Brokerages forecast that Western Digital Corp (NASDAQ:WDC) will announce $0.29 earnings per share (EPS) for the current fiscal quarter, according to Zacks. Five analysts have issued estimates for Western Digital’s earnings, with estimates ranging from $0.24 to $0.39. Western Digital reported earnings of $3.04 per share in the same quarter last year, which suggests a negative year over year growth rate of 90.5%. The firm is scheduled to announce its next earnings report on Thursday, October 24th.

On average, analysts expect that Western Digital will report full year earnings of $3.09 per share for the current financial year, with EPS estimates ranging from $2.04 to $3.81. For the next year, analysts expect that the business will report earnings of $6.80 per share, with EPS estimates ranging from $5.41 to $7.83. Zacks Investment Research’s EPS averages are a mean average based on a survey of research firms that that provide coverage for Western Digital.

Western Digital (NASDAQ:WDC) last announced its earnings results on Wednesday, July 31st. The data storage provider reported $0.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.22. Western Digital had a positive return on equity of 10.73% and a negative net margin of 4.55%. The firm had revenue of $3.63 billion for the quarter, compared to the consensus estimate of $3.67 billion. During the same period in the previous year, the business earned $3.61 EPS. The firm’s revenue for the quarter was down 29.0% on a year-over-year basis.

Several equities analysts recently commented on the stock. Goldman Sachs Group set a $54.00 price objective on shares of Western Digital and gave the company a “hold” rating in a research report on Sunday, July 21st. Loop Capital lifted their target price on shares of Western Digital to $50.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. They noted that the move was a valuation call. Mizuho boosted their target price on shares of Western Digital from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Longbow Research upped their price target on shares of Western Digital from $70.00 to $76.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Craig Hallum raised their price target on shares of Western Digital from $64.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Western Digital currently has an average rating of “Hold” and an average target price of $61.21.

NASDAQ WDC traded up $2.03 during trading on Friday, hitting $64.30. The company’s stock had a trading volume of 4,653,228 shares, compared to its average volume of 6,398,365. The company has a debt-to-equity ratio of 1.03, a current ratio of 2.22 and a quick ratio of 1.36. The company has a market cap of $18.57 billion, a PE ratio of 16.88, a P/E/G ratio of 17.30 and a beta of 1.85. The business’s 50 day simple moving average is $56.20 and its 200-day simple moving average is $49.43. Western Digital has a fifty-two week low of $33.83 and a fifty-two week high of $64.88.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 22nd. Shareholders of record on Friday, October 4th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.11%. The ex-dividend date is Thursday, October 3rd. Western Digital’s payout ratio is 52.49%.

In related news, EVP Michael Charles Ray sold 87,053 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $59.96, for a total value of $5,219,697.88. Following the completion of the transaction, the executive vice president now directly owns 112,480 shares in the company, valued at approximately $6,744,300.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Lori S. Sundberg sold 3,442 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $56.82, for a total transaction of $195,574.44. Following the completion of the transaction, the executive vice president now owns 29,312 shares of the company’s stock, valued at $1,665,507.84. The disclosure for this sale can be found here. 0.36% of the stock is currently owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its position in shares of Western Digital by 1.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,104,843 shares of the data storage provider’s stock valued at $114,788,000 after acquiring an additional 43,310 shares during the period. Geode Capital Management LLC boosted its position in Western Digital by 4.0% during the fourth quarter. Geode Capital Management LLC now owns 4,730,731 shares of the data storage provider’s stock worth $174,707,000 after purchasing an additional 179,818 shares in the last quarter. Quadrant Capital Group LLC grew its holdings in Western Digital by 277.8% in the first quarter. Quadrant Capital Group LLC now owns 1,379 shares of the data storage provider’s stock valued at $61,000 after purchasing an additional 1,014 shares during the period. Dupont Capital Management Corp increased its position in shares of Western Digital by 63.3% in the first quarter. Dupont Capital Management Corp now owns 6,449 shares of the data storage provider’s stock valued at $310,000 after buying an additional 2,500 shares in the last quarter. Finally, Janus Henderson Group PLC increased its position in shares of Western Digital by 46.9% in the first quarter. Janus Henderson Group PLC now owns 117,147 shares of the data storage provider’s stock valued at $5,630,000 after buying an additional 37,388 shares in the last quarter. Institutional investors own 86.66% of the company’s stock.

About Western Digital

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.

Further Reading: Why Dividend Stocks May Be Right for You

Get a free copy of the Zacks research report on Western Digital (WDC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Western Digital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western Digital and related companies with MarketBeat.com's FREE daily email newsletter.