Seagate Technology PLC (NASDAQ:STX) Now Covered by Loop Capital

Loop Capital initiated coverage on shares of Seagate Technology PLC (NASDAQ:STX) in a report issued on Monday, July 24th, MarketBeat reports. The brokerage issued a buy rating and a $50.00 price objective on the data storage provider’s stock.

A number of other analysts have also weighed in on STX. Morgan Stanley restated an equal weight rating and set a $37.00 target price (down from $40.00) on shares of Seagate Technology PLC in a research note on Thursday, July 13th. Stifel Nicolaus restated a hold rating and set a $45.00 target price on shares of Seagate Technology PLC in a research note on Friday, July 14th. Aegis began coverage on shares of Seagate Technology PLC in a research note on Tuesday, June 13th. They set a buy rating and a $50.00 target price on the stock. Summit Redstone restated a sell rating on shares of Seagate Technology PLC in a research note on Saturday, July 22nd. Finally, Royal Bank Of Canada dropped their price target on shares of Seagate Technology PLC from $50.00 to $45.00 and set a sector perform rating on the stock in a research note on Thursday, April 27th. Four equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating, nine have given a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $42.12.

Shares of Seagate Technology PLC (NASDAQ STX) opened at 31.37 on Monday. Seagate Technology PLC has a 1-year low of $31.04 and a 1-year high of $50.96. The company has a market capitalization of $9.15 billion, a P/E ratio of 12.16 and a beta of 1.69. The firm has a 50-day moving average of $35.51 and a 200 day moving average of $42.62.

Seagate Technology PLC (NASDAQ:STX) last released its earnings results on Tuesday, July 25th. The data storage provider reported $0.65 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.99 by $0.34. Seagate Technology PLC had a return on equity of 81.87% and a net margin of 7.17%. The firm had revenue of $2.41 billion for the quarter, compared to analysts’ expectations of $2.56 billion. During the same quarter in the previous year, the company posted $0.69 earnings per share. The firm’s quarterly revenue was down 9.3% on a year-over-year basis. On average, analysts anticipate that Seagate Technology PLC will post $3.69 EPS for the current year.

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The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Shareholders of record on Wednesday, September 20th will be given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 8.03%. The ex-dividend date is Tuesday, September 19th. Seagate Technology PLC’s payout ratio is 97.67%.

In other Seagate Technology PLC news, insider Philip G. Brace bought 1,000 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were bought at an average cost of $33.34 per share, with a total value of $33,340.00. Following the transaction, the insider now directly owns 62,855 shares in the company, valued at approximately $2,095,585.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David H. Morton, Jr. sold 3,040 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $43.26, for a total value of $131,510.40. Following the completion of the sale, the chief financial officer now owns 9,063 shares of the company’s stock, valued at $392,065.38. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.

Several large investors have recently modified their holdings of the stock. Winslow Evans & Crocker Inc. increased its stake in shares of Seagate Technology PLC by 12.4% in the first quarter. Winslow Evans & Crocker Inc. now owns 2,726 shares of the data storage provider’s stock worth $125,000 after buying an additional 300 shares during the period. WFG Advisors LP increased its stake in shares of Seagate Technology PLC by 16,536.4% in the second quarter. WFG Advisors LP now owns 3,660 shares of the data storage provider’s stock worth $142,000 after buying an additional 3,638 shares during the period. Pacer Advisors Inc. purchased a new stake in shares of Seagate Technology PLC during the second quarter worth $150,000. First Quadrant L P CA purchased a new stake in shares of Seagate Technology PLC during the second quarter worth $153,000. Finally, Global X Management Co. LLC increased its stake in shares of Seagate Technology PLC by 29.2% in the first quarter. Global X Management Co. LLC now owns 3,490 shares of the data storage provider’s stock worth $160,000 after buying an additional 789 shares during the period. Institutional investors and hedge funds own 87.27% of the company’s stock.

About Seagate Technology PLC

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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