Western Digital Corp. (WDC) Sees Significant Drop in Short Interest
Western Digital Corp. (NASDAQ:WDC) was the recipient of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 17,083,185 shares, a decrease of 15.7% from the October 14th total of 20,258,625 shares. Based on an average daily trading volume, of 5,176,389 shares, the short-interest ratio is currently 3.3 days. Approximately 6.1% of the company’s stock are sold short.
Shares of Western Digital Corp. (NASDAQ:WDC) opened at 58.89 on Friday. The company’s market cap is $16.78 billion. The stock’s 50 day moving average is $56.72 and its 200-day moving average is $49.18. Western Digital Corp. has a one year low of $34.99 and a one year high of $64.80.
Western Digital Corp. (NASDAQ:WDC) last released its earnings results on Wednesday, October 26th. The data storage provider reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.13. Western Digital Corp. had a positive return on equity of 11.74% and a negative net margin of 2.73%. The business had revenue of $4.71 billion for the quarter, compared to analyst estimates of $4.51 billion. During the same quarter last year, the firm posted $1.56 earnings per share. The business’s revenue was up 40.3% compared to the same quarter last year. Equities research analysts expect that Western Digital Corp. will post $6.62 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 17th. Shareholders of record on Friday, December 30th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, December 28th. This represents a $2.00 dividend on an annualized basis and a yield of 3.39%. Western Digital Corp.’s payout ratio is -162.60%.
A number of analysts recently issued reports on WDC shares. Brean Capital set a $97.00 price objective on shares of Western Digital Corp. and gave the stock a “buy” rating in a report on Thursday, October 27th. Benchmark Co. set a $85.00 price objective on shares of Western Digital Corp. and gave the stock a “buy” rating in a report on Thursday, October 27th. Susquehanna restated a “positive” rating and set a $88.00 price objective (up previously from $80.00) on shares of Western Digital Corp. in a report on Thursday, October 27th. Vetr upgraded shares of Western Digital Corp. from a “hold” rating to a “buy” rating and set a $63.25 price objective for the company in a report on Monday, October 3rd. Finally, Royal Bank Of Canada raised their price objective on shares of Western Digital Corp. from $60.00 to $65.00 and gave the stock an “outperform” rating in a report on Monday, October 3rd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $67.70.
In other news, Director Matthew E. Massengill sold 2,187 shares of the stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $57.31, for a total value of $125,336.97. Following the completion of the sale, the director now owns 15,579 shares in the company, valued at $892,832.49. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Michael D. Cordano sold 7,185 shares of the stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $54.50, for a total transaction of $391,582.50. Following the completion of the sale, the insider now owns 82,988 shares of the company’s stock, valued at approximately $4,522,846. The disclosure for this sale can be found here. Company insiders own 0.46% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the company. Nomura Asset Management Co. Ltd. raised its stake in Western Digital Corp. by 0.8% in the third quarter. Nomura Asset Management Co. Ltd. now owns 39,888 shares of the data storage provider’s stock worth $2,332,000 after buying an additional 327 shares during the last quarter. Profund Advisors LLC raised its stake in Western Digital Corp. by 21.0% in the third quarter. Profund Advisors LLC now owns 22,544 shares of the data storage provider’s stock worth $1,318,000 after buying an additional 3,916 shares during the last quarter. Evercore Trust Company N.A. raised its stake in Western Digital Corp. by 0.6% in the third quarter. Evercore Trust Company N.A. now owns 818,637 shares of the data storage provider’s stock worth $47,866,000 after buying an additional 5,223 shares during the last quarter. Stephens Inc. AR acquired a new stake in Western Digital Corp. during the third quarter worth $1,045,000. Finally, Intrepid Capital Management Inc. raised its stake in Western Digital Corp. by 72.2% in the third quarter. Intrepid Capital Management Inc. now owns 236,023 shares of the data storage provider’s stock worth $13,800,000 after buying an additional 98,974 shares during the last quarter. Institutional investors and hedge funds own 87.88% of the company’s stock.
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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