Seagate Technology Holdings plc (NASDAQ:STX) to Post Q2 2024 Earnings of $0.30 Per Share, Zacks Research Forecasts

Posted by Defense World Staff on Jun 15th, 2023

Seagate Technology Holdings plc (NASDAQ:STX – Get Rating) – Equities research analysts at Zacks Research dropped their Q2 2024 earnings per share (EPS) estimates for Seagate Technology in a research note issued on Tuesday, June 13th. Zacks Research analyst H. Sadavartia now expects that the data storage provider will earn $0.30 per share for the quarter, down from their previous estimate of $0.39. The consensus estimate for Seagate Technology’s current full-year earnings is ($0.34) per share. Zacks Research also issued estimates for Seagate Technology’s Q3 2024 earnings at $0.51 EPS and Q1 2025 earnings at $0.95 EPS.

Several other brokerages have also issued reports on STX. Northland Securities dropped their price objective on Seagate Technology from $74.00 to $70.00 and set an “outperform” rating on the stock in a report on Friday, April 21st. Bank of America lowered their price target on Seagate Technology from $71.00 to $70.00 in a report on Thursday, June 8th. Morgan Stanley downgraded shares of Seagate Technology from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $72.00 to $60.00 in a research report on Friday, April 21st. Rosenblatt Securities reduced their price objective on shares of Seagate Technology from $75.00 to $70.00 and set a “buy” rating for the company in a research report on Friday, April 21st. Finally, Wedbush restated a “neutral” rating and issued a $55.00 price objective on shares of Seagate Technology in a research report on Friday, April 14th. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $66.00.

Seagate Technology Stock Up 0.9 %

NASDAQ:STX opened at $65.29 on Wednesday. The stock’s fifty day moving average is $60.64 and its two-hundred day moving average is $60.61. Seagate Technology has a 52 week low of $47.47 and a 52 week high of $83.78. The stock has a market capitalization of $13.48 billion, a price-to-earnings ratio of -77.73 and a beta of 1.09.

Seagate Technology (NASDAQ:STX – Get Rating) last released its quarterly earnings data on Thursday, April 20th. The data storage provider reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.49). The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.98 billion. Seagate Technology had a negative net margin of 1.91% and a negative return on equity of 69.08%. The business’s quarterly revenue was down 33.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.65 EPS.

Seagate Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 5th. Stockholders of record on Wednesday, June 21st will be paid a $0.70 dividend. The ex-dividend date is Tuesday, June 20th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 4.29%. Seagate Technology’s payout ratio is -333.33%.

Insider Transactions at Seagate Technology

In other Seagate Technology news, SVP Katherine Schuelke sold 3,487 shares of the firm’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $62.09, for a total value of $216,507.83. Following the sale, the senior vice president now directly owns 28,658 shares of the company’s stock, valued at $1,779,375.22. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of STX. Corrado Advisors LLC purchased a new stake in Seagate Technology during the 4th quarter valued at approximately $26,000. Financial Management Professionals Inc. acquired a new stake in Seagate Technology during the 1st quarter valued at $26,000. CI Investments Inc. lifted its stake in shares of Seagate Technology by 102.2% during the 4th quarter. CI Investments Inc. now owns 540 shares of the data storage provider’s stock worth $28,000 after purchasing an additional 273 shares during the period. Compagnie Lombard Odier SCmA purchased a new position in shares of Seagate Technology during the 4th quarter worth $28,000. Finally, State of Wyoming purchased a new position in shares of Seagate Technology during the 4th quarter worth $36,000. 82.69% of the stock is owned by institutional investors and hedge funds.

Seagate Technology Company Profile

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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.