Seagate Technology (NASDAQ:STX) Issues Earnings Results

Seagate Technology (NASDAQ:STXGet Rating) released its quarterly earnings data on Wednesday. The data storage provider reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.05, RTT News reports. The company had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.83 billion. Seagate Technology had a net margin of 10.89% and a return on equity of 716.97%. The firm’s revenue for the quarter was down 39.4% on a year-over-year basis. During the same quarter last year, the company earned $2.28 earnings per share. Seagate Technology updated its Q3 guidance to $0.05-0.45 EPS.

Seagate Technology Price Performance

Shares of Seagate Technology stock traded up $0.02 on Wednesday, hitting $62.25. The company’s stock had a trading volume of 4,440,828 shares, compared to its average volume of 2,712,238. Seagate Technology has a 52-week low of $47.47 and a 52-week high of $117.03. The company has a quick ratio of 0.68, a current ratio of 1.19 and a debt-to-equity ratio of 46.44. The firm has a fifty day moving average price of $54.44 and a 200-day moving average price of $61.62. The company has a market capitalization of $12.85 billion, a P/E ratio of 11.97, a price-to-earnings-growth ratio of 41.28 and a beta of 1.06.

Seagate Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 6th. Investors of record on Wednesday, March 22nd will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 4.50%. Seagate Technology’s dividend payout ratio is presently 53.85%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. StockNews.com assumed coverage on shares of Seagate Technology in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Susquehanna cut their target price on shares of Seagate Technology from $40.00 to $38.00 in a report on Thursday, October 27th. UBS Group lowered shares of Seagate Technology from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $85.00 to $55.00 in a research report on Thursday, October 27th. Northland Securities lowered their price objective on shares of Seagate Technology from $88.00 to $70.00 in a research report on Thursday, October 27th. Finally, The Goldman Sachs Group lowered their price objective on shares of Seagate Technology from $71.00 to $61.00 and set a “neutral” rating on the stock in a research report on Friday, October 28th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $71.91.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. CENTRAL TRUST Co raised its stake in Seagate Technology by 50.0% in the 3rd quarter. CENTRAL TRUST Co now owns 900 shares of the data storage provider’s stock valued at $48,000 after purchasing an additional 300 shares during the last quarter. XTX Topco Ltd acquired a new position in Seagate Technology in the 1st quarter valued at about $232,000. KB Financial Partners LLC raised its stake in Seagate Technology by 17.2% in the 1st quarter. KB Financial Partners LLC now owns 2,739 shares of the data storage provider’s stock valued at $246,000 after purchasing an additional 402 shares during the last quarter. Prelude Capital Management LLC acquired a new position in Seagate Technology in the 1st quarter valued at about $250,000. Finally, Kingsview Wealth Management LLC acquired a new position in Seagate Technology in the 2nd quarter valued at about $240,000. Institutional investors and hedge funds own 82.69% of the company’s stock.

About Seagate Technology

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Seagate Technology Holdings Plc operates as holding company that is engaged in the development, production, and distribution of data storage products and electronic data storage solutions. Its products include hard disk drives, solid state hybrid drives, solid state drives, peripheral component interconnect express cards, serial advanced technology attachment controllers, storage subsystems and computing solutions.

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Earnings History for Seagate Technology (NASDAQ:STX)

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