Western Digital (WDC) Shares Gap Down to $92.34

Western Digital (NASDAQ:WDC) shares gapped down before the market opened on Monday . The stock had previously closed at $86.27, but opened at $92.34. Western Digital shares last traded at $92.01, with a volume of 2339204 shares trading hands.

Several brokerages recently commented on WDC. Royal Bank of Canada reissued a “buy” rating on shares of Western Digital in a research report on Friday, December 22nd. BidaskClub cut Western Digital from a “hold” rating to a “sell” rating in a research report on Thursday, January 11th. TheStreet cut Western Digital from a “b” rating to a “c+” rating in a research report on Thursday, January 25th. Maxim Group increased their price target on Western Digital from $124.00 to $126.00 and gave the company a “buy” rating in a research report on Friday, January 26th. Finally, UBS increased their price target on Western Digital from $88.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, January 26th. Eleven equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $111.62.

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The company has a market capitalization of $27,476.71, a P/E ratio of 77.31, a price-to-earnings-growth ratio of 0.38 and a beta of 1.11. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.55 and a quick ratio of 2.03.

Western Digital (NASDAQ:WDC) last announced its earnings results on Thursday, January 25th. The data storage provider reported $3.95 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.51 by $0.44. The company had revenue of $5.34 billion for the quarter, compared to analyst estimates of $5.31 billion. Western Digital had a return on equity of 30.78% and a net margin of 1.93%. The firm’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same quarter last year, the company earned $2.30 earnings per share. equities analysts forecast that Western Digital will post 12.76 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Friday, March 30th will be paid a dividend of $0.50 per share. The ex-dividend date is Thursday, March 29th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.12%. Western Digital’s dividend payout ratio (DPR) is currently 165.29%.

In other news, CEO Stephen D. Milligan sold 53,264 shares of the stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $100.12, for a total transaction of $5,332,791.68. Following the transaction, the chief executive officer now owns 68,114 shares in the company, valued at $6,819,573.68. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Stephen D. Milligan sold 16,511 shares of the stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $84.00, for a total value of $1,386,924.00. Following the transaction, the chief executive officer now owns 156,882 shares in the company, valued at approximately $13,178,088. The disclosure for this sale can be found here. In the last quarter, insiders have sold 259,704 shares of company stock worth $23,780,295. 0.31% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of WDC. Russell Investments Group Ltd. increased its stake in Western Digital by 19.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 201,249 shares of the data storage provider’s stock worth $17,382,000 after acquiring an additional 32,158 shares during the period. Buckingham Capital Management Inc. increased its stake in Western Digital by 53.6% during the 3rd quarter. Buckingham Capital Management Inc. now owns 30,419 shares of the data storage provider’s stock worth $2,628,000 after acquiring an additional 10,618 shares during the period. Macquarie Group Ltd. increased its stake in Western Digital by 0.6% during the 3rd quarter. Macquarie Group Ltd. now owns 179,887 shares of the data storage provider’s stock worth $15,542,000 after acquiring an additional 1,132 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in Western Digital during the 3rd quarter worth $352,000. Finally, NorthCoast Asset Management LLC bought a new position in Western Digital during the 3rd quarter worth $235,000. Hedge funds and other institutional investors own 84.71% 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).

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