Western Digital Corporation Target of Unusually High Options Trading (WDC)
Western Digital Corporation (NASDAQ:WDC) saw unusually large options trading activity on Wednesday. Investors acquired 6,330 call options on the stock. This is an increase of 292% compared to the average daily volume of 1,613 call options.
A number of research firms have recently issued reports on WDC. Wells Fargo & Company began coverage on shares of Western Digital Corporation in a research report on Tuesday. They issued an “outperform” rating and a $115.00 price target on the stock. Vetr downgraded shares of Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $97.62 price target on the stock. in a research report on Monday, November 13th. Zacks Investment Research upgraded shares of Western Digital Corporation from a “hold” rating to a “strong-buy” rating and set a $103.00 price target on the stock in a research report on Wednesday, November 1st. UBS AG raised their price target on shares of Western Digital Corporation from $93.00 to $97.00 and gave the stock a “neutral” rating in a research report on Friday, October 27th. Finally, Barclays PLC raised their price target on shares of Western Digital Corporation from $131.00 to $133.00 and gave the stock an “overweight” rating in a research report on Friday, October 27th. Eight analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have given a strong buy rating to the stock. Western Digital Corporation has a consensus rating of “Buy” and an average price target of $114.59.
In other news, Director Henry T. Denero sold 4,097 shares of the firm’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $85.97, for a total value of $352,219.09. Following the transaction, the director now directly owns 10,834 shares in the company, valued at approximately $931,398.98. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Mark P. Long sold 4,467 shares of the firm’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $88.13, for a total transaction of $393,676.71. Following the completion of the transaction, the chief financial officer now owns 88,384 shares in the company, valued at $7,789,281.92. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,005 shares of company stock valued at $2,377,095. 0.31% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in the stock. Coastline Trust Co increased its position in Western Digital Corporation by 16.6% during the third quarter. Coastline Trust Co now owns 13,236 shares of the data storage provider’s stock worth $1,144,000 after acquiring an additional 1,880 shares during the period. Gyroscope Capital Management Group LLC bought a new position in Western Digital Corporation during the third quarter worth $5,408,000. Moors & Cabot Inc. increased its position in Western Digital Corporation by 19.7% during the third quarter. Moors & Cabot Inc. now owns 4,433 shares of the data storage provider’s stock worth $385,000 after acquiring an additional 729 shares during the period. Cetera Advisor Networks LLC bought a new position in Western Digital Corporation during the third quarter worth $211,000. Finally, IFM Investors Pty Ltd bought a new position in Western Digital Corporation during the third quarter worth $700,000. 81.77% of the stock is currently owned by institutional investors and hedge funds.
Shares of Western Digital Corporation (NASDAQ WDC) opened at $91.30 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.64 and a quick ratio of 2.13. Western Digital Corporation has a one year low of $58.30 and a one year high of $95.77. The firm has a market cap of $26,920.00, a price-to-earnings ratio of 9.19 and a beta of 1.17.
Western Digital Corporation (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, October 26th. The data storage provider reported $3.56 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.01 by $0.55. Western Digital Corporation had a net margin of 7.38% and a return on equity of 26.48%. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.13 billion. During the same period in the previous year, the company earned $1.18 earnings per share. Western Digital Corporation’s revenue for the quarter was up 9.9% on a year-over-year basis. research analysts anticipate that Western Digital Corporation will post 11.93 EPS for the current fiscal year.
Western Digital Corporation declared that its Board of Directors has initiated a share buyback program on Thursday, November 9th that authorizes the company to buyback $2.10 billion in outstanding shares. This buyback authorization authorizes the data storage provider to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date is Thursday, December 28th. Western Digital Corporation’s dividend payout ratio (DPR) is currently 41.75%.
About Western Digital Corporation
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).
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