Brokerages expect Western Digital (NASDAQ:WDC) to announce sales of $4.93 billion for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for Western Digital’s earnings, with estimates ranging from $4.90 billion to $5.03 billion. Western Digital posted sales of $4.65 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 6%. The business is expected to announce its next earnings results after the market closes on Thursday, April 26th.
On average, analysts expect that Western Digital will report full year sales of $20.45 billion for the current fiscal year, with estimates ranging from $20.21 billion to $20.62 billion. For the next year, analysts forecast that the company will report sales of $21.00 billion per share, with estimates ranging from $19.08 billion to $22.02 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Western Digital.
Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, January 25th. The data storage provider reported $3.95 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.51 by $0.44. Western Digital had a net margin of 1.93% and a return on equity of 30.78%. The company had revenue of $5.34 billion for the quarter, compared to the consensus estimate of $5.31 billion. During the same quarter in the prior year, the company earned $2.30 EPS. Western Digital’s quarterly revenue was up 9.2% on a year-over-year basis.
WDC has been the topic of several analyst reports. Guggenheim reiterated a “buy” rating and set a $125.00 price target on shares of Western Digital in a report on Thursday, February 1st. BidaskClub raised Western Digital from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 10th. Cowen set a $117.00 target price on Western Digital and gave the company an “outperform” rating in a research report on Tuesday, January 23rd. TheStreet downgraded Western Digital from a “b” rating to a “c+” rating in a research report on Thursday, January 25th. Finally, Royal Bank of Canada lifted their target price on Western Digital to $120.00 and gave the company an “outperform” rating in a research report on Monday, April 2nd. Ten equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and three have given a strong buy rating to the stock. Western Digital has an average rating of “Buy” and an average price target of $111.37.
In other news, CEO Stephen D. Milligan sold 90,755 shares of the company’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $88.12, for a total value of $7,997,330.60. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Michael Charles Ray sold 4,387 shares of the company’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $84.20, for a total value of $369,385.40. Following the completion of the sale, the executive vice president now owns 43,323 shares in the company, valued at $3,647,796.60. The disclosure for this sale can be found here. Insiders have sold 259,704 shares of company stock worth $23,780,295 in the last ninety days. 0.31% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of WDC. Iridian Asset Management LLC CT raised its holdings in shares of Western Digital by 1.2% in the 4th quarter. Iridian Asset Management LLC CT now owns 5,989,267 shares of the data storage provider’s stock worth $476,326,000 after purchasing an additional 68,610 shares during the period. Geode Capital Management LLC grew its stake in shares of Western Digital by 4.6% in the fourth quarter. Geode Capital Management LLC now owns 3,919,230 shares of the data storage provider’s stock valued at $311,171,000 after buying an additional 171,959 shares in the last quarter. Lyrical Asset Management LP grew its stake in shares of Western Digital by 3.2% in the fourth quarter. Lyrical Asset Management LP now owns 3,307,454 shares of the data storage provider’s stock valued at $263,042,000 after buying an additional 103,165 shares in the last quarter. UBS Asset Management Americas Inc. grew its stake in shares of Western Digital by 20.7% in the fourth quarter. UBS Asset Management Americas Inc. now owns 3,070,049 shares of the data storage provider’s stock valued at $244,161,000 after buying an additional 526,741 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in shares of Western Digital by 67.1% in the fourth quarter. Renaissance Technologies LLC now owns 2,431,182 shares of the data storage provider’s stock valued at $193,352,000 after buying an additional 976,433 shares in the last quarter. Institutional investors and hedge funds own 84.65% of the company’s stock.
WDC stock traded up $0.86 during midday trading on Friday, reaching $91.38. The stock had a trading volume of 1,164,910 shares, compared to its average volume of 3,998,043. The company has a debt-to-equity ratio of 1.04, a quick ratio of 2.03 and a current ratio of 2.55. The firm has a market capitalization of $26,759.60, a P/E ratio of 11.57, a PEG ratio of 0.37 and a beta of 1.03. Western Digital has a 52-week low of $76.59 and a 52-week high of $106.96.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 16th. Investors of record on Friday, March 30th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend was Thursday, March 29th. Western Digital’s dividend payout ratio is presently 25.32%.
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Western Digital 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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