Western Digital Corp (NASDAQ:WDC) was the recipient of a significant decrease in short interest in the month of February. As of February 28th, there was short interest totalling 18,516,323 shares, a decrease of 8.7% from the February 15th total of 20,288,423 shares. Currently, 6.5% of the shares of the company are sold short. Based on an average daily volume of 5,979,049 shares, the days-to-cover ratio is currently 3.1 days.

Shares of WDC stock opened at $48.99 on Thursday. The firm has a market capitalization of $14.30 billion, a P/E ratio of 3.63, a PEG ratio of 0.55 and a beta of 1.43. Western Digital has a one year low of $33.83 and a one year high of $106.96. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.24 and a quick ratio of 1.45.

Western Digital (NASDAQ:WDC) last issued its earnings results on Thursday, January 24th. The data storage provider reported $1.45 EPS for the quarter, topping the consensus estimate of $1.27 by $0.18. The firm had revenue of $4.23 billion during the quarter, compared to analysts’ expectations of $4.26 billion. Western Digital had a return on equity of 28.88% and a net margin of 4.34%. Western Digital’s quarterly revenue was down 20.7% compared to the same quarter last year. During the same period last year, the business earned $3.95 earnings per share. As a group, sell-side analysts predict that Western Digital will post 4.7 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Friday, March 29th will be given a $0.50 dividend. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $2.00 annualized dividend and a yield of 4.08%. Western Digital’s dividend payout ratio (DPR) is currently 14.80%.

Several equities research analysts have recently weighed in on WDC shares. Deutsche Bank started coverage on Western Digital in a research report on Thursday, December 13th. They issued a “hold” rating for the company. Craig Hallum raised Western Digital from a “hold” rating to a “buy” rating in a research report on Thursday, December 6th. Evercore ISI cut Western Digital from an “in-line” rating to an “underperform” rating and set a $30.00 price objective for the company. in a research report on Monday, January 14th. ValuEngine raised Western Digital from a “sell” rating to a “hold” rating in a research report on Wednesday, January 30th. Finally, UBS Group cut Western Digital from a “positive” rating to a “neutral” rating in a research report on Tuesday, November 20th. Two research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $67.79.

In other Western Digital news, insider Mark P. Long sold 17,623 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $50.00, for a total transaction of $881,150.00. Following the completion of the sale, the insider now owns 158,744 shares of the company’s stock, valued at $7,937,200. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.36% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Thrivent Financial for Lutherans raised its stake in Western Digital by 1.8% during the fourth quarter. Thrivent Financial for Lutherans now owns 13,079 shares of the data storage provider’s stock worth $484,000 after acquiring an additional 230 shares in the last quarter. Avestar Capital LLC raised its stake in Western Digital by 13.9% during the fourth quarter. Avestar Capital LLC now owns 1,993 shares of the data storage provider’s stock worth $48,000 after acquiring an additional 243 shares in the last quarter. Point View Wealth Management Inc. raised its stake in Western Digital by 1.4% during the fourth quarter. Point View Wealth Management Inc. now owns 17,289 shares of the data storage provider’s stock worth $639,000 after acquiring an additional 246 shares in the last quarter. CIBC Asset Management Inc raised its stake in Western Digital by 0.7% during the fourth quarter. CIBC Asset Management Inc now owns 41,955 shares of the data storage provider’s stock worth $1,551,000 after acquiring an additional 310 shares in the last quarter. Finally, AGF Investments America Inc. raised its stake in Western Digital by 2.5% during the fourth quarter. AGF Investments America Inc. now owns 19,230 shares of the data storage provider’s stock worth $711,000 after acquiring an additional 465 shares in the last quarter. Hedge funds and other institutional investors own 84.18% of the company’s stock.

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Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.

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