Western Digital Corporation Target of Unusually High Options Trading (WDC)
Western Digital Corporation (NASDAQ:WDC) was the recipient of some unusual options trading activity on Monday. Traders purchased 6,330 call options on the stock. This is an increase of 292% compared to the typical daily volume of 1,613 call options.
Several analysts recently issued reports on WDC shares. Mizuho reaffirmed a “buy” rating and issued a $92.00 price target on shares of Western Digital Corporation in a report on Wednesday, April 12th. BMO Capital Markets reaffirmed a “buy” rating and issued a $104.00 price target on shares of Western Digital Corporation in a report on Thursday, April 27th. Vetr cut shares of Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $94.27 price target on the stock. in a report on Monday, April 24th. Zacks Investment Research raised shares of Western Digital Corporation from a “hold” rating to a “buy” rating and set a $95.00 price target on the stock in a report on Friday, April 21st. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $105.00 price target on shares of Western Digital Corporation in a report on Tuesday, April 18th. Eight investment analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $104.93.
Shares of Western Digital Corporation (WDC) opened at 80.99 on Thursday. The firm’s 50-day moving average is $90.18 and its 200-day moving average is $84.09. Western Digital Corporation has a 1-year low of $43.09 and a 1-year high of $95.77. The stock has a market capitalization of $23.65 billion, a price-to-earnings ratio of 60.44 and a beta of 1.22.
Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.51 by $0.42. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The business had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter in the previous year, the business posted $0.79 EPS. Western Digital Corporation’s revenue for the quarter was up 38.5% on a year-over-year basis. On average, analysts predict that Western Digital Corporation will post $12.54 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.47%. The ex-dividend date of this dividend is Thursday, September 28th. Western Digital Corporation’s dividend payout ratio (DPR) is presently 156.25%.
In related news, EVP Srinivasan Sivaram sold 16,049 shares of the company’s stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $85.06, for a total value of $1,365,127.94. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Michael Charles Ray sold 1,365 shares of the company’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $89.54, for a total transaction of $122,222.10. Following the completion of the sale, the executive vice president now directly owns 42,771 shares in the company, valued at $3,829,715.34. The disclosure for this sale can be found here. Insiders sold 126,966 shares of company stock worth $11,263,675 over the last ninety days. 0.46% of the stock is currently owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in WDC. American Beacon Advisors Inc. acquired a new position in Western Digital Corporation during the first quarter valued at $111,000. Acrospire Investment Management LLC acquired a new position in Western Digital Corporation during the first quarter valued at $112,000. Reilly Financial Advisors LLC boosted its position in Western Digital Corporation by 49.8% in the first quarter. Reilly Financial Advisors LLC now owns 1,383 shares of the data storage provider’s stock valued at $114,000 after buying an additional 460 shares during the period. Harbour Capital Advisors LLC acquired a new position in Western Digital Corporation during the first quarter valued at $117,000. Finally, SRS Capital Advisors Inc. boosted its position in Western Digital Corporation by 26.7% in the first quarter. SRS Capital Advisors Inc. now owns 1,453 shares of the data storage provider’s stock valued at $119,000 after buying an additional 306 shares during the period. Institutional investors and hedge funds own 82.39% of the company’s stock.
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Western Digital Corporation Company Profile
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).
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