Wall Street analysts predict that Seagate Technology PLC (NASDAQ:STX) will report $2.98 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have issued estimates for Seagate Technology’s earnings, with the highest sales estimate coming in at $3.01 billion and the lowest estimate coming in at $2.98 billion. Seagate Technology reported sales of $2.63 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 13.3%. The business is expected to report its next quarterly earnings report on Monday, October 22nd.
According to Zacks, analysts expect that Seagate Technology will report full-year sales of $11.90 billion for the current fiscal year, with estimates ranging from $11.58 billion to $12.35 billion. For the next year, analysts forecast that the company will report sales of $12.16 billion, with estimates ranging from $11.36 billion to $13.35 billion. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for Seagate Technology.
Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Monday, July 30th. The data storage provider reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.17. Seagate Technology had a return on equity of 120.71% and a net margin of 10.57%. The business had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.80 billion. During the same quarter in the previous year, the firm earned $0.65 EPS. The firm’s revenue was up 17.8% compared to the same quarter last year.
Several equities analysts recently weighed in on the company. Zacks Investment Research cut Seagate Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, August 21st. Goldman Sachs Group cut Seagate Technology from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $50.00 to $44.00 in a research report on Thursday, August 9th. Benchmark reissued a “hold” rating on shares of Seagate Technology in a research report on Tuesday, July 31st. BidaskClub cut Seagate Technology from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 25th. Finally, Evercore ISI cut Seagate Technology from an “in-line” rating to an “underperform” rating and cut their price objective for the stock from $55.00 to $45.00 in a research report on Tuesday, September 4th. Five analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and five have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $53.14.
Shares of NASDAQ STX traded up $0.16 during trading hours on Monday, hitting $46.81. 6,324,992 shares of the company’s stock were exchanged, compared to its average volume of 3,937,930. Seagate Technology has a 1-year low of $33.15 and a 1-year high of $62.70. The company has a debt-to-equity ratio of 2.59, a quick ratio of 1.02 and a current ratio of 1.35. The stock has a market capitalization of $13.63 billion, a PE ratio of 8.50, a P/E/G ratio of 0.61 and a beta of 1.70.
The company also recently declared a quarterly dividend, which was paid on Wednesday, October 3rd. Investors of record on Wednesday, September 19th were paid a dividend of $0.63 per share. The ex-dividend date was Tuesday, September 18th. This represents a $2.52 annualized dividend and a yield of 5.38%. Seagate Technology’s dividend payout ratio is 45.74%.
In related news, Director Holdings L.P. Valueact acquired 500,000 shares of the stock in a transaction dated Tuesday, July 31st. The shares were bought at an average cost of $52.65 per share, for a total transaction of $26,325,000.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Valueact Capital Master Fund, acquired 946,000 shares of the stock in a transaction dated Thursday, August 2nd. The stock was bought at an average price of $52.78 per share, for a total transaction of $49,929,880.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 6,207,648 shares of company stock worth $322,103,805 and have sold 46,086 shares worth $2,529,660. Insiders own 1.00% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Quad Cities Investment Group LLC acquired a new position in shares of Seagate Technology in the 2nd quarter worth approximately $124,000. Partners Capital Investment Group LLP acquired a new position in shares of Seagate Technology in the 2nd quarter worth approximately $136,000. Qube Research & Technologies Ltd acquired a new position in shares of Seagate Technology in the 2nd quarter worth approximately $146,000. Mariner LLC acquired a new position in shares of Seagate Technology in the 1st quarter worth approximately $204,000. Finally, Zacks Investment Management acquired a new position in shares of Seagate Technology in the 2nd quarter worth approximately $211,000. Institutional investors own 83.18% 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.
Featured Article: What Does Beta Mean In Stock Selection
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Seagate Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Seagate Technology and related companies with MarketBeat.com's FREE daily email newsletter.