Zacks: Analysts Expect Seagate Technology PLC (STX) to Announce $1.15 EPS
Brokerages predict that Seagate Technology PLC (NASDAQ:STX) will announce $1.15 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Seagate Technology PLC’s earnings. The lowest EPS estimate is $1.09 and the highest is $1.31. Seagate Technology PLC reported earnings per share of $1.38 in the same quarter last year, which would indicate a negative year over year growth rate of 16.7%. The company is scheduled to announce its next earnings report on Tuesday, January 23rd.
On average, analysts expect that Seagate Technology PLC will report full year earnings of $3.98 per share for the current year, with EPS estimates ranging from $3.51 to $4.62. For the next fiscal year, analysts forecast that the business will post earnings of $4.27 per share, with EPS estimates ranging from $3.58 to $5.00. Zacks’ earnings per share averages are a mean average based on a survey of research firms that that provide coverage for Seagate Technology PLC.
Seagate Technology PLC (NASDAQ:STX) last released 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. Seagate Technology PLC had a net margin of 7.41% and a return on equity of 84.50%. The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same period in the previous year, the company earned $0.99 earnings per share. The business’s revenue for the quarter was down 5.9% on a year-over-year basis.
Several research firms have commented on STX. Vetr lowered shares of Seagate Technology PLC from a “strong-buy” rating to a “buy” rating and set a $41.39 price target on the stock. in a report on Tuesday, October 31st. BMO Capital Markets reiterated a “hold” rating and issued a $40.00 price objective on shares of Seagate Technology PLC in a research report on Monday, October 23rd. Guggenheim reiterated a “hold” rating on shares of Seagate Technology PLC in a research report on Monday, October 23rd. BidaskClub upgraded shares of Seagate Technology PLC from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 25th. Finally, Argus restated a “hold” rating and set a $40.00 price target on shares of Seagate Technology PLC in a research report on Tuesday, October 24th. Four investment analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $41.29.
In other news, insider Jeffrey D. Nygaard acquired 5,000 shares of the firm’s stock in a transaction on Friday, October 27th. The shares were purchased at an average cost of $37.38 per share, with a total value of $186,900.00. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CFO David H. Morton, Jr. sold 7,909 shares of the company’s stock in a transaction on Monday, October 23rd. The shares were sold at an average price of $40.00, for a total value of $316,360.00. Following the completion of the transaction, the chief financial officer now directly owns 25,561 shares in the company, valued at $1,022,440. The disclosure for this sale can be found here. Corporate insiders own 0.87% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. ValueAct Holdings L.P. lifted its position in shares of Seagate Technology PLC by 44.8% during the 2nd quarter. ValueAct Holdings L.P. now owns 13,815,765 shares of the data storage provider’s stock worth $535,361,000 after buying an additional 4,276,275 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Seagate Technology PLC by 7,384.8% during the 2nd quarter. Janus Henderson Group PLC now owns 2,700,947 shares of the data storage provider’s stock worth $104,662,000 after buying an additional 2,664,861 shares during the last quarter. Vanguard Group Inc. raised its position in Seagate Technology PLC by 7.4% in the second quarter. Vanguard Group Inc. now owns 33,412,003 shares of the data storage provider’s stock valued at $1,294,716,000 after purchasing an additional 2,292,075 shares during the last quarter. Schroder Investment Management Group raised its position in Seagate Technology PLC by 181.1% in the second quarter. Schroder Investment Management Group now owns 1,772,547 shares of the data storage provider’s stock valued at $68,970,000 after purchasing an additional 1,141,917 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Seagate Technology PLC by 39.4% in the third quarter. Bank of New York Mellon Corp now owns 2,896,118 shares of the data storage provider’s stock valued at $96,064,000 after purchasing an additional 817,861 shares during the last quarter. 89.82% of the stock is currently owned by institutional investors.
Seagate Technology PLC (NASDAQ:STX) opened at $37.46 on Friday. The company has a quick ratio of 1.55, a current ratio of 1.96 and a debt-to-equity ratio of 4.03. Seagate Technology PLC has a 1-year low of $30.60 and a 1-year high of $50.96. The stock has a market cap of $10,510.95, a price-to-earnings ratio of 8.88, a price-to-earnings-growth ratio of 0.48 and a beta of 1.68.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 3rd. Shareholders of record on Wednesday, December 20th will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 6.73%. The ex-dividend date is Tuesday, December 19th. Seagate Technology PLC’s payout ratio is 95.09%.
Seagate Technology PLC 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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