Seagate Technology PLC (STX) Expected to Post Earnings of $0.71 Per Share

Brokerages forecast that Seagate Technology PLC (NASDAQ:STX) will report earnings of $0.71 per share for the current fiscal quarter, Zacks Investment Research reports. Five analysts have provided estimates for Seagate Technology’s earnings. The highest EPS estimate is $0.74 and the lowest is $0.69. Seagate Technology posted earnings per share of $1.46 in the same quarter last year, which suggests a negative year over year growth rate of 51.4%. The business is expected to announce its next earnings results before the market opens on Tuesday, April 30th.

According to Zacks, analysts expect that Seagate Technology will report full year earnings of $4.66 per share for the current financial year, with EPS estimates ranging from $4.57 to $4.79. For the next year, analysts anticipate that the firm will post earnings of $4.73 per share, with EPS estimates ranging from $3.75 to $5.64. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research firms that follow Seagate Technology.

Seagate Technology (NASDAQ:STX) last released its earnings results on Monday, February 4th. The data storage provider reported $1.41 EPS for the quarter, beating the consensus estimate of $1.27 by $0.14. Seagate Technology had a net margin of 14.77% and a return on equity of 105.74%. The firm had revenue of $2.72 billion for the quarter, compared to analyst estimates of $2.71 billion. During the same period last year, the firm earned $1.48 EPS. The business’s quarterly revenue was down 6.6% compared to the same quarter last year.

STX has been the topic of several research reports. Royal Bank of Canada reaffirmed a “hold” rating and set a $42.00 price target on shares of Seagate Technology in a report on Wednesday, January 2nd. Mizuho reissued a “neutral” rating on shares of Seagate Technology in a research report on Tuesday, February 5th. ValuEngine lowered shares of Seagate Technology from a “sell” rating to a “strong sell” rating in a research report on Thursday, January 17th. Wells Fargo & Co cut their target price on shares of Seagate Technology from $50.00 to $45.00 and set a “market perform” rating for the company in a research report on Tuesday, February 5th. Finally, Benchmark reissued a “hold” rating on shares of Seagate Technology in a research report on Tuesday, February 5th. Four investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $45.33.

In related news, Director Stephen J. Luczo sold 50,000 shares of the company’s stock in a transaction dated Wednesday, February 20th. The shares were sold at an average price of $46.09, for a total value of $2,304,500.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Holdings L.P. Valueact bought 725,000 shares of the stock in a transaction that occurred on Friday, February 8th. The stock was acquired at an average cost of $44.60 per share, for a total transaction of $32,335,000.00. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 3,700,000 shares of company stock valued at $166,497,500 and have sold 120,832 shares valued at $5,541,064. 1.00% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Financial Gravity Companies Inc. bought a new stake in Seagate Technology in the fourth quarter valued at about $75,000. Essex Savings Bank acquired a new position in shares of Seagate Technology during the fourth quarter worth approximately $70,000. Proffitt & Goodson Inc. acquired a new position in shares of Seagate Technology during the first quarter worth approximately $90,000. Certified Advisory Corp lifted its position in shares of Seagate Technology by 17.5% during the fourth quarter. Certified Advisory Corp now owns 2,028 shares of the data storage provider’s stock worth $78,000 after purchasing an additional 302 shares in the last quarter. Finally, Capital Investment Advisory Services LLC acquired a new position in shares of Seagate Technology during the fourth quarter worth approximately $159,000. 96.05% of the stock is currently owned by institutional investors and hedge funds.

Shares of Seagate Technology stock opened at $50.50 on Friday. The company has a market cap of $14.10 billion, a P/E ratio of 9.17, a P/E/G ratio of 5.42 and a beta of 1.66. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.12 and a current ratio of 1.60. Seagate Technology has a 1 year low of $35.38 and a 1 year high of $62.13.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 3rd. Stockholders of record on Wednesday, March 20th were given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 4.99%. The ex-dividend date was Tuesday, March 19th. Seagate Technology’s dividend payout ratio is currently 45.74%.

Seagate Technology Company Profile

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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Earnings History and Estimates for Seagate Technology (NASDAQ:STX)

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