Seagate Technology (NASDAQ:STX) Earns “Hold” Rating from Royal Bank of Canada

Royal Bank of Canada reissued their hold rating on shares of Seagate Technology (NASDAQ:STX) in a research report released on Thursday morning, AnalystRatings.com reports. The brokerage currently has a $48.00 price objective on the data storage provider’s stock.

A number of other research firms have also recently weighed in on STX. Cross Research cut shares of Seagate Technology from a buy rating to a hold rating in a report on Wednesday. Deutsche Bank raised their price target on shares of Seagate Technology from $50.00 to $52.00 and gave the company a hold rating in a research note on Thursday, April 23rd. Sanford C. Bernstein started coverage on Seagate Technology in a research report on Tuesday, July 14th. They set a market perform rating and a $45.00 price objective for the company. ValuEngine cut Seagate Technology from a sell rating to a strong sell rating in a research report on Thursday, July 2nd. Finally, Susquehanna Bancshares reiterated a sell rating and set a $33.00 price target on shares of Seagate Technology in a research report on Wednesday. Seven research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $53.00.

Shares of NASDAQ STX opened at $45.22 on Thursday. The company has a quick ratio of 1.08, a current ratio of 1.51 and a debt-to-equity ratio of 2.33. The firm’s 50-day moving average price is $48.53 and its two-hundred day moving average price is $50.95. Seagate Technology has a 52-week low of $39.02 and a 52-week high of $64.17. The stock has a market capitalization of $11.60 billion, a P/E ratio of 9.68, a P/E/G ratio of 7.04 and a beta of 1.03.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, July 28th. The data storage provider reported $1.20 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.20. The business had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.62 billion. Seagate Technology had a return on equity of 68.62% and a net margin of 9.55%. The business’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.86 EPS. As a group, equities research analysts expect that Seagate Technology will post 5.31 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 7th. Investors of record on Wednesday, September 23rd will be issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 5.75%. The ex-dividend date of this dividend is Tuesday, September 22nd. Seagate Technology’s payout ratio is 56.89%.

In other Seagate Technology news, SVP Ban Seng Teh sold 498 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $52.80, for a total transaction of $26,294.40. Following the completion of the sale, the senior vice president now directly owns 11,197 shares of the company’s stock, valued at $591,201.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen J. Luczo sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $52.35, for a total transaction of $366,450.00. The disclosure for this sale can be found here. Insiders sold 20,493 shares of company stock worth $1,059,254 in the last ninety days. 1.12% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in STX. Norges Bank purchased a new stake in Seagate Technology in the 4th quarter worth about $178,150,000. Prudential PLC acquired a new stake in shares of Seagate Technology during the first quarter worth approximately $67,798,000. APG Asset Management N.V. grew its position in Seagate Technology by 52.9% during the first quarter. APG Asset Management N.V. now owns 3,147,319 shares of the data storage provider’s stock valued at $134,234,000 after purchasing an additional 1,089,349 shares in the last quarter. AQR Capital Management LLC grew its position in Seagate Technology by 57.2% during the first quarter. AQR Capital Management LLC now owns 2,502,965 shares of the data storage provider’s stock valued at $122,144,000 after purchasing an additional 911,215 shares in the last quarter. Finally, Wedge Capital Management L L P NC acquired a new position in Seagate Technology in the 1st quarter valued at approximately $35,656,000. Institutional investors and hedge funds own 83.55% of the company’s stock.

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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Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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