Western Digital (WDC) Downgraded by Craig Hallum to “Hold”

Craig Hallum downgraded shares of Western Digital (NASDAQ:WDC) from a buy rating to a hold rating in a research note published on Friday morning, The Fly reports. They currently have $59.00 price objective on the data storage provider’s stock, down from their prior price objective of $115.00.

Other equities analysts have also issued reports about the company. Royal Bank of Canada reduced their price objective on Western Digital to $95.00 and set an in-line rating on the stock in a research note on Friday, July 27th. Cowen lowered Western Digital from an outperform rating to a market perform rating and set a $70.00 price objective on the stock. in a research note on Wednesday, August 15th. BMO Capital Markets reduced their price objective on Western Digital from $90.00 to $74.00 and set a market perform rating on the stock in a research note on Friday, July 27th. Maxim Group reaffirmed a buy rating and issued a $126.00 price objective on shares of Western Digital in a research note on Friday, July 27th. Finally, Cross Research lowered Western Digital from a buy rating to a hold rating in a research report on Friday, July 27th. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and thirteen have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $85.25.

NASDAQ WDC opened at $41.55 on Friday. The stock has a market capitalization of $12.82 billion, a PE ratio of 3.08, a PEG ratio of 0.22 and a beta of 0.90. Western Digital has a 1-year low of $41.11 and a 1-year high of $106.96. The company has a current ratio of 2.41, a quick ratio of 1.70 and a debt-to-equity ratio of 0.96.



Western Digital announced that its board has initiated a stock repurchase program on Thursday, July 26th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the data storage provider to repurchase up to 22.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 28th were issued a dividend of $0.50 per share. The ex-dividend date was Thursday, September 27th. This represents a $2.00 annualized dividend and a yield of 4.81%. Western Digital’s dividend payout ratio is presently 14.80%.

In other Western Digital news, EVP Michael Charles Ray sold 4,387 shares of Western Digital stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $67.65, for a total transaction of $296,780.55. Following the sale, the executive vice president now directly owns 107,155 shares in the company, valued at approximately $7,249,035.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark P. Long sold 2,233 shares of Western Digital stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $68.74, for a total value of $153,496.42. Following the sale, the chief financial officer now owns 191,154 shares in the company, valued at $13,139,925.96. The disclosure for this sale can be found here. Insiders have sold a total of 7,834 shares of company stock worth $532,404 over the last 90 days. 0.36% of the stock is owned by company insiders.

Hedge funds have recently bought and sold shares of the business. First National Bank of Omaha increased its holdings in shares of Western Digital by 1.7% in the 2nd quarter. First National Bank of Omaha now owns 37,221 shares of the data storage provider’s stock valued at $2,881,000 after acquiring an additional 640 shares during the last quarter. Augustine Asset Management Inc. increased its holdings in shares of Western Digital by 2.1% in the 2nd quarter. Augustine Asset Management Inc. now owns 33,241 shares of the data storage provider’s stock valued at $2,573,000 after acquiring an additional 674 shares during the last quarter. Amalgamated Bank increased its holdings in shares of Western Digital by 1.9% in the 2nd quarter. Amalgamated Bank now owns 38,520 shares of the data storage provider’s stock valued at $2,982,000 after acquiring an additional 720 shares during the last quarter. Spectrum Management Group Inc. increased its holdings in shares of Western Digital by 3.4% in the 2nd quarter. Spectrum Management Group Inc. now owns 23,855 shares of the data storage provider’s stock valued at $1,847,000 after acquiring an additional 775 shares during the last quarter. Finally, Capital Analysts LLC increased its holdings in shares of Western Digital by 2.4% in the 2nd quarter. Capital Analysts LLC now owns 33,106 shares of the data storage provider’s stock valued at $2,563,000 after acquiring an additional 775 shares during the last quarter. Institutional investors own 83.49% 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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The Fly

Analyst Recommendations for Western Digital (NASDAQ:WDC)

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