Seagate Technology Holdings plc (NASDAQ:STX) Announces Quarterly Dividend of $0.72

Seagate Technology Holdings plc (NASDAQ:STX) declared a quarterly dividend on Tuesday, October 22nd, RTT News reports. Stockholders of record on Sunday, December 15th will be given a dividend of 0.72 per share by the data storage provider on Monday, January 6th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.56%. This is an increase from Seagate Technology’s previous quarterly dividend of $0.70.

Seagate Technology has increased its dividend by an average of 2.2% per year over the last three years. Seagate Technology has a dividend payout ratio of 40.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Seagate Technology to earn $10.03 per share next year, which means the company should continue to be able to cover its $2.80 annual dividend with an expected future payout ratio of 27.9%.

Seagate Technology Stock Up 0.2 %

STX stock traded up $0.23 during midday trading on Tuesday, reaching $112.64. 3,120,967 shares of the company’s stock traded hands, compared to its average volume of 2,486,742. The company has a 50-day simple moving average of $104.63 and a two-hundred day simple moving average of $99.37. Seagate Technology has a 1-year low of $64.12 and a 1-year high of $115.32. The company has a market cap of $23.71 billion, a price-to-earnings ratio of 72.99 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, beating the consensus estimate of $1.26 by $0.32. The company had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Seagate Technology had a negative return on equity of 8.41% and a net margin of 5.11%. The business’s revenue for the quarter was up 49.1% on a year-over-year basis. During the same period last year, the firm earned ($0.34) EPS. Equities research analysts forecast that Seagate Technology will post 7.09 EPS for the current year.

Analyst Ratings Changes

STX has been the topic of a number of recent research reports. Northland Securities raised their price objective on shares of Seagate Technology from $119.00 to $142.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. StockNews.com upgraded Seagate Technology from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. The Goldman Sachs Group raised their target price on Seagate Technology from $96.00 to $107.00 and gave the stock a “neutral” rating in a report on Wednesday, July 24th. Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a research note on Wednesday, July 24th. Finally, UBS Group increased their price target on shares of Seagate Technology from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Seagate Technology currently has an average rating of “Hold” and an average target price of $115.94.

Insider Transactions at Seagate Technology

In other news, EVP Ban Seng Teh sold 10,117 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $110.00, for a total transaction of $1,112,870.00. Following the completion of the transaction, the executive vice president now directly owns 5,387 shares of the company’s stock, valued at $592,570. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Ban Seng Teh sold 10,117 shares of the stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $110.00, for a total transaction of $1,112,870.00. Following the completion of the transaction, the executive vice president now directly owns 5,387 shares in the company, valued at $592,570. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Yolanda Lee Conyers sold 750 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total value of $72,075.00. Following the completion of the transaction, the director now owns 3,034 shares of the company’s stock, valued at $291,567.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 223,284 shares of company stock valued at $23,800,887 over the last three months. Company insiders own 0.81% of the company’s stock.

Seagate Technology Company Profile

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.