Seagate Technology Holdings plc (NASDAQ:STX) Plans Quarterly Dividend of $0.70

Seagate Technology Holdings plc (NASDAQ:STX) declared a quarterly dividend on Tuesday, July 23rd, Zacks reports. Stockholders of record on Monday, September 23rd will be paid a dividend of 0.70 per share by the data storage provider on Monday, October 7th. This represents a $2.80 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend is Monday, September 23rd.

Seagate Technology has raised its dividend payment by an average of 2.2% annually over the last three years. Seagate Technology has a payout ratio of 40.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Seagate Technology to earn $9.95 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 28.1%.

Seagate Technology Trading Up 0.6 %

Seagate Technology stock opened at $104.74 on Friday. Seagate Technology has a 1-year low of $63.32 and a 1-year high of $113.57. The company has a fifty day simple moving average of $101.15 and a 200 day simple moving average of $96.53. The company has a market cap of $21.99 billion, a P/E ratio of -81.19 and a beta of 1.03.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.29. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.87 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 17.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.29) earnings per share. On average, equities research analysts forecast that Seagate Technology will post 6.72 EPS for the current year.

Insider Buying and Selling at Seagate Technology

In related news, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total value of $72,075.00. Following the transaction, the director now directly owns 3,034 shares of the company’s stock, valued at $291,567.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Gianluca Romano sold 25,760 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $94.54, for a total transaction of $2,435,350.40. Following the sale, the chief financial officer now directly owns 52,620 shares in the company, valued at approximately $4,974,694.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 56,627 shares of company stock worth $5,489,495. Insiders own 0.89% of the company’s stock.

Analyst Upgrades and Downgrades

STX has been the subject of several recent analyst reports. UBS Group raised their target price on shares of Seagate Technology from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. Barclays boosted their target price on Seagate Technology from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 24th. Robert W. Baird increased their price target on Seagate Technology from $100.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. The Goldman Sachs Group lifted their price objective on shares of Seagate Technology from $96.00 to $107.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Finally, StockNews.com cut Seagate Technology from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Seagate Technology currently has an average rating of “Hold” and an average target price 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.