Wall Street brokerages expect that Western Digital (NASDAQ:WDC) will announce $4.93 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have issued estimates for Western Digital’s earnings, with the highest sales estimate coming in at $5.03 billion and the lowest estimate coming in at $4.90 billion. Western Digital posted sales of $4.65 billion in the same quarter last year, which suggests a positive year over year growth rate of 6%. The firm is scheduled to announce its next earnings report 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 financial year, with estimates ranging from $20.21 billion to $20.62 billion. For the next fiscal year, analysts expect that the firm will report sales of $21.00 billion per share, with estimates ranging from $19.08 billion to $22.02 billion. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for Western Digital.
Western Digital (NASDAQ:WDC) last posted its earnings results on Thursday, January 25th. The data storage provider reported $3.95 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.51 by $0.44. The company had revenue of $5.34 billion during the quarter, compared to analyst estimates of $5.31 billion. Western Digital had a return on equity of 30.78% and a net margin of 1.93%. The company’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period in the previous year, the company earned $2.30 EPS.
Several research firms have recently issued reports on WDC. TheStreet lowered Western Digital from a “b” rating to a “c+” rating in a research report on Thursday, January 25th. ValuEngine lowered Western Digital from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. Royal Bank of Canada restated a “buy” rating on shares of Western Digital in a research report on Friday, December 22nd. Barclays boosted their target price on Western Digital from $110.00 to $120.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 27th. Finally, UBS boosted their target price on Western Digital from $88.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, January 26th. Ten 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 company’s stock. The stock presently has an average rating of “Buy” and an average target price of $111.37.
In other news, CFO Mark P. Long sold 7,026 shares of the company’s stock in a transaction that occurred on Friday, March 9th. The stock was sold at an average price of $98.64, for a total transaction of $693,044.64. Following the sale, the chief financial officer now owns 211,817 shares in the company, valued at approximately $20,893,628.88. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Stephen D. Milligan sold 16,511 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $84.00, for a total value of $1,386,924.00. Following the sale, the chief executive officer now owns 156,882 shares in the company, valued at approximately $13,178,088. The disclosure for this sale can be found here. Insiders sold a total of 259,704 shares of company stock worth $23,780,295 in the last 90 days. Company insiders own 0.31% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Iridian Asset Management LLC CT raised its stake in shares of Western Digital by 1.2% during 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 in the last quarter. Geode Capital Management LLC raised its stake in shares of Western Digital by 4.6% during the 4th quarter. Geode Capital Management LLC now owns 3,919,230 shares of the data storage provider’s stock worth $311,171,000 after purchasing an additional 171,959 shares in the last quarter. Lyrical Asset Management LP raised its stake in shares of Western Digital by 3.2% during the 4th quarter. Lyrical Asset Management LP now owns 3,307,454 shares of the data storage provider’s stock worth $263,042,000 after purchasing an additional 103,165 shares in the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of Western Digital by 20.7% during the 4th quarter. UBS Asset Management Americas Inc. now owns 3,070,049 shares of the data storage provider’s stock worth $244,161,000 after purchasing an additional 526,741 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Western Digital by 67.1% during the 4th quarter. Renaissance Technologies LLC now owns 2,431,182 shares of the data storage provider’s stock worth $193,352,000 after purchasing an additional 976,433 shares in the last quarter. Institutional investors own 84.71% of the company’s stock.
Western Digital stock opened at $89.93 on Friday. The stock has a market cap of $26,670.33, a PE ratio of 11.38, a P/E/G ratio of 0.37 and a beta of 1.03. Western Digital has a 1 year low of $76.59 and a 1 year high of $106.96. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.55 and a quick ratio of 2.03.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Friday, March 30th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend is Thursday, March 29th. Western Digital’s payout ratio is 25.32%.
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About Western Digital
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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