Seagate Technology Holdings plc (NASDAQ:STX) Declares Dividend Increase – $0.72 Per Share

Seagate Technology Holdings plc (NASDAQ:STX) announced 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 a positive change from Seagate Technology’s previous quarterly dividend of $0.70.

Seagate Technology has raised its dividend payment by an average of 2.2% annually over the last three years. Seagate Technology has a dividend payout ratio of 40.5% meaning its dividend is sufficiently covered by earnings. Research 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 Trading Up 0.2 %

NASDAQ STX opened at $112.64 on Wednesday. Seagate Technology has a twelve month low of $64.12 and a twelve month high of $115.32. The stock has a 50-day moving average of $104.92 and a 200 day moving average of $99.52. The stock has a market capitalization of $23.71 billion, a price-to-earnings ratio of 73.14 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. 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%. The business’s revenue was up 49.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.34) EPS. Equities analysts predict that Seagate Technology will post 7.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Northland Securities raised their price target 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. Loop Capital lifted their price target on Seagate Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. StockNews.com upgraded Seagate Technology from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. Barclays lifted their target price on shares of Seagate Technology from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 24th. Finally, Morgan Stanley boosted their price target on shares of Seagate Technology from $115.00 to $133.00 and gave the stock an “overweight” 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 assigned a buy rating to the company. Based on data from MarketBeat.com, Seagate Technology presently has a consensus rating of “Hold” and an average price target of $116.78.

Insider Buying and Selling at Seagate Technology

In other news, SVP John Christopher Morris sold 1,131 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total value of $126,558.90. Following the sale, the senior vice president now directly owns 7,191 shares of the company’s stock, valued at approximately $804,672.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO William D. Mosley sold 141,785 shares of the company’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $110.18, for a total transaction of $15,621,871.30. Following the sale, the chief executive officer now owns 668,616 shares of the company’s stock, valued at approximately $73,668,110.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John Christopher Morris sold 1,131 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total value of $126,558.90. Following the completion of the sale, the senior vice president now directly owns 7,191 shares in the company, valued at $804,672.90. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 214,298 shares of company stock valued at $22,814,576 over the last 90 days. 0.81% of the stock is owned by insiders.

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.