Seagate Technology PLC (NASDAQ:STX) declared a quarterly dividend on Tuesday, July 28th, Zacks reports. Shareholders of record on Wednesday, September 23rd will be paid a dividend of 0.65 per share by the data storage provider on Wednesday, October 7th. This represents a $2.60 dividend on an annualized basis and a yield of 5.92%. The ex-dividend date is Tuesday, September 22nd.
Seagate Technology has increased its dividend by an average of 0.8% annually over the last three years and has raised its dividend every year for the last 1 years. Seagate Technology has a dividend payout ratio of 51.5% meaning its dividend is sufficiently covered by earnings.
NASDAQ:STX traded down $0.38 during midday trading on Thursday, reaching $43.93. 63,349 shares of the company traded hands, compared to its average volume of 2,753,019. The firm has a market capitalization of $11.35 billion, a price-to-earnings ratio of 10.40, a price-to-earnings-growth ratio of 7.78 and a beta of 1.03. The company has a fifty day moving average price of $48.95 and a 200 day moving average price of $51.10. The company has a debt-to-equity ratio of 2.28, a current ratio of 1.49 and a quick ratio of 1.08. Seagate Technology has a twelve month low of $39.02 and a twelve month high of $64.17.
Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, July 28th. The data storage provider reported $1.20 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.20. Seagate Technology had a net margin of 9.55% and a return on equity of 68.52%. The business had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.62 billion. During the same quarter last year, the company earned $0.86 EPS. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. On average, equities research analysts forecast that Seagate Technology will post 5.16 earnings per share for the current fiscal year.
Several analysts have issued reports on the company. Bank of America cut their price objective on Seagate Technology from $45.00 to $43.00 and set an “underperform” rating on the stock in a report on Wednesday. Susquehanna Bancshares reissued a “sell” rating and issued a $33.00 target price on shares of Seagate Technology in a research report on Wednesday. Wells Fargo & Co cut their target price on shares of Seagate Technology from $55.00 to $50.00 and set an “equal weight” rating for the company in a research report on Wednesday. Goldman Sachs Group started coverage on shares of Seagate Technology in a research note on Monday, April 13th. They issued a “sell” rating and a $41.00 price objective on the stock. Finally, Zacks Investment Research cut Seagate Technology from a “hold” rating to a “sell” rating and set a $53.00 price target for the company. in a report on Friday, July 24th. Seven equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $53.26.
In related news, SVP Ban Seng Teh sold 498 shares of the firm’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $52.80, for a total transaction of $26,294.40. Following the sale, the senior vice president now directly owns 11,197 shares in the company, valued at $591,201.60. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Stephen J. Luczo sold 7,000 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $52.35, for a total transaction of $366,450.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,493 shares of company stock valued at $1,059,254. Insiders own 1.12% of the company’s stock.
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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