Seagate Technology Holdings plc (NASDAQ:STX) Raises Dividend to $0.72 Per Share

Seagate Technology Holdings plc (NASDAQ:STX - Get Free Report) announced a quarterly dividend on Tuesday, October 22nd, RTT News reports. Shareholders 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 a positive change 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. 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 %

Shares of NASDAQ STX traded up $0.23 during mid-day trading on Tuesday, hitting $112.64. The company had a trading volume of 3,152,501 shares, compared to its average volume of 2,486,781. The stock's 50-day moving average price is $104.92 and its 200-day moving average price is $99.52. The company has a market capitalization of $23.71 billion, a price-to-earnings ratio of 73.14 and a beta of 1.04. Seagate Technology has a 1 year low of $64.12 and a 1 year high of $115.32.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.32. Seagate Technology had a negative return on equity of 8.41% and a net margin of 5.11%. The firm had revenue of $2.17 billion for the quarter, compared to analysts' expectations of $2.13 billion. During the same period in the prior year, the business posted ($0.34) earnings per share. The company's revenue was up 49.1% on a year-over-year basis. As a group, equities research analysts forecast that Seagate Technology will post 7.09 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Ban Seng Teh sold 10,117 shares of the company's stock in a transaction 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 sale, 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 through this link. 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 stock was sold at an average price of $111.90, for a total transaction of $126,558.90. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Ban Seng Teh sold 10,117 shares of the company'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 value of $1,112,870.00. Following the transaction, the executive vice president now owns 5,387 shares of the company's stock, valued at approximately $592,570. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 224,415 shares of company stock valued at $23,927,446 in the last ninety days. Company insiders own 0.81% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on STX. Robert W. Baird boosted their price target on shares of Seagate Technology from $100.00 to $120.00 and gave the company an "outperform" rating in a research report on Wednesday, July 24th. Wells Fargo & Company boosted their target price on Seagate Technology from $90.00 to $120.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 24th. Rosenblatt Securities raised their price target on Seagate Technology from $115.00 to $125.00 and gave the company a "buy" rating in a report on Wednesday, July 24th. Benchmark reissued a "hold" rating on shares of Seagate Technology in a report on Wednesday, July 24th. Finally, UBS Group upped their price objective on shares of Seagate Technology from $110.00 to $120.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 24th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Seagate Technology currently has a consensus rating of "Hold" and a consensus price target of $115.94.

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.