Seagate Technology’s (STX) Hold Rating Reaffirmed at Maxim Group

Maxim Group reissued their hold rating on shares of Seagate Technology (NASDAQ:STX) in a research note published on Tuesday morning, Marketbeat.com reports. Maxim Group currently has a $44.00 price objective on the data storage provider’s stock, up from their prior price objective of $43.00.

A number of other equities research analysts have also issued reports on the stock. Royal Bank of Canada increased their price objective on shares of Seagate Technology to $48.00 and gave the company a sector perform rating in a report on Tuesday. Loop Capital reaffirmed a buy rating and set a $55.00 price objective on shares of Seagate Technology in a report on Tuesday. They noted that the move was a valuation call. Cowen increased their price objective on shares of Seagate Technology from $39.00 to $47.00 and gave the company a market perform rating in a report on Tuesday. Zacks Investment Research raised shares of Seagate Technology from a hold rating to a buy rating and set a $48.00 price objective for the company in a report on Friday, January 5th. Finally, Vetr downgraded Seagate Technology from a buy rating to a hold rating and set a $44.36 target price for the company. in a research report on Wednesday, January 3rd. Four research analysts have rated the stock with a sell rating, twenty-two have given a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $43.39.

Shares of Seagate Technology (NASDAQ STX) traded up $1.94 on Tuesday, reaching $49.01. 6,246,500 shares of the company’s stock were exchanged, compared to its average volume of 6,919,800. The company has a debt-to-equity ratio of 4.03, a quick ratio of 1.55 and a current ratio of 1.96. Seagate Technology has a twelve month low of $30.60 and a twelve month high of $50.96. The stock has a market cap of $14,890.00, a price-to-earnings ratio of 18.56, a P/E/G ratio of 0.57 and a beta of 1.68.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Monday, October 23rd. The data storage provider reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.10. Seagate Technology had a net margin of 7.41% and a return on equity of 84.50%. The business had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same period last year, the firm posted $0.99 EPS. The company’s revenue was down 5.9% on a year-over-year basis. equities research analysts expect that Seagate Technology will post 4 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 3rd. Investors of record on Wednesday, December 20th were given a $0.63 dividend. The ex-dividend date was Tuesday, December 19th. This represents a $2.52 dividend on an annualized basis and a yield of 5.14%. Seagate Technology’s dividend payout ratio is presently 95.45%.

In related news, Director Dambisa F. Moyo sold 8,715 shares of the firm’s stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $39.01, for a total value of $339,972.15. Following the completion of the sale, the director now directly owns 3,316 shares in the company, valued at $129,357.16. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Philip G. Brace sold 12,000 shares of the firm’s stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $46.44, for a total value of $557,280.00. Following the completion of the sale, the insider now owns 27,069 shares of the company’s stock, valued at $1,257,084.36. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 194,744 shares of company stock valued at $9,075,320. 0.87% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of STX. Vanguard Group Inc. increased its stake in Seagate Technology by 7.4% in the second quarter. Vanguard Group Inc. now owns 33,412,003 shares of the data storage provider’s stock worth $1,294,716,000 after purchasing an additional 2,292,075 shares during the period. ValueAct Holdings L.P. increased its stake in Seagate Technology by 55.3% in the third quarter. ValueAct Holdings L.P. now owns 21,458,600 shares of the data storage provider’s stock worth $711,782,000 after purchasing an additional 7,642,835 shares during the period. BlackRock Inc. increased its stake in Seagate Technology by 1.4% in the second quarter. BlackRock Inc. now owns 18,592,514 shares of the data storage provider’s stock worth $720,459,000 after purchasing an additional 256,005 shares during the period. APG Asset Management N.V. increased its stake in Seagate Technology by 4.2% in the third quarter. APG Asset Management N.V. now owns 3,392,370 shares of the data storage provider’s stock worth $112,525,000 after purchasing an additional 135,300 shares during the period. Finally, First Trust Advisors LP increased its stake in Seagate Technology by 28.5% in the third quarter. First Trust Advisors LP now owns 3,044,778 shares of the data storage provider’s stock worth $100,995,000 after purchasing an additional 674,442 shares during the period. Institutional investors own 91.32% of the company’s stock.

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Seagate Technology 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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