Susquehanna Bancshares restated their neutral rating on shares of Western Digital (NASDAQ:WDC) in a research report sent to investors on Tuesday morning, MarketBeat reports. The firm currently has a $44.00 target price on the data storage provider’s stock, down from their prior target price of $120.00.

Several other brokerages also recently issued reports on WDC. Royal Bank of Canada lowered their price target on shares of Western Digital to $95.00 and set an in-line rating for the company in a report on Friday, July 27th. Stifel Nicolaus decreased their price objective on Western Digital from $114.00 to $93.00 and set a buy rating for the company in a report on Friday, July 27th. Maxim Group restated a buy rating and issued a $126.00 price objective on shares of Western Digital in a report on Friday, July 27th. Cowen decreased their price objective on Western Digital from $105.00 to $100.00 and set an outperform rating for the company in a report on Friday, July 27th. Finally, JPMorgan Chase & Co. decreased their price objective on Western Digital from $120.00 to $117.00 and set an overweight rating for the company in a report on Friday, July 27th. Four research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and thirteen have assigned a buy rating to the stock. Western Digital has an average rating of Hold and a consensus price target of $82.50.

NASDAQ WDC opened at $45.68 on Tuesday. The company has a debt-to-equity ratio of 0.96, a current ratio of 2.41 and a quick ratio of 1.70. Western Digital has a fifty-two week low of $40.58 and a fifty-two week high of $106.96. The firm has a market cap of $13.06 billion, a price-to-earnings ratio of 3.38, a price-to-earnings-growth ratio of 0.38 and a beta of 1.17.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, October 25th. The data storage provider reported $2.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.70 by $0.08. The company had revenue of $5.03 billion during the quarter, compared to the consensus estimate of $5.14 billion. Western Digital had a net margin of 2.46% and a return on equity of 35.37%. As a group, analysts predict that Western Digital will post 6.19 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, January 14th. Shareholders of record on Friday, December 28th will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, December 27th. This represents a $2.00 dividend on an annualized basis and a yield of 4.38%. Western Digital’s dividend payout ratio (DPR) is currently 14.80%.

Western Digital announced that its Board of Directors has approved a share buyback plan on Thursday, July 26th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the data storage provider to buy up to 22.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

In other Western Digital news, Director Matthew E. Massengill sold 1,681 shares of the company’s stock in a transaction on Monday, November 5th. The shares were sold at an average price of $47.68, for a total transaction of $80,150.08. Following the sale, the director now owns 17,848 shares of the company’s stock, valued at $850,992.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.36% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Trexquant Investment LP boosted its position in shares of Western Digital by 18.1% during the 2nd quarter. Trexquant Investment LP now owns 23,284 shares of the data storage provider’s stock worth $1,802,000 after purchasing an additional 3,572 shares in the last quarter. Cambridge Financial Group Inc. boosted its position in shares of Western Digital by 7.1% during the 2nd quarter. Cambridge Financial Group Inc. now owns 76,929 shares of the data storage provider’s stock worth $5,955,000 after purchasing an additional 5,069 shares in the last quarter. Oppenheimer & Co. Inc. boosted its position in shares of Western Digital by 17.8% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 23,338 shares of the data storage provider’s stock worth $1,806,000 after purchasing an additional 3,529 shares in the last quarter. Pinebridge Investments L.P. boosted its position in shares of Western Digital by 4.7% during the 2nd quarter. Pinebridge Investments L.P. now owns 160,056 shares of the data storage provider’s stock worth $12,390,000 after purchasing an additional 7,217 shares in the last quarter. Finally, ING Groep NV lifted its position in Western Digital by 343.5% in the 3rd quarter. ING Groep NV now owns 92,390 shares of the data storage provider’s stock valued at $5,409,000 after acquiring an additional 71,556 shares in the last quarter. 86.20% of the stock is currently owned by institutional investors and hedge funds.

About Western Digital

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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Analyst Recommendations for Western Digital (NASDAQ:WDC)

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