Western Digital Corporation (WDC) Short Interest Update
Western Digital Corporation (NASDAQ:WDC) saw a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 7,966,067 shares, an increase of 40.6% from the August 15th total of 5,665,560 shares. Based on an average trading volume of 3,833,883 shares, the short-interest ratio is presently 2.1 days. Approximately 2.8% of the shares of the stock are sold short.
In other Western Digital Corporation news, EVP Jacqueline Demaria sold 14,358 shares of Western Digital Corporation stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $84.53, for a total value of $1,213,681.74. Following the sale, the executive vice president now directly owns 75,772 shares in the company, valued at approximately $6,405,007.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Mark P. Long sold 1,446 shares of the business’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $87.63, for a total transaction of $126,712.98. Following the completion of the sale, the insider now owns 86,939 shares in the company, valued at $7,618,464.57. The disclosure for this sale can be found here. Over the last quarter, insiders sold 134,891 shares of company stock worth $11,854,827. 0.46% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Western Digital Corporation by 4.2% during the 2nd quarter. Vanguard Group Inc. now owns 29,942,849 shares of the data storage provider’s stock worth $2,652,936,000 after buying an additional 1,201,394 shares during the last quarter. Capital World Investors purchased a new stake in shares of Western Digital Corporation during the 2nd quarter worth approximately $1,019,202,000. Iridian Asset Management LLC CT lifted its position in shares of Western Digital Corporation by 1.8% during the 2nd quarter. Iridian Asset Management LLC CT now owns 5,641,706 shares of the data storage provider’s stock worth $499,855,000 after buying an additional 100,195 shares during the last quarter. Ameriprise Financial Inc. lifted its position in shares of Western Digital Corporation by 10.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 4,443,866 shares of the data storage provider’s stock worth $393,778,000 after buying an additional 405,293 shares during the last quarter. Finally, Northern Trust Corp lifted its position in shares of Western Digital Corporation by 0.5% during the 2nd quarter. Northern Trust Corp now owns 3,191,625 shares of the data storage provider’s stock worth $282,778,000 after buying an additional 16,436 shares during the last quarter. Institutional investors own 82.42% of the company’s stock.
Western Digital Corporation (NASDAQ WDC) opened at 89.18 on Tuesday. The firm’s 50-day moving average is $85.98 and its 200-day moving average is $86.30. Western Digital Corporation has a 52 week low of $52.10 and a 52 week high of $95.77. The firm has a market cap of $26.04 billion, a price-to-earnings ratio of 66.55 and a beta of 1.21.
Western Digital Corporation (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.51 by $0.42. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The company had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter in the previous year, the firm earned $0.79 earnings per share. The firm’s quarterly revenue was up 38.5% on a year-over-year basis. On average, equities analysts anticipate that Western Digital Corporation will post $12.50 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be paid a $0.50 dividend. The ex-dividend date is Thursday, September 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.24%. Western Digital Corporation’s dividend payout ratio is currently 156.25%.
A number of analysts have recently weighed in on WDC shares. Susquehanna Bancshares Inc restated a “positive” rating on shares of Western Digital Corporation in a report on Thursday, August 31st. Mizuho restated a “buy” rating and issued a $105.00 target price on shares of Western Digital Corporation in a report on Monday, June 5th. Vetr upgraded shares of Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $104.96 target price on the stock in a report on Wednesday, July 26th. Cowen and Company boosted their target price on shares of Western Digital Corporation from $115.00 to $117.00 and gave the stock an “outperform” rating in a report on Tuesday, June 27th. Finally, Zacks Investment Research downgraded shares of Western Digital Corporation from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 4th. Eight research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company. Western Digital Corporation has a consensus rating of “Buy” and a consensus target price of $111.34.
About Western Digital Corporation
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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