Western Digital Co. (NASDAQ:WDC) Expected to Announce Earnings of $1.78 Per Share

Equities analysts forecast that Western Digital Co. (NASDAQ:WDCGet Rating) will announce earnings of $1.78 per share for the current quarter, Zacks reports. Five analysts have provided estimates for Western Digital’s earnings. The highest EPS estimate is $1.88 and the lowest is $1.74. Western Digital posted earnings of $2.16 per share in the same quarter last year, which suggests a negative year-over-year growth rate of 17.6%. The company is scheduled to report its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that Western Digital will report full-year earnings of $8.22 per share for the current fiscal year, with EPS estimates ranging from $8.18 to $8.32. For the next financial year, analysts forecast that the company will post earnings of $9.65 per share, with EPS estimates ranging from $8.50 to $10.84. Zacks’ EPS averages are an average based on a survey of research firms that that provide coverage for Western Digital.

Western Digital (NASDAQ:WDCGet Rating) last released its quarterly earnings results on Thursday, April 28th. The data storage provider reported $1.65 EPS for the quarter, beating the consensus estimate of $1.49 by $0.16. Western Digital had a net margin of 9.49% and a return on equity of 20.88%. The firm had revenue of $4.38 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the prior year, the firm earned $0.75 EPS. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year.

Several equities research analysts have recently commented on WDC shares. Citigroup reduced their price target on shares of Western Digital from $80.00 to $75.00 in a research report on Friday, January 28th. Susquehanna upped their price target on shares of Western Digital from $50.00 to $66.00 in a research report on Wednesday. Barclays boosted their price objective on Western Digital from $60.00 to $65.00 in a research note on Friday, April 29th. Stifel Nicolaus boosted their price objective on Western Digital from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, April 12th. Finally, Cowen boosted their price objective on Western Digital from $60.00 to $65.00 in a research note on Friday, April 29th. Nine analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $68.67.

In other news, insider Srinivasan Sivaram sold 11,380 shares of the company’s stock in a transaction that occurred on Tuesday, February 15th. The stock was sold at an average price of $53.37, for a total transaction of $607,350.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Gene M. Zamiska sold 4,776 shares of the company’s stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $63.00, for a total value of $300,888.00. Following the sale, the senior vice president now directly owns 26,719 shares in the company, valued at $1,683,297. The disclosure for this sale can be found here. Corporate insiders own 0.17% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Amundi Pioneer Asset Management Inc. raised its holdings in Western Digital by 8.5% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 291,747 shares of the data storage provider’s stock valued at $14,022,000 after buying an additional 22,751 shares during the period. Van ECK Associates Corp raised its holdings in Western Digital by 95.7% during the 3rd quarter. Van ECK Associates Corp now owns 3,117 shares of the data storage provider’s stock valued at $176,000 after buying an additional 1,524 shares during the period. Deutsche Bank AG raised its holdings in Western Digital by 10.1% during the 3rd quarter. Deutsche Bank AG now owns 970,793 shares of the data storage provider’s stock valued at $54,792,000 after buying an additional 88,791 shares during the period. PNC Financial Services Group Inc. raised its holdings in Western Digital by 0.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 53,245 shares of the data storage provider’s stock valued at $3,005,000 after buying an additional 282 shares during the period. Finally, Daiwa Securities Group Inc. raised its holdings in Western Digital by 9.7% during the 3rd quarter. Daiwa Securities Group Inc. now owns 25,213 shares of the data storage provider’s stock valued at $1,422,000 after buying an additional 2,234 shares during the period. 81.11% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ WDC opened at $59.45 on Wednesday. Western Digital has a 52 week low of $43.85 and a 52 week high of $78.19. The firm has a market capitalization of $18.60 billion, a P/E ratio of 10.30 and a beta of 1.42. The company has a quick ratio of 1.25, a current ratio of 2.09 and a debt-to-equity ratio of 0.59. The company has a 50-day moving average price of $49.96 and a 200-day moving average price of $55.11.

Western Digital Company Profile (Get Rating)

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook personal computers (PCs), smart video 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, Internet of Things, industrial, and connected home applications; and flash-based memory wafers.

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