An issue of Seagate Technology PLC (NASDAQ:STX) debt fell 1% against its face value during trading on Tuesday. The high-yield debt issue has a 4.875% coupon and is set to mature on June 1, 2027. The debt is now trading at $95.38 and was trading at $95.63 last week. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.
Several analysts have recently issued reports on STX shares. Citigroup boosted their price target on shares of Seagate Technology from $56.00 to $60.00 and gave the company a “neutral” rating in a research report on Friday. UBS Group set a $43.00 price target on shares of Seagate Technology and gave the company a “sell” rating in a research report on Tuesday, March 6th. Vetr lowered shares of Seagate Technology from a “buy” rating to a “hold” rating and set a $56.12 price target on the stock. in a research report on Thursday, March 1st. Stifel Nicolaus reissued a “hold” rating and issued a $49.00 price target on shares of Seagate Technology in a research report on Thursday, February 22nd. Finally, Robert W. Baird boosted their price target on shares of Seagate Technology from $40.00 to $48.00 and gave the company a “neutral” rating in a research report on Tuesday, January 30th. Four investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $50.60.
Shares of Seagate Technology PLC (STX) traded down $0.53 during trading on Tuesday, hitting $59.68. 4,364,660 shares of the stock were exchanged, compared to its average volume of 5,116,225. Seagate Technology PLC has a 12 month low of $30.60 and a 12 month high of $61.19. The stock has a market cap of $17,000.00, a PE ratio of 27.25, a price-to-earnings-growth ratio of 0.79 and a beta of 1.84. The company has a quick ratio of 1.25, a current ratio of 1.58 and a debt-to-equity ratio of 4.07.
Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Monday, January 29th. The data storage provider reported $1.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.39 by $0.09. The business had revenue of $2.91 billion during the quarter, compared to analysts’ expectations of $2.86 billion. Seagate Technology had a net margin of 6.10% and a return on equity of 93.35%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.38 EPS. analysts predict that Seagate Technology PLC will post 4.87 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 4th. Shareholders of record on Wednesday, March 21st will be given a dividend of $0.63 per share. The ex-dividend date is Tuesday, March 20th. This represents a $2.52 annualized dividend and a yield of 4.22%. Seagate Technology’s payout ratio is currently 115.07%.
In other Seagate Technology news, CFO David H. Morton, Jr. sold 40,263 shares of the company’s stock in a transaction on Monday, January 8th. The shares were sold at an average price of $48.78, for a total value of $1,964,029.14. Following the completion of the transaction, the chief financial officer now directly owns 65,824 shares in the company, valued at approximately $3,210,894.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Chong Sup Park sold 4,026 shares of the company’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $54.22, for a total transaction of $218,289.72. Following the completion of the transaction, the director now owns 8,715 shares of the company’s stock, valued at $472,527.30. The disclosure for this sale can be found here. Insiders have sold a total of 810,048 shares of company stock valued at $43,459,301 in the last three months. 0.87% of the stock is currently owned by corporate insiders.
Several institutional investors have recently modified their holdings of the stock. Envestnet Asset Management Inc. increased its stake in shares of Seagate Technology by 77.8% in the 4th quarter. Envestnet Asset Management Inc. now owns 186,815 shares of the data storage provider’s stock worth $7,817,000 after acquiring an additional 81,762 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Seagate Technology by 37.5% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 89,727 shares of the data storage provider’s stock valued at $3,754,000 after purchasing an additional 24,458 shares during the last quarter. Sawtooth Solutions LLC purchased a new stake in Seagate Technology during the 4th quarter valued at about $1,154,000. Schafer Cullen Capital Management Inc. purchased a new stake in Seagate Technology during the 4th quarter valued at about $264,000. Finally, HighPoint Advisor Group LLC purchased a new stake in Seagate Technology during the 4th quarter valued at about $457,000. Institutional investors own 88.84% of the company’s stock.
Seagate Technology Company Profile
Seagate Technology public limited company is a provider of electronic data storage technology and solutions. The Company’s principal products are hard disk drives (HDDs). In addition to HDDs, it produces a range of electronic data storage products, including solid state hybrid drives, solid state drives, peripheral component interconnect express (PCIe) cards and serial advanced technology architecture (SATA) controllers.
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