Western Digital (NASDAQ:WDC) Trading 13.3% Higher

Shares of Western Digital Corp (NASDAQ:WDC) traded up 13.3% on Monday . The company traded as high as $43.68 and last traded at $43.31, 6,437,657 shares changed hands during mid-day trading. An increase of 8% from the average session volume of 5,984,167 shares. The stock had previously closed at $38.21.

A number of research analysts have weighed in on the company. Longbow Research increased their target price on Western Digital from $80.00 to $88.00 and gave the company a “buy” rating in a report on Friday, January 31st. Argus increased their target price on Western Digital from $70.00 to $82.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Mizuho reissued a “buy” rating and issued a $80.00 target price (up previously from $75.00) on shares of Western Digital in a report on Thursday, January 30th. Zacks Investment Research raised Western Digital from a “hold” rating to a “buy” rating and set a $72.00 target price on the stock in a report on Friday, February 7th. Finally, Cfra increased their target price on Western Digital from $60.00 to $80.00 and gave the company a “hold” rating in a report on Friday, January 31st. Nine research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Western Digital has a consensus rating of “Buy” and a consensus target price of $73.96.

The firm has a market cap of $11.42 billion, a PE ratio of -10.67 and a beta of 1.80. The firm has a fifty day simple moving average of $50.60 and a two-hundred day simple moving average of $57.24. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.23 and a current ratio of 1.92.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Thursday, January 30th. The data storage provider reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.32. The business had revenue of $4.23 billion during the quarter, compared to analysts’ expectations of $4.23 billion. Western Digital had a positive return on equity of 1.01% and a negative net margin of 7.66%. The firm’s revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter last year, the business posted $1.45 EPS. Equities analysts forecast that Western Digital Corp will post 2.23 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, April 17th. Stockholders of record on Friday, April 3rd will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.62%. The ex-dividend date is Thursday, April 2nd. Western Digital’s dividend payout ratio (DPR) is 52.49%.

In other news, COO Michael D. Cordano sold 10,015 shares of Western Digital stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $66.26, for a total value of $663,593.90. Following the completion of the transaction, the chief operating officer now owns 241,215 shares in the company, valued at approximately $15,982,905.90. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Michael Charles Ray sold 4,387 shares of Western Digital stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $69.00, for a total value of $302,703.00. Following the completion of the transaction, the executive vice president now owns 56,149 shares of the company’s stock, valued at approximately $3,874,281. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,971 shares of company stock valued at $2,478,832. Company insiders own 0.44% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Amundi Pioneer Asset Management Inc. lifted its stake in shares of Western Digital by 8.5% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 291,747 shares of the data storage provider’s stock worth $14,022,000 after acquiring an additional 22,751 shares during the last quarter. Ilmarinen Mutual Pension Insurance Co bought a new stake in shares of Western Digital during the 3rd quarter worth approximately $7,455,000. Chevy Chase Trust Holdings Inc. lifted its stake in shares of Western Digital by 1.1% during the 3rd quarter. Chevy Chase Trust Holdings Inc. now owns 247,689 shares of the data storage provider’s stock worth $14,772,000 after acquiring an additional 2,609 shares during the last quarter. Boston Partners lifted its stake in shares of Western Digital by 6.8% during the 3rd quarter. Boston Partners now owns 944,341 shares of the data storage provider’s stock worth $56,300,000 after acquiring an additional 59,899 shares during the last quarter. Finally, Virtu Financial LLC lifted its stake in shares of Western Digital by 579.4% during the 3rd quarter. Virtu Financial LLC now owns 28,801 shares of the data storage provider’s stock worth $1,717,000 after acquiring an additional 24,562 shares during the last quarter. Hedge funds and other institutional investors own 83.32% of the company’s stock.

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.

Further Reading: What is a stock portfolio tracker?

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.