Seagate Technology (NASDAQ:STX) Rating Increased to Buy at Benchmark

Benchmark upgraded shares of Seagate Technology (NASDAQ:STX) from a hold rating to a buy rating in a report issued on Friday, Anlyst Ratings reports. The firm currently has $60.00 price target on the data storage provider’s stock.

Several other equities analysts also recently weighed in on STX. Summit Insights upgraded Seagate Technology from a sell rating to a hold rating in a research report on Wednesday, July 29th. Cowen reduced their price objective on Seagate Technology from $50.00 to $44.00 and set a market perform rating on the stock in a research report on Wednesday, July 29th. Wells Fargo & Company reduced their price objective on Seagate Technology from $55.00 to $50.00 and set an equal weight rating on the stock in a research report on Wednesday, July 29th. Northland Securities began coverage on Seagate Technology in a research report on Tuesday, September 15th. They set an outperform rating and a $65.00 price objective on the stock. Finally, BidaskClub upgraded Seagate Technology from a sell rating to a hold rating in a research report on Thursday, September 17th. Five equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have assigned a buy rating to the company’s stock. Seagate Technology has a consensus rating of Hold and a consensus price target of $53.35.

NASDAQ STX opened at $48.96 on Friday. The company has a market cap of $12.56 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 9.93 and a beta of 0.96. The stock’s 50 day simple moving average is $49.26 and its 200-day simple moving average is $48.88. Seagate Technology has a 1-year low of $39.02 and a 1-year high of $64.17. The company has a debt-to-equity ratio of 2.33, a current ratio of 1.51 and a quick ratio of 1.09.

Seagate Technology (NASDAQ:STX) last released its earnings results on Thursday, October 22nd. The data storage provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.17. The business had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.36 billion. Seagate Technology had a return on equity of 68.62% and a net margin of 9.55%. The business’s quarterly revenue was down 10.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.03 earnings per share. On average, equities research analysts anticipate that Seagate Technology will post 4.34 EPS for the current fiscal year.

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

In other news, Director Stephen J. Luczo sold 56,000 shares of Seagate Technology stock in a transaction on Thursday, October 8th. The stock was sold at an average price of $51.00, for a total value of $2,856,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stephen J. Luczo sold 7,000 shares of Seagate Technology stock in a transaction 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 79,698 shares of company stock valued at $4,020,593 over the last ninety days. Insiders own 0.97% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of STX. Public Employees Retirement Association of Colorado grew its stake in Seagate Technology by 5.8% during the 1st quarter. Public Employees Retirement Association of Colorado now owns 33,204 shares of the data storage provider’s stock worth $1,620,000 after purchasing an additional 1,822 shares in the last quarter. Nuveen Asset Management LLC grew its stake in Seagate Technology by 12.7% during the 1st quarter. Nuveen Asset Management LLC now owns 66,311 shares of the data storage provider’s stock worth $3,236,000 after purchasing an additional 7,459 shares in the last quarter. AXA grew its stake in Seagate Technology by 68.3% during the 1st quarter. AXA now owns 574,435 shares of the data storage provider’s stock worth $28,033,000 after purchasing an additional 233,188 shares in the last quarter. Ameritas Investment Company LLC acquired a new position in Seagate Technology during the 1st quarter worth $42,000. Finally, Advisor Group Holdings Inc. acquired a new position in Seagate Technology during the 1st quarter worth $4,222,000. 83.24% 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. 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.

See Also: What is the definition of market timing?

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.