Wall Street brokerages expect that Western Digital Corp (NASDAQ:WDC) will report $3.90 billion in sales for the current quarter, Zacks reports. Five analysts have issued estimates for Western Digital’s earnings. The lowest sales estimate is $3.86 billion and the highest is $3.93 billion. Western Digital reported sales of $5.03 billion in the same quarter last year, which indicates a negative year over year growth rate of 22.5%. The business is expected to report its next earnings report on Thursday, October 24th.

According to Zacks, analysts expect that Western Digital will report full year sales of $16.56 billion for the current year, with estimates ranging from $15.78 billion to $17.30 billion. For the next financial year, analysts forecast that the business will post sales of $18.44 billion, with estimates ranging from $17.72 billion to $19.53 billion. Zacks’ sales averages are an average based on a survey of analysts that follow Western Digital.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Wednesday, July 31st. The data storage provider reported $0.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.22. The business had revenue of $3.63 billion during the quarter, compared to analysts’ expectations of $3.67 billion. Western Digital had a negative net margin of 4.55% and a positive return on equity of 10.73%. During the same period in the prior year, the company earned $3.61 EPS. The firm’s quarterly revenue was down 29.0% compared to the same quarter last year.

Several research firms have recently weighed in on WDC. Maxim Group set a $126.00 price target on Western Digital and gave the stock a “buy” rating in a report on Friday, September 6th. Cleveland Research reiterated a “hold” rating on shares of Western Digital in a report on Friday, September 6th. Mizuho lifted their target price on shares of Western Digital from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Deutsche Bank boosted their target price on shares of Western Digital from $55.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Finally, Cowen reissued a “market perform” rating and set a $45.00 target price (up from $40.00) on shares of Western Digital in a report on Thursday, August 1st. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $61.21.

WDC traded up $2.03 on Friday, reaching $64.30. The stock had a trading volume of 4,653,228 shares, compared to its average volume of 6,398,365. Western Digital has a fifty-two week low of $33.83 and a fifty-two week high of $64.88. The firm has a 50-day moving average of $56.20 and a 200-day moving average of $49.43. The company has a current ratio of 2.22, a quick ratio of 1.36 and a debt-to-equity ratio of 1.03. The company has a market capitalization of $18.57 billion, a price-to-earnings ratio of 16.88, a price-to-earnings-growth ratio of 17.30 and a beta of 1.85.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 22nd. Stockholders of record on Friday, October 4th will be paid a $0.50 dividend. The ex-dividend date is Thursday, October 3rd. This represents a $2.00 annualized dividend and a dividend yield of 3.11%. Western Digital’s dividend payout ratio is presently 52.49%.

In other Western Digital news, EVP Lori S. Sundberg sold 3,442 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $56.82, for a total value of $195,574.44. Following the transaction, the executive vice president now directly owns 29,312 shares of the company’s stock, valued at $1,665,507.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Charles Ray sold 87,053 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $59.96, for a total transaction of $5,219,697.88. Following the completion of the transaction, the executive vice president now directly owns 112,480 shares in the company, valued at $6,744,300.80. The disclosure for this sale can be found here. 0.36% of the stock is currently owned by corporate insiders.

Several institutional investors have recently modified their holdings of the company. Private Ocean LLC bought a new stake in Western Digital during the second quarter worth $25,000. Huntington National Bank raised its position in Western Digital by 9,483.3% in the 2nd quarter. Huntington National Bank now owns 575 shares of the data storage provider’s stock valued at $27,000 after buying an additional 569 shares during the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in Western Digital in the 2nd quarter valued at $34,000. Global Retirement Partners LLC lifted its stake in Western Digital by 66.1% during the 1st quarter. Global Retirement Partners LLC now owns 746 shares of the data storage provider’s stock valued at $36,000 after acquiring an additional 297 shares in the last quarter. Finally, Institutional & Family Asset Management LLC lifted its stake in Western Digital by 167.6% during the 1st quarter. Institutional & Family Asset Management LLC now owns 784 shares of the data storage provider’s stock valued at $38,000 after acquiring an additional 491 shares in the last quarter. 86.66% of the stock is owned by hedge funds and other institutional investors.

About Western Digital

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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