Bank of America restated their buy rating on shares of Western Digital (NASDAQ:WDC) in a report published on Thursday morning, MarketBeat reports. They currently have a $68.00 target price on the data storage provider’s stock, down from their previous target price of $75.00.

Several other research firms have also weighed in on WDC. Cowen lowered Western Digital from an outperform rating to a market perform rating and set a $70.00 price target on the stock. in a research report on Wednesday, August 15th. Benchmark decreased their target price on Western Digital from $120.00 to $110.00 and set a buy rating on the stock in a report on Friday, September 21st. Royal Bank of Canada decreased their target price on Western Digital to $68.00 and set a sector perform rating on the stock in a report on Monday, October 1st. Mizuho lowered Western Digital from a buy rating to a neutral rating in a report on Monday, October 1st. Finally, Longbow Research set a $100.00 target price on Western Digital and gave the stock a buy rating in a report on Thursday, September 6th. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating and thirteen have assigned a buy rating to the stock. The stock has an average rating of Hold and an average price target of $79.80.

Shares of NASDAQ:WDC traded down $0.94 during trading on Thursday, hitting $42.66. 90,952 shares of the company were exchanged, compared to its average volume of 5,479,743. The firm has a market capitalization of $12.46 billion, a price-to-earnings ratio of 3.19, a price-to-earnings-growth ratio of 0.37 and a beta of 1.15. Western Digital has a fifty-two week low of $40.58 and a fifty-two week high of $106.96. The company has a quick ratio of 1.70, a current ratio of 2.41 and a debt-to-equity ratio of 0.96.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, October 25th. The data storage provider reported $2.78 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.70 by $0.08. The firm had revenue of $5.03 billion for the quarter, compared to analyst estimates of $5.14 billion. Western Digital had a return on equity of 35.37% and a net margin of 2.46%. As a group, analysts anticipate that Western Digital will post 6.19 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 14th. Shareholders of record on Friday, December 28th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 4.69%. The ex-dividend date of this dividend is Thursday, December 27th. Western Digital’s dividend payout ratio is 14.80%.

In other Western Digital news, Director Matthew E. Massengill sold 1,681 shares of the company’s stock in a transaction on Monday, November 5th. The stock was sold at an average price of $47.68, for a total value of $80,150.08. Following the transaction, the director now directly owns 17,848 shares of the company’s stock, valued at approximately $850,992.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.36% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Raymond James Financial Services Advisors Inc. lifted its position in shares of Western Digital by 10.2% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 37,784 shares of the data storage provider’s stock valued at $2,925,000 after acquiring an additional 3,489 shares during the period. TD Asset Management Inc. lifted its position in shares of Western Digital by 0.8% during the 2nd quarter. TD Asset Management Inc. now owns 101,239 shares of the data storage provider’s stock valued at $7,837,000 after acquiring an additional 838 shares during the period. Commonwealth Equity Services LLC lifted its position in shares of Western Digital by 14.7% during the 2nd quarter. Commonwealth Equity Services LLC now owns 23,847 shares of the data storage provider’s stock valued at $1,846,000 after acquiring an additional 3,065 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of Western Digital by 16,520.0% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,662 shares of the data storage provider’s stock valued at $129,000 after acquiring an additional 1,652 shares during the period. Finally, Alps Advisors Inc. lifted its position in shares of Western Digital by 5.1% during the 2nd quarter. Alps Advisors Inc. now owns 17,596 shares of the data storage provider’s stock valued at $1,362,000 after acquiring an additional 861 shares during the period. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.

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Analyst Recommendations for Western Digital (NASDAQ:WDC)

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