Seagate (NYSE:STX)‘s stock had its “neutral” rating reiterated by Zacks in a report issued on Monday, Stock Ratings Network.com reports. They currently have a $43.00 price objective on the stock. Zacks‘ price target would suggest a potential upside of 6.70% from the stock’s previous close.
Zacks‘ analyst wrote, “Seagate reported mixed fourth-quarter results, with revenues decreasing substantially and earnings per share exceeding the Zacks consensus. The lack of visibility in the HDD industry and declining price environment are also concerns for the company. Despite the ongoing cost control measures, the company has not been able to support its margins. Although the cash position of the company improved, but the debt position declined. Moreover, Seagate is coming up with new products to cater to new customers and penetrate new markets with customized products. Seagate also has a significant exposure to high-end corporate desktop and enterprise server markets, compared with its rival Western Digital Corp. The company has a Neutral recommendation. “
Shares of Seagate (NYSE: STX) opened at 40.30 on Monday. Seagate has a 52 week low of $24.90 and a 52 week high of $47.82. The stock’s 50-day moving average is currently $44.55. The company has a market cap of $14.468 billion and a P/E ratio of 8.38.
Seagate (NYSE:STX) last released its earnings data on Wednesday, July 24th. The company reported $1.20 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.18 by $0.02. The company had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.42 billion. During the same quarter in the prior year, the company posted $2.41 earnings per share. The company’s quarterly revenue was down 23.6% on a year-over-year basis. Analysts expect that Seagate will post $5.38 EPS for the current fiscal year.
A number of other firms have also recently commented on STX. Analysts at BMO Capital Markets cut their price target on shares of Seagate from $49.00 to $48.00 in a research note to investors on Thursday, July 25th. They now have a “market perform” rating on the stock. Separately, analysts at Bank of America Corp. reiterated a “neutral” rating on shares of Seagate in a research note to investors on Thursday, July 25th. They now have a $47.00 price target on the stock, down previously from $49.00. Finally, analysts at RBC Capital raised their price target on shares of Seagate from $38.00 to $44.00 in a research note to investors on Thursday, July 25th. They now have a “sector perform” rating on the stock.
Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seven have issued a buy rating to the stock. Seagate currently has an average rating of “Hold” and a consensus price target of $48.93.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, August 21st. Stockholders of record on Wednesday, August 7th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.77%. The ex-dividend date is Monday, August 5th.
Seagate Technology plc (NYSE: STX) is the provider of electronic data storage products.
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