Seagate Technology (NASDAQ:STX) PT Lowered to $54.00

Seagate Technology (NASDAQ:STX) had its price objective cut by Mizuho from $56.00 to $54.00 in a research note issued to investors on Friday, The Fly reports. They currently have a neutral rating on the data storage provider’s stock.

STX has been the subject of a number of other research reports. Cross Research lowered Seagate Technology from a buy rating to a hold rating in a research report on Wednesday, July 29th. Morgan Stanley upped their price target on shares of Seagate Technology from $55.00 to $61.00 and gave the company an overweight rating in a research report on Tuesday, October 13th. Northland Securities initiated coverage on shares of Seagate Technology in a research report on Tuesday, September 15th. They set an outperform rating and a $65.00 price target for the company. Zacks Investment Research raised shares of Seagate Technology from a sell rating to a hold rating and set a $52.00 price target for the company in a research report on Friday, September 18th. Finally, Rosenblatt Securities reaffirmed a buy rating on shares of Seagate Technology in a research report on Thursday, September 17th. Five research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eight have issued a buy rating to the company’s stock. Seagate Technology presently has a consensus rating of Hold and a consensus price target of $53.35.

Shares of NASDAQ:STX opened at $48.96 on Friday. Seagate Technology has a fifty-two week low of $39.02 and a fifty-two week high of $64.17. The business has a 50-day simple moving average of $49.26 and a two-hundred day simple moving average of $48.88. The company has a debt-to-equity ratio of 2.33, a quick ratio of 1.09 and a current ratio of 1.51. The firm has a market cap of $12.56 billion, a price-to-earnings ratio of 12.88, a price-to-earnings-growth ratio of 9.93 and a beta of 0.96.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Thursday, October 22nd. The data storage provider reported $0.93 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.17. Seagate Technology had a return on equity of 68.62% and a net margin of 9.55%. The business had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the previous year, the firm earned $1.03 EPS. Seagate Technology’s revenue was down 10.2% on a year-over-year basis. As a group, research analysts predict that Seagate Technology will post 4.34 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 6th. Shareholders of record on Wednesday, December 23rd will be paid a $0.67 dividend. This represents a $2.68 annualized dividend and a yield of 5.47%. This is an increase from Seagate Technology’s previous quarterly dividend of $0.65. The ex-dividend date is Tuesday, December 22nd. Seagate Technology’s dividend payout ratio is presently 56.89%.

In other news, Director Stephen J. Luczo sold 56,000 shares of the stock in a transaction that occurred on Thursday, October 8th. The stock was sold at an average price of $51.00, for a total transaction of $2,856,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stephen J. Luczo sold 7,000 shares of the stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $52.49, for a total value of $367,430.00. The disclosure for this sale can be found here. Insiders sold a total of 79,698 shares of company stock valued at $4,020,593 over the last 90 days. 0.97% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. LSV Asset Management boosted its position in shares of Seagate Technology by 4.0% during the 2nd quarter. LSV Asset Management now owns 5,616,981 shares of the data storage provider’s stock valued at $271,918,000 after acquiring an additional 218,082 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Seagate Technology by 3.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,095,724 shares of the data storage provider’s stock valued at $149,863,000 after buying an additional 105,362 shares during the period. Morgan Stanley raised its holdings in Seagate Technology by 7.2% during the 1st quarter. Morgan Stanley now owns 2,691,949 shares of the data storage provider’s stock valued at $131,367,000 after buying an additional 179,638 shares during the period. Prudential PLC raised its holdings in Seagate Technology by 33.9% during the 2nd quarter. Prudential PLC now owns 1,860,801 shares of the data storage provider’s stock valued at $90,081,000 after buying an additional 471,500 shares during the period. Finally, ANTIPODES PARTNERS Ltd raised its holdings in Seagate Technology by 21.9% during the 2nd quarter. ANTIPODES PARTNERS Ltd now owns 1,716,356 shares of the data storage provider’s stock valued at $83,088,000 after buying an additional 308,185 shares during the period. Hedge funds and other institutional investors own 83.24% of the company’s stock.

About Seagate Technology

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company offers hard disk and solid state drives, including serial advanced technology attachment, serial attached SCSI, and non-volatile memory express products; solid state hybrid drives; and storage subsystems.

Recommended Story: What’s a Black Swan?

The Fly

Analyst Recommendations for Seagate Technology (NASDAQ:STX)

Receive News & Ratings for Seagate Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Seagate Technology and related companies with MarketBeat.com's FREE daily email newsletter.