Equities analysts expect Western Digital Corp (NASDAQ:WDC) to post earnings per share (EPS) of $3.08 for the current fiscal quarter, Zacks reports. Six analysts have made estimates for Western Digital’s earnings. The lowest EPS estimate is $3.04 and the highest is $3.15. Western Digital posted earnings of $3.56 per share during the same quarter last year, which indicates a negative year over year growth rate of 13.5%. The firm is scheduled to announce its next quarterly earnings report on Thursday, October 25th.

On average, analysts expect that Western Digital will report full-year earnings of $11.61 per share for the current fiscal year, with EPS estimates ranging from $10.48 to $13.02. For the next financial year, analysts anticipate that the business will report earnings of $11.72 per share, with EPS estimates ranging from $9.11 to $13.79. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research analysts that follow Western Digital.

Western Digital (NASDAQ:WDC) last announced its earnings results on Thursday, July 26th. The data storage provider reported $3.61 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.20 by $0.41. Western Digital had a net margin of 3.27% and a return on equity of 36.35%. The business had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.07 billion. During the same quarter in the prior year, the company posted $2.93 earnings per share. The firm’s revenue was up 5.7% on a year-over-year basis.

Several research analysts recently commented on WDC shares. TheStreet upgraded shares of Western Digital from a “c+” rating to a “b” rating in a report on Thursday, July 26th. Standpoint Research upgraded shares of Western Digital from a “hold” rating to a “buy” rating in a report on Tuesday, July 10th. Mizuho reaffirmed a “buy” rating on shares of Western Digital in a research report on Friday, July 27th. Bank of America dropped their price target on shares of Western Digital from $120.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, July 27th. Finally, Stifel Nicolaus dropped their price target on shares of Western Digital from $114.00 to $93.00 and set a “buy” rating on the stock in a research report on Friday, July 27th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eighteen have given a buy rating to the company’s stock. Western Digital presently has an average rating of “Buy” and a consensus price target of $100.56.

In other Western Digital news, EVP Michael Charles Ray sold 4,387 shares of the stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $67.65, for a total transaction of $296,780.55. Following the sale, the executive vice president now directly owns 107,155 shares in the company, valued at $7,249,035.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Mark P. Long sold 24,938 shares of the stock in a transaction dated Monday, July 30th. The stock was sold at an average price of $70.83, for a total transaction of $1,766,358.54. Following the sale, the insider now owns 215,963 shares in the company, valued at $15,296,659.29. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,772 shares of company stock worth $2,298,763. 0.31% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in the business. FMR LLC boosted its stake in shares of Western Digital by 0.8% in the 2nd quarter. FMR LLC now owns 1,093,275 shares of the data storage provider’s stock valued at $84,630,000 after purchasing an additional 8,946 shares in the last quarter. Exane Asset Management acquired a new stake in shares of Western Digital in the 2nd quarter valued at approximately $222,000. HRT Financial LLC acquired a new stake in shares of Western Digital in the 2nd quarter valued at approximately $426,000. Truvestments Capital LLC acquired a new stake in shares of Western Digital in the 2nd quarter valued at approximately $871,000. Finally, Mount Yale Investment Advisors LLC boosted its stake in shares of Western Digital by 6.6% in the 2nd quarter. Mount Yale Investment Advisors LLC now owns 81,841 shares of the data storage provider’s stock valued at $6,335,000 after purchasing an additional 5,069 shares in the last quarter. Hedge funds and other institutional investors own 83.12% of the company’s stock.

WDC traded down $0.14 during trading hours on Friday, hitting $56.96. 3,024,300 shares of the company’s stock were exchanged, compared to its average volume of 4,071,193. Western Digital has a 1-year low of $53.61 and a 1-year high of $106.96. The stock has a market capitalization of $16.48 billion, a price-to-earnings ratio of 4.22, a PEG ratio of 0.28 and a beta of 0.89. The company has a current ratio of 2.39, a quick ratio of 1.73 and a debt-to-equity ratio of 0.95.

Western Digital declared that its board has approved a share repurchase program on Thursday, July 26th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the data storage provider to repurchase up to 22.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Friday, September 28th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date is Thursday, September 27th. Western Digital’s dividend payout ratio is 14.80%.

Western Digital Company Profile

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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