Morgan Stanley upgraded shares of Seagate Technology (NASDAQ:STX - Free Report) from an equal weight rating to an overweight rating in a research note published on Tuesday, Marketbeat Ratings reports. They currently have $115.00 price objective on the data storage provider's stock, up from their previous price objective of $73.00.
Several other research analysts have also recently weighed in on the stock. Bank of America boosted their price objective on shares of Seagate Technology from $80.00 to $87.00 and gave the company a buy rating in a report on Wednesday, December 6th. TD Cowen upped their target price on shares of Seagate Technology from $85.00 to $110.00 and gave the company an outperform rating in a report on Thursday, January 25th. Barclays upped their target price on shares of Seagate Technology from $65.00 to $85.00 and gave the company an equal weight rating in a report on Tuesday, January 16th. Wedbush reaffirmed a neutral rating and set a $100.00 target price on shares of Seagate Technology in a report on Thursday, January 25th. Finally, BNP Paribas cut shares of Seagate Technology from a neutral rating to an underperform rating and set a $65.00 target price for the company. in a report on Thursday, January 11th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $84.17.
View Our Latest Research Report on STX
Seagate Technology Stock Up 7.4 %
Seagate Technology stock traded up $6.51 during trading hours on Tuesday, hitting $94.72. The stock had a trading volume of 7,346,291 shares, compared to its average volume of 2,756,907. The stock has a market capitalization of $19.84 billion, a P/E ratio of -27.06 and a beta of 1.05. Seagate Technology has a 12-month low of $54.32 and a 12-month high of $101.26. The stock's 50-day moving average price is $88.94 and its 200-day moving average price is $79.32.
Seagate Technology (NASDAQ:STX - Get Free Report) last issued its earnings results on Wednesday, January 24th. The data storage provider reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.19. The firm had revenue of $1.56 billion during the quarter, compared to analysts' expectations of $1.56 billion. On average, research analysts expect that Seagate Technology will post -0.17 EPS for the current fiscal year.
Seagate Technology Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, April 4th. Stockholders of record on Thursday, March 21st will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend is Wednesday, March 20th. Seagate Technology's dividend payout ratio is currently -80.00%.
Institutional Investors Weigh In On Seagate Technology
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Capital Research Global Investors increased its stake in Seagate Technology by 39.3% in the 4th quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider's stock worth $1,418,413,000 after buying an additional 4,685,454 shares during the period. BlackRock Inc. increased its position in Seagate Technology by 20.5% during the 1st quarter. BlackRock Inc. now owns 15,620,098 shares of the data storage provider's stock valued at $1,032,801,000 after purchasing an additional 2,662,098 shares during the period. Norges Bank purchased a new position in Seagate Technology during the 4th quarter valued at about $188,834,000. FMR LLC increased its position in Seagate Technology by 13.1% during the 3rd quarter. FMR LLC now owns 13,929,708 shares of the data storage provider's stock valued at $918,664,000 after purchasing an additional 1,612,264 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Seagate Technology by 9.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 17,680,400 shares of the data storage provider's stock valued at $1,166,022,000 after purchasing an additional 1,485,937 shares during the period. Hedge funds and other institutional investors own 92.87% of the company's stock.
About Seagate Technology
(
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Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It provides mass capacity storage products, including enterprise nearline hard disk drives (HDDs), enterprise nearline solid state drives (SSDs), enterprise nearline systems, video and image HDDs, and network-attached storage drives.
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