Seagate Technology (NASDAQ:STX) Downgraded by Craig Hallum

Craig Hallum lowered shares of Seagate Technology (NASDAQ:STX) from a buy rating to a hold rating in a research report released on Friday, The Fly reports. The firm currently has $56.00 target price on the data storage provider’s stock.

A number of other brokerages have also recently issued reports on STX. Cleveland Research began coverage on shares of Seagate Technology in a report on Friday, June 7th. They issued a hold rating for the company. Barclays upped their price objective on shares of Seagate Technology from $37.00 to $40.00 and gave the stock an underweight rating in a report on Friday. BidaskClub upgraded shares of Seagate Technology from a hold rating to a buy rating in a report on Tuesday, September 10th. FBN Securities upped their price objective on shares of Seagate Technology from $55.00 to $60.00 in a report on Thursday. Finally, Benchmark reiterated a buy rating and issued a $55.00 price objective (down from $57.00) on shares of Seagate Technology in a report on Monday, August 5th. Five research analysts have rated the stock with a sell rating, sixteen have given a hold rating and six have issued a buy rating to the company. Seagate Technology presently has a consensus rating of Hold and an average price target of $47.90.

Shares of NASDAQ:STX opened at $52.40 on Friday. The stock has a market capitalization of $13.98 billion, a PE ratio of 10.87, a P/E/G ratio of 10.17 and a beta of 1.65. Seagate Technology has a 1 year low of $35.38 and a 1 year high of $57.20. The firm has a fifty day moving average price of $49.18 and a 200 day moving average price of $47.38. The company has a current ratio of 1.95, a quick ratio of 1.52 and a debt-to-equity ratio of 1.97.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Friday, August 2nd. The data storage provider reported $0.86 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.03. The firm had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.33 billion. Seagate Technology had a net margin of 19.36% and a return on equity of 72.07%. Seagate Technology’s revenue for the quarter was down 16.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.62 earnings per share. On average, sell-side analysts forecast that Seagate Technology will post 4.3 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 9th. Shareholders of record on Wednesday, September 25th will be given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 4.81%. The ex-dividend date is Tuesday, September 24th. Seagate Technology’s dividend payout ratio is 52.28%.

In other Seagate Technology news, Director Stephen J. Luczo sold 5,000 shares of the business’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $55.29, for a total transaction of $276,450.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William D. Mosley sold 90,000 shares of the business’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $54.31, for a total transaction of $4,887,900.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 120,000 shares of company stock valued at $6,344,500. Company insiders own 1.12% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Redwood Investment Management LLC raised its position in shares of Seagate Technology by 41.4% during the first quarter. Redwood Investment Management LLC now owns 26,569 shares of the data storage provider’s stock valued at $1,272,000 after buying an additional 7,784 shares during the last quarter. CWM Advisors LLC raised its position in shares of Seagate Technology by 11.2% during the second quarter. CWM Advisors LLC now owns 17,123 shares of the data storage provider’s stock valued at $807,000 after buying an additional 1,729 shares during the last quarter. Buckingham Asset Management LLC raised its position in shares of Seagate Technology by 80.4% during the second quarter. Buckingham Asset Management LLC now owns 10,316 shares of the data storage provider’s stock valued at $486,000 after buying an additional 4,598 shares during the last quarter. Horizon Investments LLC acquired a new position in shares of Seagate Technology during the first quarter valued at about $287,000. Finally, Advisory Services Network LLC raised its position in shares of Seagate Technology by 13.5% during the second quarter. Advisory Services Network LLC now owns 16,021 shares of the data storage provider’s stock valued at $755,000 after buying an additional 1,903 shares during the last quarter. 83.61% of the stock is owned by institutional investors and hedge funds.

About Seagate Technology

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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