Western Digital (WDC) Shares Gap Down to $42.99

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Western Digital Corp (NASDAQ:WDC) shares gapped down prior to trading on Tuesday . The stock had previously closed at $41.95, but opened at $42.99. Western Digital shares last traded at $44.81, with a volume of 3590236 shares changing hands.

WDC has been the topic of a number of recent analyst reports. Loop Capital upped their price objective on Western Digital to $53.00 and gave the company an “average” rating in a report on Tuesday, April 9th. Stifel Nicolaus decreased their price objective on Western Digital from $60.00 to $48.00 and set a “buy” rating on the stock in a report on Friday, January 25th. Summit Insights upgraded Western Digital from a “hold” rating to a “buy” rating in a report on Friday, January 25th. Citigroup decreased their price objective on Western Digital to $63.00 and set a “buy” rating on the stock in a report on Friday, January 25th. Finally, Wells Fargo & Co reiterated a “buy” rating and issued a $65.00 price objective (down from $75.00) on shares of Western Digital in a report on Wednesday, January 16th. Four investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twelve have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $60.42.

The company has a quick ratio of 1.30, a current ratio of 2.11 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $12.90 billion, a P/E ratio of 3.37 and a beta of 1.49.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings data on Monday, April 29th. The data storage provider reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.29). Western Digital had a return on equity of 19.87% and a net margin of 1.10%. The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.68 billion. During the same period in the prior year, the company posted $3.63 EPS. The firm’s revenue was down 26.7% compared to the same quarter last year. On average, research analysts forecast that Western Digital Corp will post 4.07 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date is Thursday, June 27th. Western Digital’s dividend payout ratio is currently 14.80%.

In other news, insider Mark P. Long sold 17,623 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $50.00, for a total transaction of $881,150.00. Following the sale, the insider now owns 158,744 shares of the company’s stock, valued at $7,937,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.36% of the stock is currently owned by corporate insiders.

Institutional investors have recently bought and sold shares of the company. Alpha Omega Wealth Management LLC increased its position in shares of Western Digital by 4,440.0% during the fourth quarter. Alpha Omega Wealth Management LLC now owns 681 shares of the data storage provider’s stock worth $25,000 after acquiring an additional 666 shares during the period. First Interstate Bank increased its position in shares of Western Digital by 159.2% during the first quarter. First Interstate Bank now owns 578 shares of the data storage provider’s stock worth $28,000 after acquiring an additional 355 shares during the period. Ropes Wealth Advisors LLC increased its position in shares of Western Digital by 706.0% during the fourth quarter. Ropes Wealth Advisors LLC now owns 806 shares of the data storage provider’s stock worth $30,000 after acquiring an additional 706 shares during the period. AdvisorNet Financial Inc increased its position in shares of Western Digital by 2,500.0% during the first quarter. AdvisorNet Financial Inc now owns 624 shares of the data storage provider’s stock worth $30,000 after acquiring an additional 600 shares during the period. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its position in shares of Western Digital by 57.0% during the first quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 650 shares of the data storage provider’s stock worth $31,000 after acquiring an additional 236 shares during the period. 83.93% of the stock is currently owned by institutional investors and hedge funds.

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About Western Digital (NASDAQ:WDC)

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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