Western Digital Corporation (WDC) Downgraded by BidaskClub to Hold
BidaskClub lowered shares of Western Digital Corporation (NASDAQ:WDC) from a buy rating to a hold rating in a report issued on Tuesday morning.
WDC has been the topic of a number of other research reports. Jefferies Group LLC reaffirmed a hold rating and issued a $90.00 target price on shares of Western Digital Corporation in a research report on Wednesday, June 28th. Vetr upgraded shares of Western Digital Corporation from a buy rating to a strong-buy rating and set a $101.80 price target for the company in a research report on Monday, June 12th. Benchmark Co. reiterated a buy rating and set a $135.00 price target on shares of Western Digital Corporation in a research report on Monday, September 25th. Summit Redstone reiterated a buy rating on shares of Western Digital Corporation in a research report on Saturday, July 22nd. Finally, Longbow Research reissued a buy rating and issued a $120.00 price target on shares of Western Digital Corporation in a research note on Thursday, September 14th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $111.44.
Shares of Western Digital Corporation (WDC) traded up 1.61% during midday trading on Tuesday, hitting $84.34. The company had a trading volume of 1,779,079 shares. The company has a market capitalization of $24.87 billion, a PE ratio of 62.94 and a beta of 1.24. Western Digital Corporation has a 12 month low of $52.10 and a 12 month high of $95.77. The company has a 50-day moving average of $87.21 and a 200-day moving average of $87.10. Western Digital Corporation also saw some unusual options trading activity on Monday. Traders acquired 6,330 call options on the stock. This represents an increase of 292% compared to the average volume of 1,613 call options.
Western Digital Corporation (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share for the quarter, beating the consensus estimate of $2.51 by $0.42. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The business had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter in the prior year, the company posted $0.79 EPS. The business’s revenue for the quarter was up 38.5% on a year-over-year basis. Analysts predict that Western Digital Corporation will post $12.38 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be given a dividend of $0.50 per share. 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 2.41%. Western Digital Corporation’s payout ratio is 156.25%.
In related news, EVP Srinivasan Sivaram sold 3,098 shares of Western Digital Corporation stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $85.00, for a total value of $263,330.00. Following the transaction, the executive vice president now directly owns 74,741 shares in the company, valued at approximately $6,352,985. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Michael D. Cordano sold 4,954 shares of Western Digital Corporation stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $94.98, for a total transaction of $470,530.92. Following the completion of the transaction, the chief operating officer now owns 66,092 shares in the company, valued at $6,277,418.16. The disclosure for this sale can be found here. In the last three months, insiders sold 128,246 shares of company stock worth $11,323,928. Corporate insiders own 0.31% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. American Beacon Advisors Inc. acquired a new stake in shares of Western Digital Corporation in the 1st quarter worth $111,000. Harbour Capital Advisors LLC purchased a new stake in shares of Western Digital Corporation in the first quarter valued at about $117,000. SRS Capital Advisors Inc. boosted its holdings in shares of Western Digital Corporation by 26.7% in the first quarter. SRS Capital Advisors Inc. now owns 1,453 shares of the data storage provider’s stock valued at $119,000 after acquiring an additional 306 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of Western Digital Corporation in the second quarter valued at about $135,000. Finally, Ruggie Capital Group purchased a new stake in shares of Western Digital Corporation in the first quarter valued at about $127,000. Institutional investors own 82.34% of the company’s stock.
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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