Seagate (STX) Shares Rally Following Raised Q3 Guidance, New 18c/Share Qtr. Dividend
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Shares of Seagate (NYSE: STX) are up nearly 7 percent in after-market trade Thursday following raised third-quarter guidance and a resumption of its quarterly dividend payment.
Seagate now expects to see quarterly sales of about $2.7 billion, up from the company's prior outlook of $2.55-$2.7 billion. The Street is currently looking for third-quarter sales of $2.62 billion.
The company also said it sees unit shipments of 49 million for the quarter, and gross margin as a percent of revenue near or slightly above the high-end of the original outlook range of 18 to 19 percent.
Seagate announced it will resume paying a quarterly dividend payment on June 1. The company will pay 18 cents per share per quarter. The last time Seagate paid a dividend was on August 15, 2008, when the quarterly dividend was 12 cents per share.
With Seagate shares last trading at $15.80 in the post-market session, the company's dividend will yield 4.90%.
Peer Western Digital (NYSE: WDC) is also trading higher in the after-hours session, now up about 4 percent to $39.33.
Seagate now expects to see quarterly sales of about $2.7 billion, up from the company's prior outlook of $2.55-$2.7 billion. The Street is currently looking for third-quarter sales of $2.62 billion.
The company also said it sees unit shipments of 49 million for the quarter, and gross margin as a percent of revenue near or slightly above the high-end of the original outlook range of 18 to 19 percent.
Seagate announced it will resume paying a quarterly dividend payment on June 1. The company will pay 18 cents per share per quarter. The last time Seagate paid a dividend was on August 15, 2008, when the quarterly dividend was 12 cents per share.
With Seagate shares last trading at $15.80 in the post-market session, the company's dividend will yield 4.90%.
Peer Western Digital (NYSE: WDC) is also trading higher in the after-hours session, now up about 4 percent to $39.33.
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