Western Digital (WDC) Stock Price Down 6.3%

Western Digital Corp (NASDAQ:WDC) was down 6.3% during trading on Monday . The company traded as low as $42.84 and last traded at $42.99. Approximately 6,383,933 shares changed hands during trading, a decline of 10% from the average daily volume of 7,074,114 shares. The stock had previously closed at $45.86.

A number of equities research analysts recently commented on WDC shares. ValuEngine raised Western Digital from a “sell” rating to a “hold” rating in a report on Wednesday, January 30th. Craig Hallum downgraded Western Digital from a “buy” rating to a “hold” rating and set a $49.00 target price for the company. in a report on Tuesday, April 30th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $55.00 target price on shares of Western Digital in a report on Thursday, March 28th. Robert W. Baird downgraded Western Digital from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $50.00 to $40.00 in a report on Friday, April 26th. Finally, Summit Insights raised Western Digital from a “hold” rating to a “buy” rating in a report on Friday, January 25th. Four investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and twelve have given a buy rating to the stock. The stock currently 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 price-to-earnings ratio of 3.37 and a beta of 1.49.

Western Digital (NASDAQ:WDC) last announced its 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 business had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.68 billion. Western Digital had a return on equity of 19.87% and a net margin of 1.10%. The company’s quarterly revenue was down 26.7% compared to the same quarter last year. During the same period in the previous year, the company earned $3.63 earnings per share. Research analysts predict that Western Digital Corp will post 4.07 EPS for the current year.

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

In other news, insider Mark P. Long sold 17,623 shares of the company’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 transaction of $881,150.00. Following the completion of the transaction, the insider now directly owns 158,744 shares of the company’s stock, valued at approximately $7,937,200. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.36% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of Western Digital by 17.6% during the first quarter. BlackRock Inc. now owns 28,802,905 shares of the data storage provider’s stock worth $1,384,267,000 after purchasing an additional 4,308,455 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in shares of Western Digital by 6,696.6% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 8,203,643 shares of the data storage provider’s stock worth $222,000 after purchasing an additional 8,082,941 shares in the last quarter. American International Group Inc. increased its position in shares of Western Digital by 1,949.8% during the fourth quarter. American International Group Inc. now owns 7,444,864 shares of the data storage provider’s stock worth $275,237,000 after purchasing an additional 7,081,673 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Western Digital by 484.1% during the first quarter. Wellington Management Group LLP now owns 6,901,602 shares of the data storage provider’s stock worth $331,691,000 after purchasing an additional 5,720,088 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Western Digital by 5.7% during the first quarter. Geode Capital Management LLC now owns 4,998,664 shares of the data storage provider’s stock worth $240,094,000 after purchasing an additional 267,933 shares in the last quarter. 83.93% of the stock is owned by institutional investors and hedge funds.

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Western Digital Company Profile (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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