Vetr downgraded shares of Seagate Technology (NASDAQ:STX) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning. The brokerage currently has $44.36 target price on the data storage provider’s stock.

STX has been the subject of a number of other research reports. BidaskClub upgraded Seagate Technology from a buy rating to a strong-buy rating in a report on Friday, December 8th. BMO Capital Markets reiterated a hold rating and set a $40.00 target price on shares of Seagate Technology in a research note on Monday, October 23rd. Guggenheim reiterated a hold rating on shares of Seagate Technology in a research note on Monday, October 23rd. Argus reiterated a hold rating and set a $40.00 target price on shares of Seagate Technology in a research note on Tuesday, October 24th. Finally, Craig Hallum upgraded Seagate Technology from a hold rating to a buy rating and set a $50.00 target price for the company in a research note on Monday, October 2nd. Four analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $41.67.

Shares of Seagate Technology (STX) opened at $42.94 on Wednesday. The stock has a market cap of $12,423.36, a P/E ratio of 10.50, a P/E/G ratio of 0.57 and a beta of 1.68. Seagate Technology has a 1 year low of $30.60 and a 1 year high of $50.96. The company has a current ratio of 1.96, a quick ratio of 1.55 and a debt-to-equity ratio of 4.03.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Monday, October 23rd. The data storage provider reported $0.96 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.10. The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.54 billion. Seagate Technology had a return on equity of 84.50% and a net margin of 7.41%. Seagate Technology’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.99 EPS. analysts expect that Seagate Technology will post 4 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 3rd. Investors of record on Wednesday, December 20th were given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 5.87%. The ex-dividend date was Tuesday, December 19th. Seagate Technology’s dividend payout ratio is currently 95.09%.

In related news, insider Philip G. Brace sold 5,403 shares of the company’s stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $36.79, for a total transaction of $198,776.37. Following the sale, the insider now directly owns 33,069 shares of the company’s stock, valued at approximately $1,216,608.51. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Dambisa F. Moyo sold 8,715 shares of the company’s stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $39.01, for a total value of $339,972.15. Following the sale, the director now directly owns 3,316 shares in the company, valued at $129,357.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 42,481 shares of company stock worth $1,655,011. Corporate insiders own 0.87% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of STX. Schwab Charles Investment Management Inc. increased its position in Seagate Technology by 5.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,067,976 shares of the data storage provider’s stock worth $41,385,000 after buying an additional 54,479 shares during the period. State Board of Administration of Florida Retirement System increased its position in Seagate Technology by 32.7% in the second quarter. State Board of Administration of Florida Retirement System now owns 28,982 shares of the data storage provider’s stock worth $1,123,000 after buying an additional 7,140 shares during the period. Pacer Advisors Inc. acquired a new stake in Seagate Technology in the second quarter worth $150,000. Neuberger Berman Group LLC increased its position in Seagate Technology by 0.3% in the second quarter. Neuberger Berman Group LLC now owns 48,218 shares of the data storage provider’s stock worth $1,868,000 after buying an additional 152 shares during the period. Finally, Principal Financial Group Inc. increased its position in Seagate Technology by 3.9% in the second quarter. Principal Financial Group Inc. now owns 433,923 shares of the data storage provider’s stock worth $16,815,000 after buying an additional 16,388 shares during the period. 91.30% of the stock is currently owned by hedge funds and other institutional investors.

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About Seagate Technology

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.

To view Vetr’s full report, visit Vetr’s official website.

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