Seagate Technology (NASDAQ:STX) Issues Quarterly Earnings Results, Beats Expectations By $0.26 EPS

Seagate Technology (NASDAQ:STX) announced its earnings results on Tuesday. The data storage provider reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.26, MarketWatch Earnings reports. The company had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.98 billion. Seagate Technology had a net margin of 9.80% and a return on equity of 88.26%. The firm’s quarterly revenue was up 19.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.20 earnings per share.

Seagate Technology stock traded up $0.71 during mid-day trading on Thursday, reaching $83.31. 83,483 shares of the company’s stock traded hands, compared to its average volume of 1,674,407. The stock has a market capitalization of $19.07 billion, a P/E ratio of 20.68, a price-to-earnings-growth ratio of 10.01 and a beta of 1.14. The firm’s 50 day moving average price is $91.68. The company has a debt-to-equity ratio of 10.12, a quick ratio of 0.81 and a current ratio of 1.23. Seagate Technology has a 12-month low of $43.53 and a 12-month high of $106.22.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 6th. Investors of record on Wednesday, September 22nd will be paid a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date is Tuesday, September 21st. Seagate Technology’s payout ratio is 58.64%.

Several brokerages recently issued reports on STX. Benchmark cut their target price on shares of Seagate Technology from $112.00 to $102.00 and set a “buy” rating for the company in a research report on Thursday. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Seagate Technology from $88.00 to $95.00 and gave the company a “hold” rating in a research report on Thursday. Susquehanna Bancshares dropped their price target on shares of Seagate Technology from $100.00 to $95.00 and set a “neutral” rating for the company in a research report on Thursday. upped their price target on shares of Seagate Technology from $85.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 9th. Finally, Wedbush upped their price target on shares of Seagate Technology from $70.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, July 16th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $92.43.

In other news, Director Edward J. Zander sold 12,043 shares of the stock in a transaction on Thursday, June 10th. The shares were sold at an average price of $97.58, for a total value of $1,175,155.94. Following the sale, the director now owns 20,175 shares of the company’s stock, valued at $1,968,676.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO William D. Mosley sold 77,754 shares of the stock in a transaction on Monday, May 3rd. The shares were sold at an average price of $92.49, for a total transaction of $7,191,467.46. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 214,322 shares of company stock worth $19,926,666. 0.97% of the stock is owned by insiders.

Seagate Technology Company Profile

Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company offers hard disk and solid state drives, including serial advanced technology attachment, serial attached SCSI, and non-volatile memory express products; solid state hybrid drives; and storage subsystems.

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Earnings History for Seagate Technology (NASDAQ:STX)

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