Cowen reissued their buy rating on shares of Western Digital (NASDAQ:WDC) in a research report sent to investors on Wednesday morning.

Other research analysts have also recently issued reports about the company. UBS reissued an add rating on shares of Western Digital in a research note on Wednesday, September 20th. Benchmark restated a buy rating and issued a $135.00 price target on shares of Western Digital in a report on Thursday, September 7th. Mizuho restated a buy rating and issued a $105.00 price target on shares of Western Digital in a report on Tuesday, September 5th. ValuEngine lowered Western Digital from a strong-buy rating to a buy rating in a report on Friday, September 1st. Finally, BidaskClub upgraded Western Digital from a hold rating to a buy rating in a report on Friday, August 25th. Nine analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and three have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $113.10.

Western Digital (NASDAQ WDC) traded up $1.86 during trading hours on Wednesday, reaching $83.63. The company’s stock had a trading volume of 6,420,700 shares, compared to its average volume of 4,160,861. Western Digital has a 1 year low of $66.74 and a 1 year high of $95.77. The company has a current ratio of 2.64, a quick ratio of 2.13 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $24,186.47, a PE ratio of 8.21 and a beta of 1.10.

Western Digital (NASDAQ:WDC) last posted its earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.01 by $0.55. Western Digital had a return on equity of 26.48% and a net margin of 7.38%. The firm 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 firm earned $1.18 earnings per share. The company’s revenue was up 9.9% on a year-over-year basis. equities analysts expect that Western Digital will post 12.01 earnings per share for the current year.

Western Digital announced that its board has initiated a stock repurchase 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. Stock buyback programs are typically a sign that the company’s board 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 issued a dividend of $0.50 per share. The ex-dividend date is Thursday, December 28th. This represents a $2.00 annualized dividend and a yield of 2.39%. Western Digital’s payout ratio is presently 41.75%.

In other Western Digital news, insider Michael D. Cordano sold 9,404 shares of the company’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $88.71, for a total value of $834,228.84. Following the sale, the insider now owns 75,385 shares in the company, valued at $6,687,403.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark P. Long sold 4,467 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $88.13, for a total value of $393,676.71. Following the completion of the sale, the chief financial officer now owns 88,384 shares in the company, valued at approximately $7,789,281.92. The disclosure for this sale can be found here. Insiders have sold 24,042 shares of company stock worth $2,116,143 in the last quarter. 0.31% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the business. Quantbot Technologies LP acquired a new position in shares of Western Digital in the second quarter valued at approximately $135,000. Sun Life Financial INC grew its position in shares of Western Digital by 16,215.4% in the second quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock valued at $188,000 after purchasing an additional 2,108 shares during the last quarter. Adviser Investments LLC acquired a new position in shares of Western Digital in the third quarter valued at approximately $204,000. SSI Investment Management Inc. acquired a new position in shares of Western Digital in the second quarter valued at approximately $207,000. Finally, Rational Advisors LLC acquired a new position in shares of Western Digital in the third quarter valued at approximately $207,000. Hedge funds and other institutional investors own 83.99% of the company’s stock.

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Western Digital Company Profile

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).

Analyst Recommendations for Western Digital (NASDAQ:WDC)

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