Bank of America Corp. reiterated their neutral rating on shares of Seagate (NYSE:STX) in a research report released on Thursday morning, Stock Ratings Network.com reports. Bank of America Corp. currently has a $47.00 price objective on the stock, down from their previous price objective of $49.00.
“F4Q13 EPS of $1.20 was inline with expectations as better gross margin and non-operational items ($0.02) offset higher opex. Guidance was inline. Similar to past quarters, pricing/margins continue to hold up, with better mix and pricing discipline offsetting weak demand. While we believe expectations for PC demand recovery and HDD TAM in C2H13 are set sufficiently low, we see limited near-term EPS upside to sustain the rally without meaningful recovery in demand. Neutral.,” Bank of America Corp.’s analyst commented.
Seagate (NYSE: STX) traded down 1.83% during mid-day trading on Thursday, hitting $40.30. Seagate has a 1-year low of $24.90 and a 1-year high of $47.82. The stock’s 50-day moving average is currently $44.65. The company has a market cap of $14.468 billion and a price-to-earnings ratio of 8.53.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, August 21st. Shareholders of record on Wednesday, August 7th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date of this dividend is Monday, August 5th.
Other equities research analysts have also recently issued reports about the stock. Analysts at RBC Capital raised their price target on shares of Seagate from $38.00 to $44.00 in a research note to investors on Thursday. They now have a sector perform rating on the stock. Separately, analysts at Craig Hallum downgraded shares of Seagate from a hold rating to a sell rating in a research note to investors on Thursday. They now have a $40.00 price target on the stock. Finally, analysts at Citigroup Inc. upgraded shares of Seagate from a sell rating to a neutral rating in a research note to investors on Friday, July 19th. They now have a GBX 49 ($0.75) price target on the stock, up previously from GBX 28 ($0.43).
Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $48.93.
Seagate Technology plc (NYSE: STX) is the provider of electronic data storage products.