Wall Street analysts expect that Western Digital Corp (NASDAQ:WDC) will announce $3.70 billion in sales for the current quarter, according to Zacks. Six analysts have provided estimates for Western Digital’s earnings, with the lowest sales estimate coming in at $3.70 billion and the highest estimate coming in at $3.71 billion. Western Digital posted sales of $5.12 billion during the same quarter last year, which suggests a negative year-over-year growth rate of 27.7%. The firm is expected to report its next quarterly earnings results on Thursday, July 25th.

On average, analysts expect that Western Digital will report full year sales of $16.64 billion for the current fiscal year, with estimates ranging from $16.63 billion to $16.64 billion. For the next fiscal year, analysts expect that the company will post sales of $16.41 billion, with estimates ranging from $15.56 billion to $17.35 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Western Digital.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Monday, April 29th. The data storage provider reported $0.17 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.46 by ($0.29). The firm had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.68 billion. Western Digital had a return on equity of 19.87% and a net margin of 1.10%. The business’s revenue for the quarter was down 26.7% on a year-over-year basis. During the same quarter last year, the firm posted $3.63 earnings per share.

Several research firms have recently weighed in on WDC. Royal Bank of Canada began coverage on Western Digital in a report on Friday, March 29th. They set a “market perform” rating on the stock. Bank of America restated a “buy” rating and set a $60.00 price target (up from $55.00) on shares of Western Digital in a report on Wednesday, April 24th. Robert W. Baird cut Western Digital from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $50.00 to $40.00 in a report on Friday, April 26th. Loop Capital cut their price objective on Western Digital to $45.00 and set a “hold” rating on the stock in a research note on Tuesday, April 30th. Finally, UBS Group lifted their price objective on Western Digital from $43.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 30th. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twelve have issued a buy rating to the company. Western Digital currently has an average rating of “Hold” and an average target price of $60.42.

In other Western Digital news, insider Mark P. Long sold 17,623 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $50.00, for a total value of $881,150.00. Following the transaction, the insider now directly owns 158,744 shares of the company’s stock, valued at $7,937,200. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.36% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Legal & General Group Plc raised its position in shares of Western Digital by 3.3% during the third quarter. Legal & General Group Plc now owns 1,355,074 shares of the data storage provider’s stock worth $79,326,000 after purchasing an additional 43,281 shares during the period. Morgan Stanley raised its position in shares of Western Digital by 75.0% during the third quarter. Morgan Stanley now owns 3,605,774 shares of the data storage provider’s stock worth $211,082,000 after purchasing an additional 1,545,390 shares during the period. State of Alaska Department of Revenue raised its position in shares of Western Digital by 8.5% during the fourth quarter. State of Alaska Department of Revenue now owns 48,629 shares of the data storage provider’s stock worth $1,797,000 after purchasing an additional 3,819 shares during the period. QUANTRES ASSET MANAGEMENT Ltd acquired a new position in shares of Western Digital during the fourth quarter worth approximately $274,000. Finally, Virtu Financial LLC acquired a new position in shares of Western Digital during the fourth quarter worth approximately $396,000. 83.93% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:WDC traded down $2.68 during midday trading on Friday, hitting $41.95. 8,449,003 shares of the stock were exchanged, compared to its average volume of 6,983,031. The stock has a market cap of $12.87 billion, a P/E ratio of 3.11 and a beta of 1.49. The company has a current ratio of 2.11, a quick ratio of 1.30 and a debt-to-equity ratio of 1.01. Western Digital has a 12 month low of $33.83 and a 12 month high of $88.62.

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.77%. The ex-dividend date is Thursday, June 27th. Western Digital’s dividend payout ratio (DPR) is presently 14.80%.

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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