Western Digital Corp. (WDC) Sees Large Decline in Short Interest
Western Digital Corp. (NASDAQ:WDC) was the target of a large drop in short interest during the month of September. As of September 15th, there was short interest totalling 18,190,887 shares, a drop of 4.5% from the August 31st total of 19,053,977 shares. Currently, 6.6% of the company’s shares are sold short. Based on an average daily volume of 6,206,664 shares, the short-interest ratio is currently 2.9 days.
In other news, insider Michael D. Cordano sold 18,250 shares of the business’s stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $59.15, for a total value of $1,079,487.50. Following the sale, the insider now directly owns 58,153 shares in the company, valued at $3,439,749.95. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Michael Charles Ray sold 2,719 shares of the business’s stock in a transaction dated Tuesday, September 27th. The shares were sold at an average price of $58.63, for a total value of $159,414.97. Following the completion of the sale, the executive vice president now owns 51,843 shares in the company, valued at $3,039,555.09. The disclosure for this sale can be found here. 0.46% of the stock is owned by insiders.
Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Western Digital Corp. by 24.7% in the second quarter. Vanguard Group Inc. now owns 24,858,936 shares of the data storage provider’s stock valued at $1,174,834,000 after buying an additional 4,925,997 shares during the period. State Street Corp increased its position in Western Digital Corp. by 7.7% in the second quarter. State Street Corp now owns 10,767,538 shares of the data storage provider’s stock valued at $508,875,000 after buying an additional 772,439 shares in the last quarter. American International Group Inc. increased its position in Western Digital Corp. by 8,124.5% in the second quarter. American International Group Inc. now owns 9,620,001 shares of the data storage provider’s stock valued at $454,641,000 after buying an additional 9,503,034 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its position in Western Digital Corp. by 9.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 7,225,832 shares of the data storage provider’s stock valued at $341,493,000 after buying an additional 646,379 shares in the last quarter. Finally, BlackRock Fund Advisors increased its position in Western Digital Corp. by 25.1% in the second quarter. BlackRock Fund Advisors now owns 4,625,720 shares of the data storage provider’s stock valued at $218,612,000 after buying an additional 929,412 shares in the last quarter. Hedge funds and other institutional investors own 86.77% of the company’s stock.
WDC has been the topic of a number of recent research reports. Longbow Research raised Western Digital Corp. from a “neutral” rating to a “buy” rating and set a $70.00 target price on the stock in a research report on Tuesday, September 13th. Vetr downgraded Western Digital Corp. from a “strong-buy” rating to a “buy” rating and set a $51.50 target price on the stock. in a research report on Monday, August 29th. Mizuho lowered their target price on Western Digital Corp. from $56.00 to $54.00 and set a “buy” rating on the stock in a research report on Thursday, August 25th. Argus reaffirmed a “buy” rating and issued a $60.00 target price on shares of Western Digital Corp. in a research report on Saturday, September 10th. Finally, Citigroup Inc. set a $65.00 target price on Western Digital Corp. and gave the company a “buy” rating in a research report on Wednesday, September 7th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $64.32.
Shares of Western Digital Corp. (NASDAQ:WDC) opened at 58.69 on Wednesday. The stock has a market cap of $16.68 billion, a price-to-earnings ratio of 58.69 and a beta of 1.27. Western Digital Corp. has a 52 week low of $34.99 and a 52 week high of $86.39. The stock’s 50 day moving average is $51.56 and its 200 day moving average is $46.98.
Western Digital Corp. (NASDAQ:WDC) last released its quarterly earnings data on Thursday, July 28th. The data storage provider reported $0.79 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.08. Western Digital Corp. had a net margin of 1.98% and a return on equity of 12.42%. The business earned $3.50 billion during the quarter, compared to analyst estimates of $3.44 billion. During the same quarter last year, the business earned $1.51 earnings per share. Western Digital Corp.’s quarterly revenue was up 9.5% compared to the same quarter last year. On average, equities analysts forecast that Western Digital Corp. will post $4.57 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be issued a $0.50 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $2.00 annualized dividend and a dividend yield of 3.41%. Western Digital Corp.’s dividend payout ratio (DPR) is presently 158.73%.
Western Digital Corp. Company Profile
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage solutions that enable consumers, businesses, governments and other organizations to create, manage, experience and preserve digital content. The Company’s product portfolio includes hard disk drives (HDDs), solid-state drives, direct attached storage solutions, personal cloud network attached storage solutions, and public and private cloud data center storage solutions.
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