Zacks: Brokerages Anticipate Western Digital Corp (NASDAQ:WDC) Will Announce Earnings of $0.57 Per Share

Equities analysts predict that Western Digital Corp (NASDAQ:WDC) will post earnings per share of $0.57 for the current fiscal quarter, according to Zacks Investment Research. Six analysts have issued estimates for Western Digital’s earnings, with the lowest EPS estimate coming in at $0.53 and the highest estimate coming in at $0.60. Western Digital reported earnings per share of $1.45 in the same quarter last year, which indicates a negative year-over-year growth rate of 60.7%. The firm is scheduled to issue its next quarterly earnings results on Thursday, January 23rd.

According to Zacks, analysts expect that Western Digital will report full-year earnings of $2.56 per share for the current financial year, with EPS estimates ranging from $2.27 to $3.01. For the next fiscal year, analysts forecast that the business will post earnings of $7.02 per share, with EPS estimates ranging from $4.64 to $8.81. Zacks’ EPS calculations are a mean average based on a survey of sell-side research analysts that follow Western Digital.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Wednesday, October 30th. The data storage provider reported $0.34 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.07) by $0.41. The business had revenue of $4.04 billion for the quarter, compared to analyst estimates of $3.92 billion. Western Digital had a positive return on equity of 3.28% and a negative net margin of 9.89%. Western Digital’s revenue for the quarter was down 19.6% on a year-over-year basis. During the same period in the prior year, the company earned $3.04 EPS.

A number of research firms recently commented on WDC. Cascend Securities increased their price target on Western Digital from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Stifel Nicolaus began coverage on Western Digital in a research report on Monday, December 2nd. They set a “hold” rating and a $53.00 price target on the stock. UBS Group set a $63.00 price target on Western Digital and gave the stock a “hold” rating in a research report on Tuesday, September 10th. Benchmark restated a “sell” rating and set a $46.00 price target on shares of Western Digital in a research report on Friday, September 27th. Finally, BidaskClub lowered Western Digital from a “buy” rating to a “hold” rating in a research report on Thursday, December 5th. Five analysts have rated the stock with a sell rating, eleven have given a hold rating and twelve have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $62.40.

NASDAQ WDC traded up $2.66 during trading hours on Friday, reaching $53.73. 7,311,400 shares of the company’s stock were exchanged, compared to its average volume of 5,918,995. The stock has a market cap of $15.19 billion, a PE ratio of 14.10, a price-to-earnings-growth ratio of 14.65 and a beta of 1.79. Western Digital has a one year low of $33.83 and a one year high of $65.31. The firm has a fifty day moving average of $52.24 and a 200-day moving average of $52.31. The company has a current ratio of 1.98, a quick ratio of 1.22 and a debt-to-equity ratio of 1.04.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 21st. Shareholders of record on Friday, January 3rd will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.72%. The ex-dividend date of this dividend is Thursday, January 2nd. Western Digital’s dividend payout ratio is 52.49%.

In other news, COO Michael D. Cordano sold 4,640 shares of the stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $55.35, for a total value of $256,824.00. Following the transaction, the chief operating officer now owns 281,344 shares of the company’s stock, valued at approximately $15,572,390.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Matthew E. Massengill sold 3,110 shares of the stock in a transaction on 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 directly owns 22,387 shares in the company, valued at approximately $1,167,929.79. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,375 shares of company stock worth $728,504. Company insiders own 0.44% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. JS Capital Management LLC acquired a new position in shares of Western Digital in the 3rd quarter valued at $393,000. Metropolitan Life Insurance Co NY lifted its stake in shares of Western Digital by 1.4% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 44,777 shares of the data storage provider’s stock valued at $2,671,000 after purchasing an additional 607 shares during the period. Partner Investment Management L.P. acquired a new position in shares of Western Digital in the 3rd quarter valued at $1,570,000. National Pension Service lifted its stake in shares of Western Digital by 5.4% in the 3rd quarter. National Pension Service now owns 376,157 shares of the data storage provider’s stock valued at $22,434,000 after purchasing an additional 19,327 shares during the period. Finally, Point72 Asset Management L.P. acquired a new position in shares of Western Digital in the 3rd quarter valued at $16,969,000. 84.52% of the stock is currently owned by institutional investors.

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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