Western Digital (NASDAQ:WDC) Stock Price Down 5.8%

Western Digital Corp (NASDAQ:WDC) dropped 5.8% during trading on Tuesday . The stock traded as low as $50.51 and last traded at $51.49, approximately 11,344,285 shares changed hands during trading. An increase of 65% from the average daily volume of 6,876,034 shares. The stock had previously closed at $54.64.

WDC has been the subject of several analyst reports. UBS Group upped their target price on Spotify Technology from $180.00 to $182.00 and gave the company a “buy” rating in a report on Tuesday, April 30th. Goldman Sachs Group increased their price objective on Western Digital from $42.00 to $49.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 27th. Deutsche Bank reissued a “buy” rating and issued a $18.00 price objective on shares of STMicroelectronics in a research note on Monday, April 15th. Wedbush raised Sunstone Hotel Investors from a “neutral” rating to an “outperform” rating in a research note on Wednesday, June 26th. Finally, Citigroup reduced their price objective on Western Digital from $63.00 to $59.00 and set a “buy” rating for the company in a research note on Tuesday, April 30th. Five analysts have rated the stock with a sell rating, twelve have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $56.62.

The company has a debt-to-equity ratio of 1.01, a current ratio of 2.11 and a quick ratio of 1.30. The stock has a 50-day moving average price of $43.14. The stock has a market capitalization of $16.20 billion, a P/E ratio of 3.81, a price-to-earnings-growth ratio of 12.06 and a beta of 1.82.

Western Digital (NASDAQ:WDC) last issued its earnings results on Monday, April 29th. The data storage provider reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.29). Western Digital had a return on equity of 19.87% and a net margin of 1.10%. The firm had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.68 billion. During the same period in the previous year, the company earned $3.63 earnings per share. The business’s revenue for the quarter was down 26.7% on a year-over-year basis. As a group, analysts anticipate that Western Digital Corp will post 4.01 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.88%. The ex-dividend date of this dividend was Thursday, June 27th. Western Digital’s payout ratio is currently 14.80%.

Several hedge funds and other institutional investors have recently modified their holdings of the company. NEXT Financial Group Inc increased its holdings in shares of Western Digital by 3,631.4% during the 2nd quarter. NEXT Financial Group Inc now owns 47,986 shares of the data storage provider’s stock valued at $2,297,000 after acquiring an additional 46,700 shares during the last quarter. CWM Advisors LLC increased its holdings in shares of Western Digital by 23.0% during the 2nd quarter. CWM Advisors LLC now owns 16,424 shares of the data storage provider’s stock valued at $781,000 after acquiring an additional 3,073 shares during the last quarter. Sound Income Strategies LLC increased its holdings in shares of Western Digital by 51.9% during the 2nd quarter. Sound Income Strategies LLC now owns 24,249 shares of the data storage provider’s stock valued at $1,153,000 after acquiring an additional 8,285 shares during the last quarter. Oregon Public Employees Retirement Fund increased its holdings in shares of Western Digital by 6.4% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 244,115 shares of the data storage provider’s stock valued at $11,608,000 after acquiring an additional 14,760 shares during the last quarter. Finally, Unigestion Holding SA increased its holdings in shares of Western Digital by 1,959.2% during the 2nd quarter. Unigestion Holding SA now owns 297,383 shares of the data storage provider’s stock valued at $14,141,000 after acquiring an additional 282,941 shares during the last quarter. 88.05% of the stock is currently owned by institutional investors and hedge funds.

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.

Featured Article: What is the downside to momentum investing?

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.



Comments


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit