NEW YORK (TheStreet) -- Shares of Seagate Technology (STX - Get Report) were climbing in pre-market trading on Wednesday after the data storage company posted better-than-expected earnings for the fiscal 2017 first quarter.

Before today's market open, the Cupertino, CA-based company reported adjusted earnings of 99 cents per diluted share, topping analysts' projections for adjusted earnings of 89 cents per share.

Revenue for the quarter was $2.8 billion and largely met Wall Street's estimates.

Seagate also said it would pay a quarterly cash dividend of 63 cents per share, payable January 4 to shareholders of record on December 21.

"As the demand for HDD storage continues to benefit from the shift to data-driven cloud-based architectures, Seagate is in a strong position to grow its businesses, improve margins and continue with its dividend and buyback capital allocation objectives," CEO Steve Luczo said in a statement.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "hold" with a ratings score of C.

Among the primary strengths of the company is its generally strong cash flow from operations. At the same time, however, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and poor profit margins.

You can view the full analysis from the report here: STX