Western Digital Corporation (WDC) Expected to Post Earnings of $3.29 Per Share
Equities analysts expect that Western Digital Corporation (NASDAQ:WDC) will post earnings per share (EPS) of $3.29 for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for Western Digital Corporation’s earnings, with the lowest EPS estimate coming in at $3.22 and the highest estimate coming in at $3.36. Western Digital Corporation posted earnings per share of $1.18 in the same quarter last year, which suggests a positive year over year growth rate of 178.8%. The company is scheduled to issue its next earnings results after the market closes on Thursday, October 26th.
On average, analysts expect that Western Digital Corporation will report full year earnings of $12.74 per share for the current year, with EPS estimates ranging from $12.00 to $13.60. For the next year, analysts expect that the firm will report earnings of $12.65 per share, with EPS estimates ranging from $11.42 to $13.83. Zacks’ earnings per share averages are an average based on a survey of sell-side research firms that follow Western Digital Corporation.
Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.51 by $0.42. The firm 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%. The company’s revenue for the quarter was up 38.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.79 EPS.
A number of research analysts have weighed in on the stock. BidaskClub lowered shares of Western Digital Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, August 12th. Jefferies Group LLC reiterated a “hold” rating and issued a $90.00 price objective on shares of Western Digital Corporation in a report on Wednesday, June 28th. Benchmark Co. reiterated a “buy” rating and issued a $135.00 price objective on shares of Western Digital Corporation in a report on Monday, September 25th. Summit Redstone reiterated a “buy” rating on shares of Western Digital Corporation in a report on Saturday, July 22nd. Finally, Longbow Research reiterated a “buy” rating and issued a $120.00 price objective on shares of Western Digital Corporation in a report on Thursday, September 14th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $111.50.
Western Digital Corporation (WDC) traded down 0.57% on Thursday, reaching $85.01. 452,513 shares of the company’s stock traded hands. The stock’s 50 day moving average is $86.77 and its 200 day moving average is $87.58. The firm has a market cap of $25.07 billion, a price-to-earnings ratio of 63.44 and a beta of 1.24. Western Digital Corporation has a 52-week low of $52.62 and a 52-week high of $95.77.
The business also recently announced a quarterly dividend, which was paid on Monday, October 16th. Stockholders of record on Friday, September 29th were issued a $0.50 dividend. The ex-dividend date was Thursday, September 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.34%. Western Digital Corporation’s dividend payout ratio (DPR) is currently 156.25%.
In other news, insider Mark P. Long sold 1,446 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $87.63, for a total value of $126,712.98. Following the completion of the transaction, the insider now owns 86,939 shares of the company’s stock, valued at $7,618,464.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael D. Cordano sold 9,404 shares of the company’s stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $88.71, for a total value of $834,228.84. Following the completion of the transaction, the insider now directly owns 75,385 shares of the company’s stock, valued at approximately $6,687,403.35. The disclosure for this sale can be found here. Insiders sold 77,679 shares of company stock valued at $6,561,639 in the last three months. Company insiders own 0.31% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Western Digital Corporation by 4.2% in the second quarter. Vanguard Group Inc. now owns 29,942,849 shares of the data storage provider’s stock valued at $2,652,936,000 after buying an additional 1,201,394 shares during the period. Capital World Investors acquired a new position in shares of Western Digital Corporation in the second quarter valued at approximately $1,019,202,000. Iridian Asset Management LLC CT increased its stake in shares of Western Digital Corporation by 1.8% in the second quarter. Iridian Asset Management LLC CT now owns 5,641,706 shares of the data storage provider’s stock valued at $499,855,000 after buying an additional 100,195 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Western Digital Corporation by 10.0% in the second quarter. Ameriprise Financial Inc. now owns 4,443,866 shares of the data storage provider’s stock valued at $393,778,000 after buying an additional 405,293 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Western Digital Corporation by 0.5% in the second quarter. Northern Trust Corp now owns 3,191,625 shares of the data storage provider’s stock valued at $282,778,000 after buying an additional 16,436 shares during the period. 82.29% of the stock is owned by institutional investors.
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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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