Investors Buy Shares of Western Digital (WDC) on Weakness

Traders bought shares of Western Digital (NASDAQ:WDC) on weakness during trading hours on Friday. $95.96 million flowed into the stock on the tick-up and $36.11 million flowed out of the stock on the tick-down, for a money net flow of $59.85 million into the stock. Of all equities tracked, Western Digital had the 6th highest net in-flow for the day. Western Digital traded down ($0.57) for the day and closed at $89.93

A number of equities analysts have recently commented on WDC shares. Guggenheim reissued a “buy” rating and set a $125.00 price target on shares of Western Digital in a report on Thursday, February 1st. BidaskClub raised Western Digital from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 10th. Cowen set a $117.00 target price on Western Digital and gave the stock an “outperform” rating in a report on Tuesday, January 23rd. TheStreet cut Western Digital from a “b” rating to a “c+” rating in a report on Thursday, January 25th. Finally, Royal Bank of Canada upped their target price on Western Digital to $120.00 and gave the stock an “outperform” rating in a report on Monday, April 2nd. Ten investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and three have issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $111.37.

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The company has a quick ratio of 2.03, a current ratio of 2.55 and a debt-to-equity ratio of 1.04. The stock has a market cap of $26,670.33, a P/E ratio of 11.38, a PEG ratio of 0.37 and a beta of 1.03.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, January 25th. The data storage provider reported $3.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.51 by $0.44. The business had revenue of $5.34 billion for the quarter, compared to analyst estimates of $5.31 billion. Western Digital had a return on equity of 30.78% and a net margin of 1.93%. The company’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.30 earnings per share. equities analysts forecast that Western Digital will post 12.76 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Friday, March 30th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.22%. The ex-dividend date is Thursday, March 29th. Western Digital’s dividend payout ratio (DPR) is presently 25.32%.

In other news, EVP Michael Charles Ray sold 1,208 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $88.53, for a total value of $106,944.24. Following the completion of the sale, the executive vice president now directly owns 40,144 shares of the company’s stock, valued at $3,553,948.32. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Stephen D. Milligan sold 90,755 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $88.12, for a total value of $7,997,330.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 259,704 shares of company stock valued at $23,780,295. Company insiders own 0.31% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of WDC. Buckingham Capital Management Inc. increased its position in shares of Western Digital by 53.6% during the third quarter. Buckingham Capital Management Inc. now owns 30,419 shares of the data storage provider’s stock valued at $2,628,000 after acquiring an additional 10,618 shares during the last quarter. Engineers Gate Manager LP increased its position in Western Digital by 257.7% in the third quarter. Engineers Gate Manager LP now owns 9,546 shares of the data storage provider’s stock worth $825,000 after buying an additional 6,877 shares during the last quarter. California Public Employees Retirement System increased its position in Western Digital by 1.4% in the third quarter. California Public Employees Retirement System now owns 658,321 shares of the data storage provider’s stock worth $56,879,000 after buying an additional 9,391 shares during the last quarter. Sterling Capital Management LLC increased its position in Western Digital by 28.3% in the third quarter. Sterling Capital Management LLC now owns 48,112 shares of the data storage provider’s stock worth $4,157,000 after buying an additional 10,603 shares during the last quarter. Finally, Yellowstone Partners LLC purchased a new stake in Western Digital in the third quarter worth $530,000. 84.71% of the stock is owned by institutional investors.

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Western Digital 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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