Insider Selling: Western Digital Corp (NASDAQ:WDC) Director Sells $162,248.70 in Stock

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Western Digital Corp (NASDAQ:WDC) Director Matthew E. Massengill sold 3,110 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $52.17, for a total value of $162,248.70. Following the completion of the transaction, the director now owns 22,387 shares in the company, valued at approximately $1,167,929.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

NASDAQ WDC opened at $50.38 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.98 and a quick ratio of 1.22. Western Digital Corp has a one year low of $33.83 and a one year high of $65.31. The stock’s 50-day moving average is $57.46 and its 200-day moving average is $52.01. The firm has a market cap of $15.55 billion, a P/E ratio of 13.22, a P/E/G ratio of 16.42 and a beta of 1.82.

Western Digital (NASDAQ:WDC) last issued its earnings results on Wednesday, October 30th. The data storage provider reported $0.34 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.41. Western Digital had a positive return on equity of 3.28% and a negative net margin of 9.89%. The company had revenue of $4.04 billion during the quarter, compared to the consensus estimate of $3.92 billion. During the same period in the previous year, the company posted $3.04 EPS. The firm’s revenue for the quarter was down 19.6% compared to the same quarter last year. Equities analysts anticipate that Western Digital Corp will post 1.6 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 21st. Stockholders of record on Friday, January 3rd will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.97%. Western Digital’s dividend payout ratio is currently 52.49%.

Several equities analysts recently issued reports on WDC shares. Wedbush upgraded Western Digital from an “underperform” rating to a “neutral” rating and raised their price target for the company from $32.50 to $54.50 in a report on Thursday, August 1st. Maxim Group set a $126.00 price target on Western Digital and gave the company a “buy” rating in a report on Friday, September 6th. Cowen reiterated a “market perform” rating and issued a $45.00 price target (up previously from $40.00) on shares of Western Digital in a report on Thursday, August 1st. Cleveland Research reiterated a “hold” rating on shares of Western Digital in a report on Monday, October 21st. Finally, UBS Group set a $63.00 target price on Western Digital and gave the stock a “hold” rating in a report on Tuesday, September 10th. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $61.66.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Western Digital by 1.7% in the 2nd quarter. Vanguard Group Inc. now owns 32,104,981 shares of the data storage provider’s stock valued at $1,526,591,000 after purchasing an additional 532,800 shares during the period. Invesco Ltd. lifted its position in shares of Western Digital by 36.5% during the 2nd quarter. Invesco Ltd. now owns 6,340,189 shares of the data storage provider’s stock valued at $301,475,000 after acquiring an additional 1,696,513 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Western Digital by 8.2% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 4,637,268 shares of the data storage provider’s stock valued at $220,502,000 after acquiring an additional 350,546 shares during the period. Lyrical Asset Management LP lifted its position in shares of Western Digital by 3.2% during the 2nd quarter. Lyrical Asset Management LP now owns 4,548,508 shares of the data storage provider’s stock valued at $216,282,000 after acquiring an additional 141,393 shares during the period. Finally, UBS Asset Management Americas Inc. lifted its position in shares of Western Digital by 9.6% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 3,912,366 shares of the data storage provider’s stock valued at $186,033,000 after acquiring an additional 343,336 shares during the period. Institutional investors and hedge funds own 84.28% 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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