Seagate Technology (NASDAQ:STX) Hits New 52-Week Low at $59.58

Shares of Seagate Technology Holdings plc (NASDAQ:STXGet Rating) hit a new 52-week low on Tuesday . The stock traded as low as $59.58 and last traded at $59.58, with a volume of 5665 shares trading hands. The stock had previously closed at $62.02.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on STX. Barclays decreased their target price on shares of Seagate Technology from $70.00 to $65.00 and set an “equal weight” rating for the company in a research note on Thursday, September 1st. Fox Advisors downgraded shares of Seagate Technology from an “overweight” rating to an “equal weight” rating in a research note on Friday, July 22nd. Susquehanna Bancshares decreased their target price on shares of Seagate Technology from $67.00 to $58.00 and set a “negative” rating for the company in a research note on Friday, July 22nd. Northland Securities cut their price target on shares of Seagate Technology from $105.00 to $88.00 and set an “outperform” rating on the stock in a report on Thursday, September 1st. Finally, The Goldman Sachs Group cut their price target on shares of Seagate Technology from $106.00 to $80.00 in a report on Friday, July 15th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $80.48.

Seagate Technology Stock Performance

The company has a debt-to-equity ratio of 46.44, a quick ratio of 0.69 and a current ratio of 1.13. The stock’s fifty day moving average is $74.25 and its two-hundred day moving average is $79.71. The firm has a market cap of $12.31 billion, a price-to-earnings ratio of 8.11, a PEG ratio of 10.36 and a beta of 1.11.

Seagate Technology (NASDAQ:STXGet Rating) last released its quarterly earnings data on Thursday, July 21st. The data storage provider reported $1.41 earnings per share for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.33). Seagate Technology had a return on equity of 412.90% and a net margin of 14.14%. The firm had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.80 billion. During the same period last year, the business earned $1.92 EPS. On average, analysts expect that Seagate Technology Holdings plc will post 4.95 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 5th. Investors of record on Wednesday, September 21st will be given a $0.70 dividend. The ex-dividend date of this dividend is Tuesday, September 20th. This represents a $2.80 dividend on an annualized basis and a yield of 4.70%. Seagate Technology’s dividend payout ratio is presently 38.15%.

Hedge Funds Weigh In On Seagate Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its position in shares of Seagate Technology by 10.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 14,358,118 shares of the data storage provider’s stock valued at $1,025,744,000 after purchasing an additional 1,400,931 shares in the last quarter. State Street Corp boosted its position in shares of Seagate Technology by 2.5% during the 4th quarter. State Street Corp now owns 9,367,384 shares of the data storage provider’s stock valued at $1,064,798,000 after purchasing an additional 230,667 shares in the last quarter. FMR LLC boosted its position in shares of Seagate Technology by 14.5% during the 2nd quarter. FMR LLC now owns 8,827,629 shares of the data storage provider’s stock valued at $630,645,000 after purchasing an additional 1,118,373 shares in the last quarter. Sanders Capital LLC boosted its position in shares of Seagate Technology by 31.1% during the 1st quarter. Sanders Capital LLC now owns 5,240,802 shares of the data storage provider’s stock valued at $517,577,000 after purchasing an additional 1,242,350 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Seagate Technology by 41.1% during the 1st quarter. Bank of New York Mellon Corp now owns 3,898,164 shares of the data storage provider’s stock valued at $350,445,000 after purchasing an additional 1,134,751 shares in the last quarter. Institutional investors own 83.07% 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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