The Western Digital Corp. (WDC) Sees Significant Increase in Short Interest

The Western Digital Corp. (WDC) Sees Significant Increase in Short Interest

Western Digital Corp. (NASDAQ:WDC) was the target of a significant growth in short interest in September. As of September 30th, there was short interest totalling 20,315,786 shares, a growth of 11.7% from the September 15th total of 18,190,887 shares. Based on an average daily trading volume, of 5,320,617 shares, the days-to-cover ratio is presently 3.8 days. Currently, 7.3% of the company’s stock are sold short.

Western Digital Corp. (NASDAQ:WDC) opened at 56.43 on Thursday. The stock has a 50 day moving average price of $53.64 and a 200-day moving average price of $47.39. Western Digital Corp. has a 1-year low of $34.99 and a 1-year high of $82.73. The stock has a market cap of $16.04 billion, a PE ratio of 56.43 and a beta of 1.28.

Western Digital Corp. (NASDAQ:WDC) last posted its earnings results on Thursday, July 28th. The data storage provider reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.08. The company had revenue of $3.50 billion for the quarter, compared to the consensus estimate of $3.44 billion. Western Digital Corp. had a return on equity of 12.42% and a net margin of 1.98%. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.51 earnings per share. On average, equities analysts expect that Western Digital Corp. will post $4.60 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be given a $0.50 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.54%. Western Digital Corp.’s dividend payout ratio is currently 158.73%.

In related news, insider Michael D. Cordano sold 7,185 shares of the company’s stock in a transaction on Wednesday, September 21st. The stock was sold at an average price of $54.50, for a total transaction of $391,582.50. Following the completion of the sale, the insider now owns 82,988 shares in the company, valued at $4,522,846. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael Charles Ray sold 2,719 shares of the company’s stock in a transaction on Tuesday, September 27th. The stock was sold at an average price of $58.63, for a total value of $159,414.97. Following the sale, the executive vice president now owns 51,843 shares of the company’s stock, valued at approximately $3,039,555.09. The disclosure for this sale can be found here. Corporate insiders own 0.46% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Commonwealth Equity Services Inc increased its stake in Western Digital Corp. by 94.8% in the first quarter. Commonwealth Equity Services Inc now owns 12,860 shares of the data storage provider’s stock worth $607,000 after buying an additional 6,258 shares in the last quarter. Sentry Investment Management LLC increased its stake in Western Digital Corp. by 37.9% in the first quarter. Sentry Investment Management LLC now owns 17,503 shares of the data storage provider’s stock worth $827,000 after buying an additional 4,808 shares in the last quarter. NN Investment Partners Holdings N.V. purchased a new stake in Western Digital Corp. during the first quarter worth approximately $951,000. Bessemer Group Inc. increased its stake in Western Digital Corp. by 700.0% in the first quarter. Bessemer Group Inc. now owns 23,119 shares of the data storage provider’s stock worth $1,093,000 after buying an additional 20,229 shares in the last quarter. Finally, Advisor Partners LLC increased its stake in Western Digital Corp. by 24.8% in the first quarter. Advisor Partners LLC now owns 4,912 shares of the data storage provider’s stock worth $232,000 after buying an additional 976 shares in the last quarter. Institutional investors own 86.77% of the company’s stock.

Several brokerages recently issued reports on WDC. Jefferies Group upped their price target on Western Digital Corp. from $54.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday. Vetr upgraded Western Digital Corp. from a “hold” rating to a “buy” rating and set a $63.25 price objective for the company in a research note on Monday, October 3rd. Royal Bank Of Canada upped their price objective on Western Digital Corp. from $60.00 to $65.00 and gave the company an “outperform” rating in a research note on Monday, October 3rd. Mizuho restated a “buy” rating and issued a $60.00 price objective on shares of Western Digital Corp. in a research note on Monday, October 3rd. Finally, RBC Capital Markets restated an “outperform” rating and issued a $65.00 price objective (up previously from $60.00) on shares of Western Digital Corp. in a research note on Monday, October 3rd. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $65.42.

About Western Digital Corp.

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