Western Digital (NASDAQ:WDC) Shares Gap Down to $48.50

Western Digital Corp (NASDAQ:WDC) shares gapped down prior to trading on Tuesday . The stock had previously closed at $49.50, but opened at $48.50. Western Digital shares last traded at $47.71, with a volume of 4,365,306 shares trading hands.

Several analysts recently commented on the stock. Craig Hallum lifted their target price 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. Longbow Research reissued a “buy” rating on shares of Western Digital in a report on Tuesday, October 15th. Cascend Securities raised their price objective on shares of Western Digital from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Royal Bank of Canada reduced their price objective on Western Digital to $64.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Finally, Stifel Nicolaus started coverage on Western Digital in a research report on Monday. They issued a “hold” rating and a $53.00 target price on the stock. Five equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $62.40.

The firm has a 50 day simple moving average of $53.63 and a two-hundred day simple moving average of $52.12. The company has a quick ratio of 1.22, a current ratio of 1.98 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $14.11 billion, a P/E ratio of 12.48, a PEG ratio of 15.73 and a beta of 1.79.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Wednesday, October 30th. The data storage provider reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.41. The company had revenue of $4.04 billion during the quarter, compared to analysts’ expectations of $3.92 billion. Western Digital had a positive return on equity of 3.28% and a negative net margin of 9.89%. Western Digital’s revenue was down 19.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.04 EPS. On average, research analysts predict that Western Digital Corp will post 1.6 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 21st. Investors of record on Friday, January 3rd will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.21%. The ex-dividend date of this dividend is Thursday, January 2nd. Western Digital’s dividend payout ratio (DPR) is presently 52.49%.

In related news, COO Michael D. Cordano sold 5,625 shares of Western Digital stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $55.01, for a total transaction of $309,431.25. Following the sale, the chief operating officer now directly owns 281,344 shares in the company, valued at approximately $15,476,733.44. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Matthew E. Massengill sold 3,110 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $52.17, for a total transaction of $162,248.70. Following the sale, the director now directly owns 22,387 shares in the company, valued at $1,167,929.79. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,375 shares of company stock worth $728,504. Insiders own 0.44% of the company’s stock.

Several large investors have recently modified their holdings of the company. Invesco Ltd. raised its position in shares of Western Digital by 36.5% in the 2nd quarter. Invesco Ltd. now owns 6,340,189 shares of the data storage provider’s stock worth $301,475,000 after acquiring an additional 1,696,513 shares in the last quarter. Nuveen Asset Management LLC increased its stake in shares of Western Digital by 3,406.5% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,309,208 shares of the data storage provider’s stock valued at $62,253,000 after acquiring an additional 1,271,871 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Western Digital by 1.7% in the 2nd quarter. Vanguard Group Inc. now owns 32,104,981 shares of the data storage provider’s stock valued at $1,526,591,000 after acquiring an additional 532,800 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Western Digital by 17.3% during the 2nd quarter. First Trust Advisors LP now owns 3,272,870 shares of the data storage provider’s stock valued at $155,625,000 after acquiring an additional 482,473 shares during the period. Finally, Fort Pitt Capital Group LLC lifted its position in shares of Western Digital by 97.7% during the 2nd quarter. Fort Pitt Capital Group LLC now owns 822,351 shares of the data storage provider’s stock valued at $39,103,000 after acquiring an additional 406,338 shares during the period. Institutional investors own 84.44% of the company’s stock.

Western Digital Company Profile (NASDAQ:WDC)

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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