liveimmigration.com

Seagate this afternoon boosted its quarterly dividend by 39%, to 25 cents from 18 cents. The new $1 annual rate gives the company a yield of about 5%.

The disk-drive company also said it plans to buyback $1 billion of its common stock in addition to the $900 million remaining on a previous $2 billion authorization. Seagate said the $900 million on the old authorization should be completed by the end of the June 2012 fiscal year.

“These actions by the Board demonstrate our ongoing commitment to maximize shareholder value,” CEO Steve Luczo said in a statement. “The Board and the management team remain confident in the company’s ability to maintain a strong balance sheet and sustain exceptional cash generation from the business.”

Seagate said it will fund the dividend and share repurchases through a combination of cash on hand, future cash flow from operations and potential alternative sources of financing.

STX is up 47 cents, or 2.4%, to $20.27.

While Seagate has a yield of 5%, Google and Apple have a yield of 0%. Just sayin’.

Article source: http://www.forbes.com/sites/ericsavitz/2012/01/26/seagate-boosts-dividend-expands-buyback-by-1-billion/
Note: The Articles are taken from Feeds, used for informational purposes and submitted by users. If you think your articles/blogs are being misused, please email us and we will take them off. Thanks