Western Digital Corporation Sees Unusually Large Options Volume (WDC)
Western Digital Corporation (NASDAQ:WDC) was the target of unusually large options trading on Monday. Stock investors acquired 6,330 call options on the company. This represents an increase of 292% compared to the average daily volume of 1,613 call options.
Several research firms have recently commented on WDC. Deutsche Bank AG downgraded Western Digital Corporation from a “buy” rating to a “hold” rating in a report on Wednesday. Barclays PLC reiterated a “buy” rating and set a $131.00 price target on shares of Western Digital Corporation in a report on Tuesday. BidaskClub downgraded Western Digital Corporation from a “buy” rating to a “hold” rating in a report on Tuesday. ValuEngine upgraded Western Digital Corporation from a “buy” rating to a “strong-buy” rating in a report on Monday. Finally, Robert W. Baird downgraded Western Digital Corporation from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $120.00 to $93.00 in a report on Monday. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $111.98.
Western Digital Corporation (NASDAQ WDC) opened at 84.35 on Thursday. The firm has a 50-day moving average price of $87.22 and a 200-day moving average price of $87.08. The company has a market capitalization of $24.87 billion, a price-to-earnings ratio of 62.95 and a beta of 1.24. Western Digital Corporation has a 52 week low of $52.10 and a 52 week high of $95.77.
Western Digital Corporation (NASDAQ:WDC) last posted its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 EPS for the quarter, beating analysts’ consensus estimates of $2.51 by $0.42. The company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.82 billion. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. Western Digital Corporation’s quarterly revenue was up 38.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.79 earnings per share. Analysts anticipate that Western Digital Corporation will post $12.38 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.37%. Western Digital Corporation’s dividend payout ratio is presently 156.25%.
In other news, insider Mark P. Long sold 19,777 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $84.50, for a total transaction of $1,671,156.50. Following the completion of the sale, the insider now owns 90,683 shares in the company, valued at $7,662,713.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Mark P. Long sold 28,585 shares of the business’s stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $94.24, for a total value of $2,693,850.40. Following the sale, the insider now owns 53,551 shares of the company’s stock, valued at approximately $5,046,646.24. The disclosure for this sale can be found here. Over the last quarter, insiders sold 128,246 shares of company stock valued at $11,323,928. 0.31% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Arizona State Retirement System increased its stake in Western Digital Corporation by 1.0% in the first quarter. Arizona State Retirement System now owns 71,313 shares of the data storage provider’s stock valued at $5,885,000 after purchasing an additional 700 shares during the period. Buckingham Capital Management Inc. acquired a new position in shares of Western Digital Corporation during the second quarter worth about $1,754,000. Korea Investment CORP increased its stake in shares of Western Digital Corporation by 14.7% during the second quarter. Korea Investment CORP now owns 595,049 shares of the data storage provider’s stock worth $52,721,000 after acquiring an additional 76,459 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of Western Digital Corporation by 18.3% during the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 67,329 shares of the data storage provider’s stock worth $5,965,000 after acquiring an additional 10,428 shares during the period. Finally, Capital Analysts LLC acquired a new position in shares of Western Digital Corporation during the second quarter worth about $2,777,000. Institutional investors own 82.34% of the company’s stock.
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Western Digital Corporation Company Profile
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).
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