Seagate Technology Holdings plc (STX) To Go Ex-Dividend on September 23rd

Seagate Technology Holdings plc (NASDAQ:STX) announced a quarterly dividend on Tuesday, July 23rd, Zacks reports. Investors of record on Monday, September 23rd will be given 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 yield of 2.56%. 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 48.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Seagate Technology to earn $7.82 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 35.8%.

Seagate Technology Price Performance

STX stock opened at $109.28 on Thursday. Seagate Technology has a 12 month low of $57.32 and a 12 month high of $113.57. The firm has a market cap of $22.95 billion, a PE ratio of -84.91 and a beta of 1.02. The firm has a 50 day simple moving average of $101.03 and a 200 day simple moving average of $92.83.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 EPS for the quarter, beating the consensus estimate of $0.76 by $0.29. The business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.87 billion. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.05%. The firm’s quarterly revenue was up 17.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.29) EPS. As a group, sell-side analysts expect that Seagate Technology will post 5.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on STX. Evercore ISI upped their price target on shares of Seagate Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a research report on Tuesday, July 16th. Northland Securities upped their price target on shares of Seagate Technology from $119.00 to $142.00 and gave the company an “outperform” rating in a research report on Wednesday. Susquehanna increased their target price on shares of Seagate Technology from $55.00 to $65.00 and gave the stock a “negative” rating in a research report on Wednesday. UBS Group increased their target price on shares of Seagate Technology from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Wells Fargo & Company increased their target price on shares of Seagate Technology from $90.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Seagate Technology has an average rating of “Hold” and a consensus price target of $115.94.

Insider Activity at Seagate Technology

In related news, EVP Ban Seng Teh sold 10,742 shares of the firm’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $100.00, for a total value of $1,074,200.00. Following the transaction, the executive vice president now directly owns 5,042 shares in the company, valued at approximately $504,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Seagate Technology news, SVP John Christopher Morris sold 5,928 shares of the firm’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $99.99, for a total value of $592,740.72. Following the sale, the senior vice president now directly owns 12,185 shares in the company, valued at approximately $1,218,378.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ban Seng Teh sold 10,742 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $100.00, for a total transaction of $1,074,200.00. Following the completion of the sale, the executive vice president now owns 5,042 shares in the company, valued at $504,200. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,531 shares of company stock worth $3,592,946. 0.89% 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.