Western Digital Corp. (NASDAQ:WDC) was the recipient of a significant decrease in short interest during the month of November. As of November 15th, there was short interest totalling 11,266,499 shares, a decrease of 34.0% from the October 31st total of 17,083,185 shares. Based on an average daily volume of 4,252,060 shares, the days-to-cover ratio is presently 2.6 days. Currently, 4.1% of the company’s stock are short sold.

Western Digital Corp. (NASDAQ:WDC) opened at 63.66 on Thursday. The stock’s market capitalization is $18.17 billion. The company has a 50-day moving average of $57.36 and a 200-day moving average of $50.86. Western Digital Corp. has a one year low of $34.99 and a one year high of $64.73.

Western Digital Corp. (NASDAQ:WDC) last posted its quarterly earnings data on Wednesday, October 26th. The data storage provider reported $1.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.05 by $0.13. Western Digital Corp. had a negative net margin of 2.73% and a positive return on equity of 11.74%. The company had revenue of $4.71 billion for the quarter, compared to analyst estimates of $4.51 billion. During the same period in the prior year, the company posted $1.56 EPS. The firm’s revenue for the quarter was up 40.3% on a year-over-year basis. On average, equities analysts forecast that Western Digital Corp. will post $6.62 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 17th. Investors of record on Friday, December 30th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend is Wednesday, December 28th. Western Digital Corp.’s dividend payout ratio (DPR) is currently -162.60%.

In other news, insider Michael D. Cordano sold 889 shares of the company’s stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $56.41, for a total value of $50,148.49. Following the completion of the transaction, the insider now directly owns 55,772 shares of the company’s stock, valued at $3,146,098.52. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Michael D. Cordano sold 7,185 shares of the company’s stock in a transaction that occurred on Wednesday, September 21st. The shares were sold at an average price of $54.50, for a total value of $391,582.50. Following the completion of the transaction, the insider now directly owns 82,988 shares of the company’s stock, valued at $4,522,846. The disclosure for this sale can be found here. 0.46% of the stock is owned by insiders.

Hedge funds have recently bought and sold shares of the company. MUFG Americas Holdings Corp increased its position in shares of Western Digital Corp. by 0.9% in the second quarter. MUFG Americas Holdings Corp now owns 2,468 shares of the data storage provider’s stock worth $117,000 after buying an additional 21 shares in the last quarter. Altfest L J & Co. Inc. increased its position in shares of Western Digital Corp. by 0.8% in the third quarter. Altfest L J & Co. Inc. now owns 5,486 shares of the data storage provider’s stock worth $321,000 after buying an additional 42 shares in the last quarter. Texas Yale Capital Corp. increased its position in shares of Western Digital Corp. by 0.9% in the second quarter. Texas Yale Capital Corp. now owns 7,637 shares of the data storage provider’s stock worth $361,000 after buying an additional 69 shares in the last quarter. Rothschild Investment Corp IL increased its position in shares of Western Digital Corp. by 0.6% in the third quarter. Rothschild Investment Corp IL now owns 11,493 shares of the data storage provider’s stock worth $672,000 after buying an additional 71 shares in the last quarter. Finally, Boothbay Fund Management LLC increased its position in shares of Western Digital Corp. by 1.2% in the first quarter. Boothbay Fund Management LLC now owns 5,998 shares of the data storage provider’s stock worth $283,000 after buying an additional 72 shares in the last quarter. 86.44% of the stock is currently owned by institutional investors.

WDC has been the subject of several recent analyst reports. Mizuho reduced their target price on Western Digital Corp. from $56.00 to $54.00 and set a “buy” rating for the company in a report on Thursday, August 25th. Vetr lowered Western Digital Corp. from a “strong-buy” rating to a “buy” rating and set a $51.50 target price for the company. in a report on Monday, August 22nd. Jefferies Group reduced their target price on Western Digital Corp. from $62.00 to $54.00 and set a “buy” rating for the company in a report on Wednesday, August 17th. Citigroup Inc. set a $65.00 target price on Western Digital Corp. and gave the company a “buy” rating in a report on Wednesday, September 7th. Finally, BTIG Research upped their target price on Western Digital Corp. from $60.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, September 7th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $68.25.

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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.

5 Day Chart for NASDAQ:WDC

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