The Jefferies Group Reaffirms Buy Rating for Seagate Technology PLC (STX)

The Jefferies Group Reaffirms Buy Rating for Seagate Technology PLC (STX)

Jefferies Group reissued their buy rating on shares of Seagate Technology PLC (NASDAQ:STX) in a report released on Tuesday morning. The brokerage currently has a $44.00 price objective on the data storage provider’s stock, up from their previous price objective of $38.00.

Several other research analysts have also recently issued reports on STX. Vetr cut shares of Seagate Technology PLC from a strong-buy rating to a hold rating and set a $23.50 target price for the company. in a report on Tuesday, June 14th. Brean Capital reissued a buy rating on shares of Seagate Technology PLC in a report on Wednesday, June 15th. Royal Bank Of Canada reissued a sector perform rating and set a $24.00 target price on shares of Seagate Technology PLC in a report on Friday, June 17th. BMO Capital Markets reissued a market perform rating on shares of Seagate Technology PLC in a report on Wednesday, June 22nd. Finally, Zacks Investment Research raised shares of Seagate Technology PLC from a strong sell rating to a hold rating in a report on Wednesday, June 29th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $38.35.

Seagate Technology PLC (NASDAQ:STX) opened at 35.18 on Tuesday. Seagate Technology PLC has a 12-month low of $18.42 and a 12-month high of $41.83. The company has a market cap of $10.56 billion, a P/E ratio of 42.90 and a beta of 2.50. The firm’s 50 day moving average is $36.14 and its 200 day moving average is $29.07.

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

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, October 15th. Shareholders of record on Wednesday, September 21st will be given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 7.16%. The ex-dividend date of this dividend is Monday, September 19th. Seagate Technology PLC’s dividend payout ratio is presently 307.32%.

In other news, Director Frank Biondi sold 1,251 shares of the company’s stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $32.45, for a total value of $40,594.95. Following the completion of the transaction, the director now owns 6,433 shares in the company, valued at approximately $208,750.85. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO David H. Morton, Jr. sold 1,716 shares of the company’s stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $36.16, for a total transaction of $62,050.56. Following the completion of 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. 1.50% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Aperio Group LLC boosted its position in shares of Seagate Technology PLC by 20.7% in the first quarter. Aperio Group LLC now owns 77,513 shares of the data storage provider’s stock valued at $2,670,000 after buying an additional 13,282 shares during the last quarter. Nisa Investment Advisors L.L.C. boosted its position in shares of Seagate Technology PLC by 6.8% in the first quarter. Nisa Investment Advisors L.L.C. now owns 20,350 shares of the data storage provider’s stock valued at $701,000 after buying an additional 1,300 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new position in shares of Seagate Technology PLC during the first quarter valued at about $214,000. TIAA CREF Investment Management LLC boosted its position in shares of Seagate Technology PLC by 2.1% in the first quarter. TIAA CREF Investment Management LLC now owns 103,276 shares of the data storage provider’s stock valued at $3,558,000 after buying an additional 2,145 shares during the last quarter. Finally, Teachers Advisors Inc. boosted its position in shares of Seagate Technology PLC by 1.4% in the first quarter. Teachers Advisors Inc. now owns 49,446 shares of the data storage provider’s stock valued at $1,703,000 after buying an additional 694 shares during the last quarter. Institutional investors and hedge funds own 83.86% of the company’s stock.

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