Stock of The Day: Western Digital Corp Stock Increased as Institutional Investors Enter

November 25, 2016 - By Dolores Ford   ·   0 Comments

Stock of The Day: Western Digital Corp Stock Increased as Institutional Investors Enter

Sentiment for Western Digital Corp (NASDAQ:WDC)

Western Digital Corp (NASDAQ:WDC) institutional sentiment decreased to 1.13 in Q2 2016. Its down -1.02, from 2.15 in 2016Q1. The ratio has dropped, as 400 institutional investors started new and increased stock positions, while 186 cut down and sold their stakes in Western Digital Corp. The institutional investors in our partner’s database now hold: 241.54 million shares, up from 226.31 million shares in 2016Q1. Also, the number of institutional investors holding Western Digital Corp in their top 10 stock positions increased from 9 to 12 for an increase of 3. Sold All: 54 Reduced: 132 Increased: 280 New Position: 120.

Western Digital Corporation is a developer, maker and well-known provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The company has a market cap of $17.53 billion. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions). It currently has negative earnings.

About 751,527 shares traded hands. Western Digital Corp (NASDAQ:WDC) has risen 39.81% since April 22, 2016 and is uptrending. It has outperformed by 34.40% the S&P500.

Analysts await Western Digital Corp (NASDAQ:WDC) to report earnings on January, 26. They expect $1.72 EPS, up 7.50% or $0.12 from last year’s $1.6 per share. WDC’s profit will be $489.75 million for 8.94 P/E if the $1.72 EPS becomes a reality. After $1.18 actual EPS reported by Western Digital Corp for the previous quarter, Wall Street now forecasts 45.76% EPS growth.

According to Zacks Investment Research, “Western Digital Corp. designs, develops, manufactures and markets a broad line of hard drives featuring leading-edge technology. The company’s hard drives are designed for the desktop PC market and the high-end hard drive market and, recently, for the emerging market for hard drives specially designed for audio-visual applications, such as new video recording devices. The company sells its products worldwide to computer manufacturers for inclusion in their computer systems or subsystems and to distributors, resellers and retailers.”

Contrarius Investment Management Ltd holds 4.74% of its portfolio in Western Digital Corp for 1.18 million shares. Brookmont Capital Management owns 217,610 shares or 3.75% of their US portfolio. Moreover, Seizert Capital Partners Llc has 3.74% invested in the company for 2.08 million shares. The Pennsylvania-based S&T Bank Pa has invested 3.32% in the stock. Discovery Capital Management Llc Ct, a Connecticut-based fund reported 2.76 million shares.#img1#

Insider Transactions: Since January 1, 0001, the stock had 1 insider buy, and 8 sales for $1.31 million net activity.

Western Digital Corp (NASDAQ:WDC) Ratings Coverage

Ratings analysis reveals 68% of Western Digital’s analysts are positive. Out of 28 Wall Street analysts rating Western Digital, 19 give it “Buy”, 2 “Sell” rating, while 7 recommend “Hold”. The lowest target is $39 while the high is $140. The stock’s average target of $70.52 is 14.54% above today’s ($61.57) share price. WDC was included in 73 notes of analysts from July 23, 2015. On Thursday, October 1 the stock rating was upgraded by Argus Research to “Buy”. The company was maintained on Wednesday, August 17 by Goldman Sachs. The stock of Western Digital Corp (NASDAQ:WDC) has “Overweight” rating given on Thursday, September 29 by Barclays Capital. The firm has “Outperform” rating by Credit Agricole given on Thursday, July 30. The firm has “Sell” rating given on Thursday, September 10 by UBS. Citigroup initiated the stock with “Buy” rating in Wednesday, January 27 report. Robert W. Baird downgraded Western Digital Corp (NASDAQ:WDC) on Friday, April 29 to “Neutral” rating. BMO Capital Markets initiated Western Digital Corp (NASDAQ:WDC) on Friday, December 11 with “Market Perform” rating. The firm has “Buy” rating by Jefferies given on Thursday, June 2. On Tuesday, May 24 the stock rating was upgraded by Cowen & Co to “Outperform”.

WDC Company Profile

Western Digital Corporation (Western Digital), incorporated on October 26, 2000, is a developer, maker and well-known provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions). The Firm also generates license and royalty revenue related to its intellectual property which is included in each of the three categories.

More important recent Western Digital Corp (NASDAQ:WDC) news were published by: Profitconfidential.com which released: “Western Digital Corp: This Is Why WDC Stock Will Continue to Climb” on October 28, 2016, also Businesswire.com published article titled: “Western Digital Offers Third Generation WD PiDrive Solution”, Investorplace.com published: “3 Big Stock Charts: ConocoPhillips (COP), Western Digital Corp (WDC) and …” on October 31, 2016. More interesting news about Western Digital Corp (NASDAQ:WDC) was released by: Nasdaq.com and their article: “Earnings Reaction History: Western Digital Corp., 62.5% Follow-Through …” with publication date: October 26, 2016.

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By Dolores Ford


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