Western Digital (WDC) Trading Down 8% on Analyst Downgrade
Western Digital (NASDAQ:WDC)’s share price fell 8% on Friday after Barclays lowered their price target on the stock from $120.00 to $118.00. Barclays currently has an overweight rating on the stock. Western Digital traded as low as $80.60 and last traded at $80.88. 9,124,372 shares were traded during trading, an increase of 128% from the average session volume of 4,009,056 shares. The stock had previously closed at $87.91.
A number of other research firms have also recently weighed in on WDC. ValuEngine raised shares of Western Digital from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 17th. Robert W. Baird raised shares of Western Digital from a “neutral” rating to an “outperform” rating in a research note on Friday, March 16th. BidaskClub raised shares of Western Digital from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 10th. Zacks Investment Research raised shares of Western Digital from a “hold” rating to a “strong-buy” rating and set a $108.00 price objective on the stock in a research note on Friday, March 30th. Finally, UBS started coverage on shares of Western Digital in a research note on Tuesday, March 6th. They issued a “hold” rating and a $90.00 price objective on the stock. Nine investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $113.00.
In other news, EVP Michael Charles Ray sold 1,208 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $88.53, for a total transaction of $106,944.24. Following the transaction, the executive vice president now directly owns 40,144 shares in the company, valued at approximately $3,553,948.32. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Stephen D. Milligan sold 90,755 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $88.12, for a total transaction of $7,997,330.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 259,704 shares of company stock worth $23,780,295. Insiders own 0.31% of the company’s stock.
The company has a current ratio of 2.55, a quick ratio of 2.03 and a debt-to-equity ratio of 1.04. The stock has a market cap of $25,566.38, a PE ratio of 10.24, a P/E/G ratio of 0.35 and a beta of 1.03.
Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, April 26th. The data storage provider reported $3.63 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.31 by $0.32. Western Digital had a net margin of 1.93% and a return on equity of 30.78%. The company had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.93 billion. During the same quarter last year, the company earned $2.39 earnings per share. Western Digital’s revenue for the quarter was up 7.8% on a year-over-year basis. research analysts predict that Western Digital will post 12.75 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, April 16th. Shareholders of record on Friday, March 30th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.47%. The ex-dividend date was Thursday, March 29th. Western Digital’s dividend payout ratio (DPR) is 25.32%.
About Western Digital
Western Digital Corporation, together with its subsidiaries, develops, manufactures, and sells data storage devices and solutions worldwide. It offers performance hard disk drives (HDDs) that are used in enterprise servers, data analysis, and other enterprise applications; capacity HDDs and drive configurations for use in data storage systems and tiered storage models; and enterprise solid state drives (SSDs), including NAND-flash SSDs and software solutions that are designed to enhance the performance in various enterprise workload environments.
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