Analysts Anticipate Western Digital Corp (NASDAQ:WDC) Will Announce Earnings of $0.54 Per Share

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Equities research analysts expect Western Digital Corp (NASDAQ:WDC) to post earnings of $0.54 per share for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for Western Digital’s earnings. The lowest EPS estimate is $0.50 and the highest is $0.63. Western Digital posted earnings of $0.34 per share in the same quarter last year, which suggests a positive year over year growth rate of 58.8%. The firm is expected to announce its next earnings results on Wednesday, November 4th.

According to Zacks, analysts expect that Western Digital will report full-year earnings of $2.81 per share for the current fiscal year, with EPS estimates ranging from $1.58 to $3.68. For the next financial year, analysts anticipate that the company will report earnings of $6.09 per share, with EPS estimates ranging from $3.06 to $9.45. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Western Digital.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Wednesday, August 5th. The data storage provider reported $1.23 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.22. The company had revenue of $4.29 billion for the quarter, compared to analysts’ expectations of $4.35 billion. Western Digital had a positive return on equity of 6.72% and a negative net margin of 1.49%. During the same quarter in the prior year, the company earned $0.17 earnings per share.

A number of research firms recently weighed in on WDC. Deutsche Bank decreased their price target on Western Digital from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Morgan Stanley dropped their target price on shares of Western Digital from $63.00 to $58.50 and set an “overweight” rating on the stock in a research report on Thursday, August 6th. Mizuho restated a “buy” rating and issued a $62.00 price target (down previously from $75.00) on shares of Western Digital in a research report on Wednesday, August 5th. Summit Insights cut shares of Western Digital from a “buy” rating to a “hold” rating in a research report on Thursday, August 6th. Finally, Royal Bank of Canada cut their target price on shares of Western Digital from $70.00 to $57.00 and set an “outperform” rating on the stock in a research note on Thursday, August 6th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $61.87.

Shares of Western Digital stock traded down $0.37 on Monday, reaching $35.96. 5,280,785 shares of the company were exchanged, compared to its average volume of 6,092,299. Western Digital has a fifty-two week low of $27.40 and a fifty-two week high of $72.00. The firm has a market capitalization of $10.88 billion, a price-to-earnings ratio of -42.31 and a beta of 1.49. The company has a current ratio of 2.05, a quick ratio of 1.36 and a debt-to-equity ratio of 0.97. The stock has a fifty day moving average price of $36.86 and a 200-day moving average price of $40.71.

Institutional investors have recently made changes to their positions in the business. DNB Asset Management AS grew its stake in Western Digital by 54.9% during the second quarter. DNB Asset Management AS now owns 3,055,833 shares of the data storage provider’s stock worth $134,915,000 after buying an additional 1,082,458 shares in the last quarter. FDx Advisors Inc. grew its holdings in shares of Western Digital by 14,458.8% during the 1st quarter. FDx Advisors Inc. now owns 911,380 shares of the data storage provider’s stock valued at $34,350,000 after purchasing an additional 905,120 shares during the last quarter. APG Asset Management N.V. increased its position in Western Digital by 476.4% during the 1st quarter. APG Asset Management N.V. now owns 859,363 shares of the data storage provider’s stock worth $36,782,000 after purchasing an additional 710,283 shares in the last quarter. Glenmede Trust Co. NA lifted its stake in Western Digital by 3,776.4% in the 2nd quarter. Glenmede Trust Co. NA now owns 457,806 shares of the data storage provider’s stock valued at $20,211,000 after purchasing an additional 445,996 shares during the last quarter. Finally, First Trust Advisors LP boosted its position in Western Digital by 27.4% in the second quarter. First Trust Advisors LP now owns 1,854,649 shares of the data storage provider’s stock valued at $81,883,000 after buying an additional 398,612 shares in the last quarter. 78.49% of the stock is owned by hedge funds and other institutional investors.

Western Digital Company Profile

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.

Further Reading: When can a hold rating present a buying opportunity?

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