Insider Selling: Western Digital Corp (NASDAQ:WDC) EVP Sells 87,053 Shares of Stock

Western Digital Corp (NASDAQ:WDC) EVP Michael Charles Ray sold 87,053 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $59.96, for a total transaction of $5,219,697.88. Following the sale, the executive vice president now directly owns 112,480 shares in the company, valued at $6,744,300.80. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

NASDAQ WDC traded up $0.29 during mid-day trading on Friday, hitting $62.24. The company’s stock had a trading volume of 4,403,770 shares, compared to its average volume of 3,701,349. Western Digital Corp has a 52-week low of $33.83 and a 52-week high of $62.84. The stock’s fifty day simple moving average is $55.47 and its two-hundred day simple moving average is $49.14. The company has a debt-to-equity ratio of 1.03, a current ratio of 2.22 and a quick ratio of 1.36. The firm has a market capitalization of $18.34 billion, a P/E ratio of 16.34, a price-to-earnings-growth ratio of 17.08 and a beta of 1.85.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Wednesday, July 31st. The data storage provider reported $0.17 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.22. Western Digital had a negative net margin of 4.55% and a positive return on equity of 10.73%. The firm had revenue of $3.63 billion for the quarter, compared to analyst estimates of $3.67 billion. During the same quarter last year, the firm posted $3.61 earnings per share. Western Digital’s revenue for the quarter was down 29.0% compared to the same quarter last year. On average, equities analysts forecast that Western Digital Corp will post 1.81 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 22nd. Investors of record on Friday, October 4th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $2.00 annualized dividend and a yield of 3.21%. Western Digital’s payout ratio is 52.49%.

Several equities research analysts have issued reports on WDC shares. Benchmark raised their price target on shares of Western Digital from $40.00 to $46.00 and gave the stock a “sell” rating in a research note on Friday. Barclays started coverage on shares of Western Digital in a research note on Wednesday, August 7th. They set an “equal weight” rating and a $53.00 price target on the stock. BidaskClub raised shares of Western Digital from a “buy” rating to a “strong-buy” rating in a research note on Friday. Longbow Research raised their target price on shares of Western Digital from $55.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, Loop Capital raised their target price on shares of Western Digital to $50.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Western Digital has an average rating of “Hold” and an average price target of $60.98.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Arthur M. Cohen & Associates LLC raised its holdings in Western Digital by 2.6% in the second quarter. Arthur M. Cohen & Associates LLC now owns 7,950 shares of the data storage provider’s stock valued at $378,000 after buying an additional 200 shares during the period. Meeder Asset Management Inc. raised its holdings in Western Digital by 6.9% in the second quarter. Meeder Asset Management Inc. now owns 3,237 shares of the data storage provider’s stock valued at $154,000 after buying an additional 210 shares during the period. YorkBridge Wealth Partners LLC raised its holdings in Western Digital by 45.6% in the first quarter. YorkBridge Wealth Partners LLC now owns 887 shares of the data storage provider’s stock valued at $43,000 after buying an additional 278 shares during the period. Sumitomo Life Insurance Co. raised its holdings in Western Digital by 2.3% in the second quarter. Sumitomo Life Insurance Co. now owns 13,075 shares of the data storage provider’s stock valued at $622,000 after buying an additional 295 shares during the period. Finally, Global Retirement Partners LLC raised its stake in shares of Western Digital by 66.1% during the first quarter. Global Retirement Partners LLC now owns 746 shares of the data storage provider’s stock valued at $36,000 after purchasing an additional 297 shares during the period. Hedge funds and other institutional investors own 84.21% of the company’s stock.

About Western Digital

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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