate Technology PLC (NASDAQ:STX) opened at 32.61 on Wednesday. The firm’s 50-day moving average is $39.26 and its 200 day moving average is $43.32. The firm has a market capitalization of $9.52 billion, a P/E ratio of 12.64 and a beta of 1.73. Seagate Technology PLC has a 12 month low of $30.09 and a 12 month high of $50.96.
Seagate Technology PLC (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, July 25th. The data storage provider reported $0.65 EPS 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 firm had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.56 billion. During the same period in the previous year, the business 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, analysts expect that Seagate Technology PLC will post $3.70 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Stockholders of record on Wednesday, September 20th will be paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 7.73%. The ex-dividend date is Tuesday, September 19th. Seagate Technology PLC’s payout ratio is 97.67%.
In related news, Director Chong Sup Park sold 3,809 shares of the business’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $43.63, for a total transaction of $166,186.67. Following the sale, the director now owns 11,753 shares of the company’s stock, valued at $512,783.39. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Mark Re sold 9,607 shares of the business’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $43.47, for a total transaction of $417,616.29. Following the sale, the senior vice president now directly 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 a total of 16,456 shares of company stock worth $715,313 in the last ninety days. Insiders own 1.50% of the company’s stock.
A number of large investors have recently bought and sold shares of STX. Winslow Evans & Crocker Inc. raised its stake in shares of Seagate Technology PLC by 12.4% in the first quarter. Winslow Evans & Crocker Inc. now owns 2,726 shares of the data storage provider’s stock valued at $125,000 after buying an additional 300 shares during the period. Global X Management Co. LLC raised its stake 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 valued at $160,000 after buying an additional 789 shares during the period. First Quadrant L P CA purchased a new stake in shares of Seagate Technology PLC during the second quarter valued at $153,000. Ledyard National Bank raised its stake 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 valued at $195,000 after buying an additional 3,955 shares during the period. Finally, Sigma Investment Counselors Inc. purchased a new stake in shares of Seagate Technology PLC during the first quarter valued at $201,000. 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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