Western Digital Corp. (WDC) Sees Significant Increase in Short Interest
Western Digital Corp. (NASDAQ:WDC) was the target of a significant growth in short interest in September. As of September 30th, there was short interest totalling 20,315,786 shares, a growth of 11.7% from the September 15th total of 18,190,887 shares. Based on an average daily trading volume, of 5,320,617 shares, the days-to-cover ratio is presently 3.8 days. Currently, 7.3% of the company’s stock are sold short.
Western Digital Corp. (NASDAQ:WDC) opened at 56.43 on Thursday. The stock has a 50 day moving average price of $53.64 and a 200-day moving average price of $47.39. Western Digital Corp. has a 1-year low of $34.99 and a 1-year high of $82.73. The stock has a market cap of $16.04 billion, a PE ratio of 56.43 and a beta of 1.28.
Western Digital Corp. (NASDAQ:WDC) last posted its earnings results on Thursday, July 28th. The data storage provider reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.08. The company had revenue of $3.50 billion for the quarter, compared to the consensus estimate of $3.44 billion. Western Digital Corp. had a return on equity of 12.42% and a net margin of 1.98%. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.51 earnings per share. On average, equities analysts expect that Western Digital Corp. will post $4.60 EPS for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be given a $0.50 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.54%. Western Digital Corp.’s dividend payout ratio is currently 158.73%.
In related news, insider Michael D. Cordano sold 7,185 shares of the company’s stock in a transaction on Wednesday, September 21st. The stock was sold at an average price of $54.50, for a total transaction of $391,582.50. Following the completion of the sale, the insider now owns 82,988 shares in the company, valued at $4,522,846. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael Charles Ray sold 2,719 shares of the company’s stock in a transaction on Tuesday, September 27th. The stock was sold at an average price of $58.63, for a total value of $159,414.97. Following the sale, the executive vice president now owns 51,843 shares of the company’s stock, valued at approximately $3,039,555.09. The disclosure for this sale can be found here. Corporate insiders own 0.46% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Commonwealth Equity Services Inc increased its stake in Western Digital Corp. by 94.8% in the first quarter. Commonwealth Equity Services Inc now owns 12,860 shares of the data storage provider’s stock worth $607,000 after buying an additional 6,258 shares in the last quarter. Sentry Investment Management LLC increased its stake in Western Digital Corp. by 37.9% in the first quarter. Sentry Investment Management LLC now owns 17,503 shares of the data storage provider’s stock worth $827,000 after buying an additional 4,808 shares in the last quarter. NN Investment Partners Holdings N.V. purchased a new stake in Western Digital Corp. during the first quarter worth approximately $951,000. Bessemer Group Inc. increased its stake in Western Digital Corp. by 700.0% in the first quarter. Bessemer Group Inc. now owns 23,119 shares of the data storage provider’s stock worth $1,093,000 after buying an additional 20,229 shares in the last quarter. Finally, Advisor Partners LLC increased its stake in Western Digital Corp. by 24.8% in the first quarter. Advisor Partners LLC now owns 4,912 shares of the data storage provider’s stock worth $232,000 after buying an additional 976 shares in the last quarter. Institutional investors own 86.77% of the company’s stock.
Several brokerages recently issued reports on WDC. Jefferies Group upped their price target on Western Digital Corp. from $54.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday. Vetr upgraded Western Digital Corp. from a “hold” rating to a “buy” rating and set a $63.25 price objective for the company in a research note on Monday, October 3rd. Royal Bank Of Canada upped their price objective on Western Digital Corp. from $60.00 to $65.00 and gave the company an “outperform” rating in a research note on Monday, October 3rd. Mizuho restated a “buy” rating and issued a $60.00 price objective on shares of Western Digital Corp. in a research note on Monday, October 3rd. Finally, RBC Capital Markets restated an “outperform” rating and issued a $65.00 price objective (up previously from $60.00) on shares of Western Digital Corp. in a research note on Monday, October 3rd. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $65.42.
About Western Digital Corp.
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage solutions that enable consumers, businesses, governments and other organizations to create, manage, experience and preserve digital content. The Company’s product portfolio includes hard disk drives (HDDs), solid-state drives, direct attached storage solutions, personal cloud network attached storage solutions, and public and private cloud data center storage solutions.
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