Seagate Technology (STX) Rating Lowered to Underperform at Evercore ISI

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Evercore ISI cut shares of Seagate Technology (NASDAQ:STX) from an in-line rating to an underperform rating in a research note published on Tuesday, Marketbeat reports. The brokerage currently has $45.00 price objective on the data storage provider’s stock, down from their prior price objective of $55.00.

STX has been the subject of a number of other reports. BidaskClub raised shares of Seagate Technology from a hold rating to a buy rating in a report on Tuesday, August 7th. Benchmark reissued a hold rating on shares of Seagate Technology in a report on Tuesday, July 31st. Zacks Investment Research raised shares of Seagate Technology from a hold rating to a buy rating and set a $61.00 price target for the company in a report on Tuesday, July 31st. Royal Bank of Canada reissued a hold rating and issued a $62.00 price target on shares of Seagate Technology in a report on Monday, July 30th. Finally, Goldman Sachs Group downgraded shares of Seagate Technology from a neutral rating to a sell rating and reduced their price target for the company from $50.00 to $44.00 in a report on Thursday, August 9th. Four equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and six have issued a buy rating to the stock. Seagate Technology has a consensus rating of Hold and an average target price of $53.37.

NASDAQ STX opened at $49.39 on Tuesday. The company has a quick ratio of 1.02, a current ratio of 1.35 and a debt-to-equity ratio of 2.59. The firm has a market cap of $15.38 billion, a P/E ratio of 8.96, a PEG ratio of 0.69 and a beta of 1.72. Seagate Technology has a 1 year low of $30.89 and a 1 year high of $62.70.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Monday, July 30th. The data storage provider reported $1.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.45 by $0.17. Seagate Technology had a net margin of 10.57% and a return on equity of 120.71%. The business had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.80 billion. During the same period in the prior year, the firm earned $0.65 EPS. Seagate Technology’s quarterly revenue was up 17.8% compared to the same quarter last year. equities research analysts expect that Seagate Technology will post 6.23 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 3rd. Stockholders of record on Wednesday, September 19th will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 5.10%. The ex-dividend date is Tuesday, September 18th. Seagate Technology’s dividend payout ratio is 45.74%.

In other news, CFO Kathryn R. Scolnick sold 10,577 shares of the stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $53.12, for a total value of $561,850.24. Following the completion of the transaction, the chief financial officer now owns 759 shares in the company, valued at approximately $40,318.08. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Valueact Capital Master Fund, acquired 946,000 shares of the company’s stock in a transaction dated Thursday, August 2nd. The stock was acquired at an average price of $52.78 per share, with a total value of $49,929,880.00. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 6,207,648 shares of company stock valued at $322,103,805 and sold 46,086 shares valued at $2,529,660. Corporate insiders own 0.87% of the company’s stock.

Several hedge funds have recently made changes to their positions in STX. DekaBank Deutsche Girozentrale raised its stake in shares of Seagate Technology by 124.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 51,850 shares of the data storage provider’s stock valued at $3,046,000 after buying an additional 28,722 shares in the last quarter. Essex Financial Services Inc. acquired a new stake in shares of Seagate Technology during the 1st quarter worth about $206,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Seagate Technology by 163.4% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 155,998 shares of the data storage provider’s stock worth $9,129,000 after purchasing an additional 96,780 shares in the last quarter. American Century Companies Inc. increased its position in shares of Seagate Technology by 0.3% during the 1st quarter. American Century Companies Inc. now owns 380,068 shares of the data storage provider’s stock worth $22,242,000 after purchasing an additional 1,099 shares in the last quarter. Finally, Prudential Financial Inc. increased its position in shares of Seagate Technology by 3.3% during the 1st quarter. Prudential Financial Inc. now owns 405,378 shares of the data storage provider’s stock worth $23,723,000 after purchasing an additional 13,089 shares in the last quarter. Institutional investors own 83.35% of the company’s stock.

Seagate Technology Company Profile

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company manufactures and distributes hard disk drives, solid state drives and their related controllers, solid state hybrid drives, and storage subsystems. Its products are used in enterprise servers and storage systems applications; client compute applications, primarily for desktop and mobile computing; and client non-compute applications, including various end user devices, such as portable external storage systems, surveillance systems, network-attached storage, digital video recorders, and gaming consoles.

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