Western Digital Corp. (WDC) Short Interest Up 11.7% in September
Western Digital Corp. (NASDAQ:WDC) was the recipient of a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 20,315,786 shares, an increase of 11.7% from the September 15th total of 18,190,887 shares. Currently, 7.3% of the shares of the company are short sold. Based on an average daily trading volume, of 5,320,617 shares, the short-interest ratio is currently 3.8 days.
In other news, insider Michael D. Cordano sold 18,250 shares of the firm’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $59.15, for a total value of $1,079,487.50. Following the transaction, the insider now directly owns 58,153 shares in the company, valued at approximately $3,439,749.95. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Michael D. Cordano sold 7,185 shares of Western Digital Corp. stock in a transaction on Wednesday, September 21st. The shares were sold at an average price of $54.50, for a total value of $391,582.50. Following the transaction, the insider now owns 82,988 shares in the company, valued at $4,522,846. The disclosure for this sale can be found here. 0.46% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Edmond DE Rothschild Holding S.A. increased its stake in Western Digital Corp. by 84.7% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 2,180 shares of the data storage provider’s stock worth $103,000 after buying an additional 1,000 shares during the last quarter. Checchi Capital Advisers LLC increased its stake in Western Digital Corp. by 5.1% in the second quarter. Checchi Capital Advisers LLC now owns 2,197 shares of the data storage provider’s stock worth $104,000 after buying an additional 107 shares during the last quarter. Amica Retiree Medical Trust increased its stake in Western Digital Corp. by 28.9% in the second quarter. Amica Retiree Medical Trust now owns 2,203 shares of the data storage provider’s stock worth $104,000 after buying an additional 494 shares during the last quarter. Cornerstone Advisors Inc. increased its stake in Western Digital Corp. by 5.7% in the second quarter. Cornerstone Advisors Inc. now owns 2,245 shares of the data storage provider’s stock worth $106,000 after buying an additional 121 shares during the last quarter. Finally, Americafirst Capital Management LLC acquired a new stake in Western Digital Corp. during the second quarter worth approximately $108,000. Institutional investors own 86.77% of the company’s stock.
Shares of Western Digital Corp. (NASDAQ:WDC) opened at 54.84 on Friday. Western Digital Corp. has a 12-month low of $34.99 and a 12-month high of $82.73. The firm’s 50-day moving average price is $54.16 and its 200-day moving average price is $47.49. The stock has a market cap of $15.59 billion, a price-to-earnings ratio of 54.84 and a beta of 1.28.
Western Digital Corp. (NASDAQ:WDC) last released its quarterly earnings data on Thursday, July 28th. The data storage provider reported $0.79 EPS for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.08. The company earned $3.50 billion during the quarter, compared to the consensus estimate of $3.44 billion. Western Digital Corp. had a net margin of 1.98% and a return on equity of 12.42%. Western Digital Corp.’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.51 EPS. On average, analysts forecast that Western Digital Corp. will post $4.60 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be issued a $0.50 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $2.00 dividend on an annualized basis and a yield of 3.65%. Western Digital Corp.’s payout ratio is 158.73%.
WDC has been the topic of several analyst reports. Citigroup Inc. reiterated a “buy” rating and set a $65.00 target price (up from $55.00) on shares of Western Digital Corp. in a research report on Tuesday, July 19th. Vetr downgraded Western Digital Corp. from a “buy” rating to a “hold” rating and set a $50.42 target price on the stock. in a research report on Tuesday, June 21st. Barclays PLC lifted their target price on Western Digital Corp. from $60.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, August 16th. Stifel Nicolaus reiterated a “buy” rating and set a $75.00 target price on shares of Western Digital Corp. in a research report on Sunday, July 31st. Finally, Argus reissued a “buy” rating and set a $60.00 price target on shares of Western Digital Corp. in a report on Saturday, September 10th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $64.89.
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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