Seagate Technology (STX) Lowered to Buy at Vetr
Vetr downgraded shares of Seagate Technology (NASDAQ:STX) from a strong-buy rating to a buy rating in a research report released on Tuesday morning. The firm currently has $45.46 price objective on the data storage provider’s stock.
STX has been the topic of several other reports. Cowen reiterated a hold rating and set a $36.00 target price on shares of Seagate Technology in a research report on Friday, October 13th. BidaskClub downgraded Seagate Technology from a strong-buy rating to a buy rating in a research report on Saturday, December 2nd. Jefferies Group set a $29.00 target price on Seagate Technology and gave the stock a hold rating in a research report on Sunday, October 15th. Mizuho reiterated a hold rating and set a $36.00 target price on shares of Seagate Technology in a research report on Monday, October 9th. Finally, Barclays increased their target price on Seagate Technology from $29.00 to $32.00 and gave the stock an underweight rating in a research report on Tuesday, October 24th. Four research analysts have rated the stock with a sell rating, twenty-two have given a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. The company has a consensus rating of Hold and an average price target of $41.53.
Shares of Seagate Technology (STX) opened at $42.12 on Tuesday. The company has a debt-to-equity ratio of 4.03, a current ratio of 1.96 and a quick ratio of 1.55. Seagate Technology has a 12-month low of $30.60 and a 12-month high of $50.96. The stock has a market capitalization of $11,714.51, a price-to-earnings ratio of 9.90, a PEG ratio of 0.54 and a beta of 1.67.
Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Monday, October 23rd. The data storage provider reported $0.96 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.10. Seagate Technology had a return on equity of 84.50% and a net margin of 7.41%. The business had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same period in the prior year, the business earned $0.99 earnings per share. The business’s revenue was down 5.9% on a year-over-year basis. sell-side analysts anticipate that Seagate Technology will post 3.99 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 3rd. Stockholders of record on Wednesday, December 20th will be issued a $0.63 dividend. The ex-dividend date is Tuesday, December 19th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 5.98%. Seagate Technology’s dividend payout ratio (DPR) is 95.09%.
In related news, insider Jeffrey D. Nygaard bought 5,000 shares of the stock in a transaction dated Friday, October 27th. The stock was acquired at an average price of $37.38 per share, for a total transaction of $186,900.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Edward J. Zander sold 15,089 shares of the stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $38.79, for a total value of $585,302.31. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,481 shares of company stock worth $1,655,011. Company insiders own 0.87% of the company’s stock.
Several hedge funds have recently bought and sold shares of STX. WFG Advisors LP grew its stake in shares of Seagate Technology by 16,536.4% in the second quarter. WFG Advisors LP now owns 3,660 shares of the data storage provider’s stock valued at $142,000 after buying an additional 3,638 shares in the last quarter. Balentine LLC grew its stake in shares of Seagate Technology by 56.8% in the third quarter. Balentine LLC now owns 4,471 shares of the data storage provider’s stock valued at $148,000 after buying an additional 1,619 shares in the last quarter. Pacer Advisors Inc. acquired a new stake in shares of Seagate Technology in the second quarter valued at about $150,000. SpiderRock Advisors LLC grew its stake in shares of Seagate Technology by 2,419.5% in the third quarter. SpiderRock Advisors LLC now owns 5,568 shares of the data storage provider’s stock valued at $184,000 after buying an additional 5,347 shares in the last quarter. Finally, Putnam FL Investment Management Co. acquired a new stake in shares of Seagate Technology in the third quarter valued at about $215,000. Institutional investors and hedge funds own 91.76% of the company’s stock.
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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.
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