Seagate Technology PLC (NASDAQ:STX) to Issue $0.63 Quarterly Dividend

Seagate Technology PLC (NASDAQ:STX) declared a quarterly dividend on Friday, August 2nd, RTT News reports. Stockholders of record on Wednesday, September 25th will be paid a dividend of 0.63 per share by the data storage provider on Wednesday, October 9th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 4.81%. The ex-dividend date is Tuesday, September 24th.

Seagate Technology has raised its dividend payment by an average of 3.8% annually over the last three years. Seagate Technology has a payout ratio of 40.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Seagate Technology to earn $5.10 per share next year, which means the company should continue to be able to cover its $2.52 annual dividend with an expected future payout ratio of 49.4%.

Seagate Technology stock opened at $52.40 on Monday. The stock has a market cap of $13.98 billion, a PE ratio of 10.87, a price-to-earnings-growth ratio of 10.17 and a beta of 1.65. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.52 and a current ratio of 1.95. Seagate Technology has a one year low of $35.38 and a one year high of $57.20. The stock has a fifty day moving average of $49.18 and a 200 day moving average of $47.38.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Friday, August 2nd. The data storage provider reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.03. The company had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.33 billion. Seagate Technology had a return on equity of 72.07% and a net margin of 19.36%. Seagate Technology’s revenue for the quarter was down 16.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.62 earnings per share. As a group, sell-side analysts predict that Seagate Technology will post 4.3 EPS for the current fiscal year.

STX has been the subject of a number of research reports. Barclays upped their price objective on Seagate Technology from $37.00 to $40.00 and gave the company an “underweight” rating in a research report on Friday. Cowen upped their price target on Seagate Technology from $40.00 to $51.00 and gave the stock a “market perform” rating in a research report on Friday. Wedbush assumed coverage on Seagate Technology in a research report on Wednesday, June 26th. They issued a “neutral” rating and a $35.00 price target for the company. They noted that the move was a valuation call. Goldman Sachs Group set a $37.00 price target on Seagate Technology and gave the stock a “sell” rating in a research report on Sunday, July 21st. Finally, BidaskClub upgraded Seagate Technology from a “hold” rating to a “buy” rating in a research report on Tuesday, September 10th. Five investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $47.90.

In related news, CEO William D. Mosley sold 90,000 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $54.31, for a total transaction of $4,887,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stephen J. Luczo sold 5,000 shares of the stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $55.29, for a total value of $276,450.00. The disclosure for this sale can be found here. Insiders have sold 120,000 shares of company stock valued at $6,344,500 in the last quarter. 1.12% of the stock is currently owned by company insiders.

About Seagate Technology

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It manufactures and distributes hard disk drives; solid state drives (SSDs), including serial attached small computer system interface and non-volatile memory express SSDs; solid state hybrid drives; and storage subsystems.

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Dividend History for Seagate Technology (NASDAQ:STX)

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