Seagate Technology (STX) Shares Up 6%

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Seagate Technology PLC (NASDAQ:STX) shares shot up 6% on Thursday . The company traded as high as $49.41 and last traded at $48.98. 4,866,879 shares were traded during trading, an increase of 34% from the average session volume of 3,629,237 shares. The stock had previously closed at $46.21.

A number of research firms have weighed in on STX. Evercore ISI reduced their target price on Seagate Technology from $40.00 to $33.00 and set an “underperform” rating for the company in a report on Monday, January 14th. BidaskClub lowered Seagate Technology from a “buy” rating to a “hold” rating in a report on Tuesday, December 18th. Morgan Stanley reduced their target price on Seagate Technology from $60.00 to $48.00 and set an “overweight” rating for the company in a report on Tuesday, February 5th. Deutsche Bank assumed coverage on Seagate Technology in a report on Thursday, December 13th. They set a “hold” rating for the company. Finally, ValuEngine raised Seagate Technology from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 2nd. Five investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and four have assigned a buy rating to the company’s stock. Seagate Technology currently has an average rating of “Hold” and an average target price of $45.50.

The company has a debt-to-equity ratio of 2.24, a current ratio of 1.60 and a quick ratio of 1.12. The firm has a market capitalization of $13.20 billion, a P/E ratio of 8.89, a PEG ratio of 5.07 and a beta of 1.65.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Monday, February 4th. The data storage provider reported $1.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.27 by $0.14. The business had revenue of $2.72 billion during the quarter, compared to analyst estimates of $2.71 billion. Seagate Technology had a return on equity of 105.74% and a net margin of 14.77%. Seagate Technology’s revenue for the quarter was down 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.48 earnings per share. On average, analysts anticipate that Seagate Technology PLC will post 4.66 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 3rd. Shareholders of record on Wednesday, March 20th will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 5.14%. The ex-dividend date of this dividend is Tuesday, March 19th. Seagate Technology’s dividend payout ratio is currently 45.74%.

In other news, insider Valueact Capital Master Fund, bought 2,225,000 shares of the business’s stock in a transaction on Friday, February 8th. The stock was acquired at an average price of $44.90 per share, with a total value of $99,902,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Holdings L.P. Valueact bought 750,000 shares of the business’s stock in a transaction on Wednesday, February 6th. The stock was purchased at an average cost of $45.68 per share, with a total value of $34,260,000.00. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 3,700,000 shares of company stock valued at $166,497,500 and sold 120,832 shares valued at $5,541,064. 1.00% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of STX. TIAA CREF Investment Management LLC lifted its position in Seagate Technology by 4.6% in the third quarter. TIAA CREF Investment Management LLC now owns 6,800 shares of the data storage provider’s stock valued at $322,000 after purchasing an additional 298 shares during the last quarter. Ontario Teachers Pension Plan Board lifted its position in Seagate Technology by 0.6% in the fourth quarter. Ontario Teachers Pension Plan Board now owns 52,100 shares of the data storage provider’s stock valued at $2,011,000 after purchasing an additional 300 shares during the last quarter. Certified Advisory Corp lifted its position in Seagate Technology by 17.5% in the fourth quarter. Certified Advisory Corp now owns 2,028 shares of the data storage provider’s stock valued at $78,000 after purchasing an additional 302 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its position in Seagate Technology by 1.1% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 36,971 shares of the data storage provider’s stock valued at $1,427,000 after purchasing an additional 400 shares during the last quarter. Finally, Cigna Investments Inc. New lifted its position in Seagate Technology by 7.9% in the fourth quarter. Cigna Investments Inc. New now owns 5,475 shares of the data storage provider’s stock valued at $211,000 after purchasing an additional 400 shares during the last quarter. 94.86% of the stock is owned by institutional investors and hedge funds.

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Seagate Technology Company Profile (NASDAQ:STX)

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It manufactures and distributes hard disk drives; solid state drives (SSDs), including serial attached small computer system interface and non-volatile memory express SSDs; solid state hybrid drives; and storage subsystems.

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