Short Interest in Western Digital Corporation (WDC) Rises By 30.4%

Western Digital Corporation (NASDAQ:WDC) saw a large growth in short interest in the month of September. As of September 29th, there was short interest totalling 9,390,135 shares, a growth of 30.4% from the September 15th total of 7,203,460 shares. Currently, 3.3% of the company’s shares are sold short. Based on an average daily trading volume, of 4,538,696 shares, the days-to-cover ratio is currently 2.1 days.

Western Digital Corporation (NASDAQ WDC) opened at 85.62 on Thursday. The company’s 50-day moving average price is $87.26 and its 200-day moving average price is $87.40. The company has a market capitalization of $25.25 billion, a P/E ratio of 63.90 and a beta of 1.24. Western Digital Corporation has a 52 week low of $52.10 and a 52 week high of $95.77.

Western Digital Corporation (NASDAQ:WDC) last posted its earnings results on Thursday, July 27th. The data storage provider reported $2.93 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.51 by $0.42. The business had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.82 billion. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. Western Digital Corporation’s revenue was up 38.5% on a year-over-year basis. During the same quarter last year, the company earned $0.79 EPS. On average, equities analysts forecast that Western Digital Corporation will post $12.39 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, September 28th. This represents a $2.00 annualized dividend and a dividend yield of 2.34%. Western Digital Corporation’s dividend payout ratio (DPR) is presently 156.25%.

In other Western Digital Corporation news, EVP Srinivasan Sivaram sold 3,098 shares of Western Digital Corporation stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $85.00, for a total value of $263,330.00. Following the completion of the sale, the executive vice president now owns 74,741 shares in the company, valued at approximately $6,352,985. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark P. Long sold 1,517 shares of Western Digital Corporation stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $80.97, for a total value of $122,831.49. Following the completion of the sale, the chief financial officer now owns 88,207 shares of the company’s stock, valued at approximately $7,142,120.79. The disclosure for this sale can be found here. Insiders sold a total of 128,246 shares of company stock valued at $11,323,928 in the last 90 days. 0.31% of the stock is owned by company insiders.

Several institutional investors have recently bought and sold shares of the stock. Accredited Investors Inc. lifted its position in shares of Western Digital Corporation by 0.4% during the 2nd quarter. Accredited Investors Inc. now owns 2,713 shares of the data storage provider’s stock worth $240,000 after buying an additional 11 shares during the period. Cookson Peirce & Co. Inc. lifted its position in shares of Western Digital Corporation by 0.6% during the 2nd quarter. Cookson Peirce & Co. Inc. now owns 3,600 shares of the data storage provider’s stock worth $319,000 after buying an additional 20 shares during the period. Honkamp Krueger Financial Services Inc. lifted its position in shares of Western Digital Corporation by 0.5% during the 2nd quarter. Honkamp Krueger Financial Services Inc. now owns 4,571 shares of the data storage provider’s stock worth $405,000 after buying an additional 25 shares during the period. Barry Investment Advisors LLC lifted its position in shares of Western Digital Corporation by 0.4% during the 2nd quarter. Barry Investment Advisors LLC now owns 6,331 shares of the data storage provider’s stock worth $561,000 after buying an additional 26 shares during the period. Finally, People s United Financial Inc. lifted its position in shares of Western Digital Corporation by 0.3% during the 2nd quarter. People s United Financial Inc. now owns 12,689 shares of the data storage provider’s stock worth $1,124,000 after buying an additional 41 shares during the period. Institutional investors and hedge funds own 82.36% of the company’s stock.

WDC has been the subject of a number of research reports. Vetr upgraded Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $100.00 target price for the company in a report on Tuesday, September 12th. ValuEngine cut Western Digital Corporation from a “strong-buy” rating to a “buy” rating in a report on Friday, September 1st. Maxim Group reiterated a “buy” rating and set a $108.00 target price on shares of Western Digital Corporation in a report on Wednesday, June 21st. Mizuho reiterated a “buy” rating and set a $105.00 target price on shares of Western Digital Corporation in a report on Tuesday, September 5th. Finally, Aegis reiterated a “buy” rating and set a $130.00 target price on shares of Western Digital Corporation in a report on Monday, July 3rd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $111.31.

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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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