Trading Report: The Seagate Technology PLC (STX) Upgraded to “Neutral” by JPMorgan Chase & Co.

The Seagate Technology PLC (STX) Upgraded to “Neutral” by JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Seagate Technology PLC (NASDAQ:STX) from an underweight rating to a neutral rating in a research note issued to investors on Tuesday morning. They currently have $38.00 price target on the data storage provider’s stock, up from their prior price target of $20.00.

STX has been the subject of a number of other reports. Craig Hallum upped their price objective on shares of Seagate Technology PLC from $37.00 to $50.00 and gave the stock a buy rating in a research report on Wednesday, September 7th. Zacks Investment Research raised shares of Seagate Technology PLC from a hold rating to a buy rating and set a $43.00 target price on the stock in a report on Wednesday, October 5th. Vetr raised shares of Seagate Technology PLC from a strong sell rating to a sell rating and set a $31.33 target price on the stock in a report on Tuesday, September 6th. Bank of America Corp. reissued a sell rating and set a $28.00 target price on shares of Seagate Technology PLC in a report on Tuesday, September 13th. Finally, Royal Bank Of Canada boosted their target price on shares of Seagate Technology PLC from $34.00 to $40.00 and gave the stock a sector perform rating in a report on Monday, October 3rd. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $38.06.

Shares of Seagate Technology PLC (NASDAQ:STX) traded up 0.9125% during mid-day trading on Tuesday, reaching $35.4203. 1,751,451 shares of the company’s stock traded hands. Seagate Technology PLC has a 52 week low of $18.42 and a 52 week high of $49.26. The company’s 50 day moving average is $35.95 and its 200-day moving average is $28.99. The firm has a market cap of $10.63 billion, a price-to-earnings ratio of 43.1955 and a beta of 2.50.

Seagate Technology PLC (NASDAQ:STX) last released its quarterly earnings data on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.09. The business earned $2.65 billion during the quarter, compared to analysts’ expectations of $2.32 billion. Seagate Technology PLC had a net margin of 2.22% and a return on equity of 38.98%. The firm’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.77 EPS. Equities analysts expect that Seagate Technology PLC will post $3.04 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Saturday, October 15th. Investors of record on Wednesday, September 21st will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Monday, September 19th. This represents a $2.52 annualized dividend and a yield of 7.18%. Seagate Technology PLC’s payout ratio is currently 307.32%.

In related news, Director Frank Biondi sold 1,251 shares of the stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $32.45, for a total transaction of $40,594.95. Following the completion of the transaction, the director now owns 6,433 shares in the company, valued at $208,750.85. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO David H. Morton, Jr. sold 1,716 shares of the stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $36.16, for a total transaction of $62,050.56. Following the transaction, the chief financial officer now owns 20,782 shares of the company’s stock, valued at approximately $751,477.12. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.

A number of institutional investors have recently bought and sold shares of STX. British Columbia Investment Management Corp raised its position in Seagate Technology PLC by 37.3% in the third quarter. British Columbia Investment Management Corp now owns 116,581 shares of the data storage provider’s stock valued at $4,494,000 after buying an additional 31,673 shares during the last quarter. Oregon Public Employees Retirement Fund raised its position in Seagate Technology PLC by 192.2% in the third quarter. Oregon Public Employees Retirement Fund now owns 154,687 shares of the data storage provider’s stock valued at $5,963,000 after buying an additional 101,750 shares during the last quarter. First Mercantile Trust Co. raised its position in Seagate Technology PLC by 118.3% in the third quarter. First Mercantile Trust Co. now owns 38,753 shares of the data storage provider’s stock valued at $1,494,000 after buying an additional 21,000 shares during the last quarter. Foundry Partners LLC bought a new position in Seagate Technology PLC during the third quarter valued at $4,769,000. Finally, BNP Paribas Arbitrage SA raised its position in Seagate Technology PLC by 7.9% in the third quarter. BNP Paribas Arbitrage SA now owns 378,910 shares of the data storage provider’s stock valued at $14,607,000 after buying an additional 27,813 shares during the last quarter. Institutional investors own 83.86% of the company’s stock.

Seagate Technology PLC Company Profile

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