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 annualized dividend 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% annually over the last three years. Seagate Technology has a payout ratio of 40.5% meaning its dividend is sufficiently covered by earnings. Equities 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 Price Performance

Shares of Seagate Technology stock traded up $0.23 on Tuesday, hitting $112.64. The company had a trading volume of 3,120,967 shares, compared to its average volume of 2,486,742. Seagate Technology has a 52 week low of $64.12 and a 52 week high of $115.32. The company has a market cap of $23.71 billion, a PE ratio of 72.99 and a beta of 1.04. The business has a 50-day simple moving average of $104.63 and a 200-day simple moving average of $99.37.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.32. The firm had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. Seagate Technology had a negative return on equity of 8.41% and a net margin of 5.11%. Seagate Technology’s revenue was up 49.1% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.34) earnings per share. On average, equities research analysts predict that Seagate Technology will post 7.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Seagate Technology news, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total transaction of $72,075.00. Following the completion of the sale, the director now owns 3,034 shares of the company’s stock, valued at $291,567.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Yolanda Lee Conyers sold 750 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total transaction of $72,075.00. Following the completion of the sale, the director now owns 3,034 shares in the company, valued at $291,567.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $107.68, for a total transaction of $2,153,600.00. Following the transaction, the chief executive officer now directly owns 648,616 shares in the company, valued at $69,842,970.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 223,284 shares of company stock worth $23,800,887. Corporate insiders own 0.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. TD Cowen increased their price objective on Seagate Technology from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Northland Securities upped their target price on Seagate Technology from $119.00 to $142.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. UBS Group lifted their price target on Seagate Technology from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 24th. Wells Fargo & Company upped their price objective on shares of Seagate Technology from $90.00 to $120.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 24th. Finally, Wedbush boosted their price target on shares of Seagate Technology from $100.00 to $130.00 and gave the company an “outperform” rating in a report on Monday, July 22nd. Two equities research 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. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $115.94.

About Seagate Technology

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.