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

Seagate Technology Holdings plc (NASDAQ:STX – Get Rating) declared a quarterly dividend on Wednesday, January 25th, RTT News reports. Investors of record on Wednesday, March 22nd will be paid a dividend of 0.70 per share by the data storage provider on Thursday, April 6th. This represents a $2.80 dividend on an annualized basis and a yield of 4.59%. The ex-dividend date is Tuesday, March 21st.

Seagate Technology has raised its dividend payment by an average of 3.3% per year over the last three years. Seagate Technology has a payout ratio of 56.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Seagate Technology to earn $4.55 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 61.5%.

Seagate Technology Price Performance

STX stock opened at $61.05 on Friday. The stock has a market cap of $12.61 billion, a PE ratio of 21.73, a price-to-earnings-growth ratio of 51.82 and a beta of 1.07. The stock has a 50-day moving average price of $64.70 and a two-hundred day moving average price of $58.62. Seagate Technology has a 1 year low of $47.47 and a 1 year high of $94.72. The company has a current ratio of 1.13, a quick ratio of 0.69 and a debt-to-equity ratio of 46.44.

Seagate Technology (NASDAQ:STX – Get Rating) last posted its quarterly earnings data on Wednesday, January 25th. The data storage provider reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.05. The business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.83 billion. Seagate Technology had a negative return on equity of 1,031.05% and a net margin of 6.61%. Seagate Technology’s quarterly revenue was down 39.4% on a year-over-year basis. During the same period last year, the company earned $2.28 earnings per share. Equities analysts forecast that Seagate Technology will post 0.98 EPS for the current fiscal year.

Insider Buying and Selling

In other Seagate Technology news, EVP Jeffrey D. Nygaard sold 36,809 shares of the stock in a transaction dated Wednesday, February 1st. The shares were sold at an average price of $69.14, for a total value of $2,544,974.26. Following the transaction, the executive vice president now directly owns 30,360 shares of the company’s stock, valued at approximately $2,099,090.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. State of Wyoming acquired a new stake in shares of Seagate Technology during the fourth quarter worth $36,000. CENTRAL TRUST Co raised its position in shares of Seagate Technology by 50.0% in the third quarter. CENTRAL TRUST Co now owns 900 shares of the data storage provider’s stock valued at $48,000 after buying an additional 300 shares in the last quarter. Stonebridge Capital Advisors LLC boosted its stake in shares of Seagate Technology by 142.4% in the fourth quarter. Stonebridge Capital Advisors LLC now owns 1,166 shares of the data storage provider’s stock valued at $61,000 after buying an additional 685 shares during the period. Advisors Asset Management Inc. acquired a new stake in Seagate Technology during the fourth quarter worth approximately $66,000. Finally, Alpha Paradigm Partners LLC increased its stake in Seagate Technology by 15.9% during the 3rd quarter. Alpha Paradigm Partners LLC now owns 3,360 shares of the data storage provider’s stock worth $179,000 after acquiring an additional 461 shares during the period. 82.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on STX. Mizuho raised shares of Seagate Technology from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $62.00 to $82.00 in a research report on Friday, February 10th. Northland Securities boosted their price target on shares of Seagate Technology from $70.00 to $74.00 and gave the stock an “outperform” rating in a research report on Thursday, January 26th. Loop Capital increased their price objective on shares of Seagate Technology from $70.00 to $80.00 in a research note on Thursday, January 26th. Rosenblatt Securities lifted their target price on Seagate Technology from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, January 26th. Finally, Evercore ISI increased their price target on Seagate Technology from $60.00 to $70.00 in a research report on Thursday, January 26th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $69.58.

About Seagate Technology

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Seagate Technology Holdings Plc operates as holding company that is engaged in the development, production, and distribution of data storage products and electronic data storage solutions. Its products include hard disk drives, solid state hybrid drives, solid state drives, peripheral component interconnect express cards, serial advanced technology attachment controllers, storage subsystems and computing solutions.