Seagate Technology PLC (STX) Receives Consensus Recommendation of “Hold” from Brokerages

Seagate Technology PLC (NASDAQ:STX) has received a consensus rating of “Hold” from the thirty ratings firms that are covering the company, Marketbeat reports. Four research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and six have issued a buy rating on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $52.22.

Several research firms recently commented on STX. ValuEngine lowered shares of Seagate Technology from a “buy” rating to a “hold” rating in a report on Thursday, June 7th. BidaskClub lowered shares of Seagate Technology from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 25th. Goldman Sachs Group set a $39.00 price objective on shares of Seagate Technology and gave the company a “sell” rating in a research note on Wednesday, September 12th. Royal Bank of Canada reiterated a “hold” rating and set a $62.00 price objective on shares of Seagate Technology in a research note on Monday, July 30th. Finally, Zacks Investment Research lowered shares of Seagate Technology from a “buy” rating to a “hold” rating in a research note on Monday, July 16th.

NASDAQ STX traded up $0.26 during mid-day trading on Friday, hitting $49.28. The company’s stock had a trading volume of 8,316,897 shares, compared to its average volume of 4,007,923. Seagate Technology has a 52-week low of $32.41 and a 52-week high of $62.70. The company has a debt-to-equity ratio of 2.59, a quick ratio of 1.02 and a current ratio of 1.35. The firm has a market capitalization of $14.19 billion, a price-to-earnings ratio of 8.94, a PEG ratio of 0.63 and a beta of 1.72.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Monday, July 30th. The data storage provider reported $1.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.45 by $0.17. Seagate Technology had a net margin of 10.57% and a return on equity of 120.71%. The firm had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.80 billion. During the same quarter last year, the firm posted $0.65 earnings per share. Seagate Technology’s revenue for the quarter was up 17.8% compared to the same quarter last year. sell-side analysts forecast that Seagate Technology will post 6.3 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 3rd. Stockholders of record on Wednesday, September 19th will be given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 5.11%. The ex-dividend date of this dividend is Tuesday, September 18th. Seagate Technology’s payout ratio is currently 45.74%.

In related news, Director Holdings L.P. Valueact purchased 581,291 shares of the firm’s stock in a transaction dated Thursday, August 9th. The stock was acquired at an average price of $51.36 per share, with a total value of $29,855,105.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Valueact Capital Master Fund, purchased 946,000 shares of the firm’s stock in a transaction dated Thursday, August 2nd. The shares were bought at an average cost of $52.78 per share, with a total value of $49,929,880.00. The disclosure for this purchase can be found here. In the last three months, insiders have bought 6,207,648 shares of company stock valued at $322,103,805 and have sold 46,086 shares valued at $2,529,660. 1.00% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in the company. ValueAct Holdings L.P. grew its position in shares of Seagate Technology by 4.4% during the second quarter. ValueAct Holdings L.P. now owns 22,404,700 shares of the data storage provider’s stock worth $1,265,194,000 after buying an additional 946,100 shares in the last quarter. BlackRock Inc. grew its position in shares of Seagate Technology by 2.0% during the second quarter. BlackRock Inc. now owns 19,515,088 shares of the data storage provider’s stock worth $1,102,017,000 after buying an additional 383,002 shares in the last quarter. Northern Trust Corp grew its position in shares of Seagate Technology by 5.6% during the second quarter. Northern Trust Corp now owns 3,384,188 shares of the data storage provider’s stock worth $191,105,000 after buying an additional 180,301 shares in the last quarter. Morgan Stanley grew its position in shares of Seagate Technology by 81.0% during the second quarter. Morgan Stanley now owns 2,691,882 shares of the data storage provider’s stock worth $152,011,000 after buying an additional 1,204,618 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in Seagate Technology by 1.3% in the second quarter. Wells Fargo & Company MN now owns 2,101,239 shares of the data storage provider’s stock worth $118,656,000 after purchasing an additional 27,963 shares during the period. 83.13% of the stock is owned by institutional investors and hedge funds.

Seagate Technology Company Profile

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It manufactures and distributes hard disk drives; solid state drives (SSDs), including serial attached small computer system interface and non-volatile memory express SSDs; solid state hybrid drives; and storage subsystems.

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Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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