Western Digital (WDC) Lowered to Sell at ValuEngine

ValuEngine downgraded shares of Western Digital (NASDAQ:WDC) from a hold rating to a sell rating in a research report released on Monday, ValuEngine reports.

Other equities analysts also recently issued reports about the company. Royal Bank of Canada reissued an outperform rating and set a $55.00 price objective on shares of Western Digital in a research report on Thursday, March 28th. Deutsche Bank began coverage on Western Digital in a research report on Thursday, December 13th. They set a hold rating for the company. Zacks Investment Research downgraded Western Digital from a hold rating to a sell rating in a report on Saturday, January 26th. Cowen reaffirmed a market perform rating and issued a $50.00 price target (down from $60.00) on shares of Western Digital in a report on Thursday, December 6th. Finally, BidaskClub downgraded Western Digital from a sell rating to a strong sell rating in a report on Saturday, December 8th. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and thirteen have given a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $65.83.

Shares of WDC opened at $49.31 on Monday. The stock has a market capitalization of $14.28 billion, a P/E ratio of 3.65, a P/E/G ratio of 0.54 and a beta of 1.48. Western Digital has a 12-month low of $33.83 and a 12-month high of $93.41. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.45 and a current ratio of 2.24.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, January 24th. The data storage provider reported $1.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.18. The firm had revenue of $4.23 billion for the quarter, compared to analyst estimates of $4.26 billion. Western Digital had a net margin of 4.34% and a return on equity of 28.88%. Western Digital’s revenue was down 20.7% on a year-over-year basis. During the same period in the previous year, the firm earned $3.95 EPS. Analysts expect that Western Digital will post 4.64 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.06%. The ex-dividend date of this dividend is Thursday, March 28th. Western Digital’s dividend payout ratio (DPR) is presently 14.80%.

In other news, insider Mark P. Long sold 17,623 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $50.00, for a total transaction of $881,150.00. Following the completion of the sale, the insider now owns 158,744 shares in the company, valued at $7,937,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.36% of the stock is owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Alpha Omega Wealth Management LLC raised its position in Western Digital by 4,440.0% in the fourth quarter. Alpha Omega Wealth Management LLC now owns 681 shares of the data storage provider’s stock worth $25,000 after acquiring an additional 666 shares in the last quarter. Ropes Wealth Advisors LLC raised its position in Western Digital by 706.0% in the fourth quarter. Ropes Wealth Advisors LLC now owns 806 shares of the data storage provider’s stock worth $30,000 after acquiring an additional 706 shares in the last quarter. Semmax Financial Advisors Inc. purchased a new position in Western Digital in the fourth quarter worth $38,000. Kinneret Advisory LLC purchased a new position in Western Digital in the fourth quarter worth $54,000. Finally, Essex Savings Bank acquired a new stake in Western Digital in the fourth quarter valued at $54,000. Institutional investors and hedge funds own 85.39% of the company’s stock.

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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