Western Digital Corp (WDC) Expected to Post Quarterly Sales of $3.69 Billion

Wall Street brokerages expect Western Digital Corp (NASDAQ:WDC) to announce sales of $3.69 billion for the current fiscal quarter, Zacks reports. Six analysts have issued estimates for Western Digital’s earnings. The highest sales estimate is $3.71 billion and the lowest is $3.63 billion. Western Digital posted sales of $5.01 billion during the same quarter last year, which suggests a negative year over year growth rate of 26.3%. The company is scheduled to issue its next quarterly earnings results after the market closes on Monday, April 29th.

On average, analysts expect that Western Digital will report full-year sales of $16.69 billion for the current financial year, with estimates ranging from $16.60 billion to $16.80 billion. For the next fiscal year, analysts forecast that the business will report sales of $16.44 billion, with estimates ranging from $14.56 billion to $17.45 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Western Digital.

Western Digital (NASDAQ:WDC) last posted its earnings results on Thursday, January 24th. The data storage provider reported $1.45 EPS for the quarter, topping the Zacks’ consensus estimate of $1.27 by $0.18. The company had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $4.26 billion. Western Digital had a return on equity of 28.88% and a net margin of 4.34%. Western Digital’s quarterly revenue was down 20.7% compared to the same quarter last year. During the same period in the previous year, the business earned $3.95 earnings per share.

A number of equities research analysts recently commented on the stock. Royal Bank of Canada assumed coverage on shares of Western Digital in a research note on Friday, March 29th. They issued a “market perform” rating on the stock. Goldman Sachs Group upped their price target on shares of Western Digital from $42.00 to $49.00 and gave the company a “neutral” rating in a report on Wednesday, March 27th. BidaskClub upgraded shares of Western Digital from a “strong sell” rating to a “sell” rating in a research report on Friday, January 25th. Zacks Investment Research upgraded shares of Western Digital from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 20th. Finally, Cowen reissued a “market perform” rating and set a $44.00 price objective (up from $38.00) on shares of Western Digital in a research note on Friday, January 25th. Two equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $65.83.

Shares of NASDAQ:WDC traded down $0.45 during midday trading on Monday, hitting $51.59. 4,377,905 shares of the stock were exchanged, compared to its average volume of 7,397,416. The company has a market capitalization of $15.14 billion, a PE ratio of 3.82, a price-to-earnings-growth ratio of 0.59 and a beta of 1.48. The company has a quick ratio of 1.45, a current ratio of 2.24 and a debt-to-equity ratio of 0.95. Western Digital has a twelve month low of $33.83 and a twelve month high of $92.30.

The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 29th will be paid a $0.50 dividend. The ex-dividend date is Thursday, March 28th. This represents a $2.00 annualized dividend and a yield of 3.88%. Western Digital’s payout ratio is currently 14.80%.

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

A number of large investors have recently bought and sold shares of WDC. Alpha Omega Wealth Management LLC grew its position in Western Digital by 4,440.0% during the fourth quarter. Alpha Omega Wealth Management LLC now owns 681 shares of the data storage provider’s stock valued at $25,000 after acquiring an additional 666 shares during the period. Ropes Wealth Advisors LLC raised its holdings in shares of Western Digital by 706.0% in the 4th quarter. Ropes Wealth Advisors LLC now owns 806 shares of the data storage provider’s stock worth $30,000 after purchasing an additional 706 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its stake in shares of Western Digital by 57.0% in the 1st quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 650 shares of the data storage provider’s stock valued at $31,000 after purchasing an additional 236 shares in the last quarter. Semmax Financial Advisors Inc. acquired a new position in shares of Western Digital in the 4th quarter valued at about $38,000. Finally, Avestar Capital LLC grew its holdings in shares of Western Digital by 13.9% during the 4th quarter. Avestar Capital LLC now owns 1,993 shares of the data storage provider’s stock worth $48,000 after purchasing an additional 243 shares during the period. 85.39% 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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