Western Digital asks Apple to join bid for Toshiba chip unit

Western Digital asks Apple to join bid for Toshiba chip unit

$102.03's average target is 15.39% above currents $88.42 stock price.

Equitec Specialists Llc increased Western Digital Corp (Put) (WDC) stake by 554.05% reported in 2016Q4 SEC filing. SRS Capital Advisors Inc. raised its holdings in Western Digital Corporation by 26.7% in the 1st quarter. Ftb Advsr Incorporated reported 0% in Western Digital Corp (NASDAQ:WDC). Strs Ohio raised its stake in Western Digital Corporation by 1.1% during the 1st quarter. Following the completion of the transaction, the executive vice president now directly owns 82,614 shares of the company's stock, valued at $6,805,741.32. Moody National Bank Trust Division who had been investing in American National Insurance Co for a number of months, seems to be bullish on the $3.04 billion market cap company. Intl Fcstone Inc. purchased a new position in Western Digital Corporation during the 2nd quarter valued at approximately $862,000.

In related news, EVP Srinivasan Sivaram sold 16,049 shares of the firm's stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $94.98, for a total transaction of $470,530.92. Also, CFO Mark P. Long sold 1,517 shares of the business's stock in a transaction dated Monday, August 14th. The disclosure for this sale can be found here. Insiders have sold a total of 144,767 shares of company stock valued at $12,690,484 over the last 90 days. Cypress Capital Grp reported 0.31% of its portfolio in Western Digital Corp (NASDAQ:WDC). The stock had a trading volume of 3,543,911 shares. The stock has a market capitalization of $26.13 billion, a price-to-earnings ratio of 66.79 and a beta of 1.21. The firm's 50-day moving average price is $87.31 and its 200-day moving average price is $85.59.

Western Digital, which has invested heavily in their chip joint venture, had been on the backfoot for much of the auction this year as Toshiba entertained other higher bids.

Negotiations were also complicated by private equity investor Bain Capital's last minute re-submission of a rival 2 trillion-yen offer, bringing in Apple Inc to help bolster its bid, but sources have said Toshiba is still focusing on talks with the Western Digital consortium. Investors bought 6,330 call options on the stock. Contrarius Inv Limited reported 0.58% of its portfolio in Western Digital Corp (NASDAQ:WDC). The data storage provider reported $2.93 EPS for the quarter, topping analysts' consensus estimates of $2.51 by $0.42. The firm had revenue of $4.84 billion for the quarter, compared to analysts' expectations of $4.82 billion.

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Toshiba's stake sale plan, which has been hit by Western Digital's legal challenge and claims of first right of refusal from the very beginning, has seen several twists and turns with bidders grouping and regrouping with revised offers.

Toshiba and Western Digital failed to seal a deal by a previously-planned deadline last week due to a disagreement over the United States firm's future stake in the business, sources have said. During the same quarter in the previous year, the company posted $0.79 earnings per share.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Moreover, Jfs Wealth Advsrs Limited Liability Co has 0.01% invested in Western Digital Corp (NASDAQ:WDC) for 530 shares. This represents a $2.00 annualized dividend and a yield of 2.23%. UBS initiated it with "Sell" rating and $71 target in Thursday, September 10 report. Loop Capital began coverage on shares of Western Digital Corporation in a research note on Monday, July 24th.

A number of research firms have issued reports on WDC.

Among 34 analysts covering Western Digital (NASDAQ:WDC), 25 have Buy rating, 1 Sell and 8 Hold. Finally, BidaskClub upgraded Western Digital Corporation from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, June 28th. Mizuho maintained Western Digital Corp (NASDAQ:WDC) rating on Thursday, August 25. Western Digital objected, fearing it would lose access to cutting-edge memory, and insisted that the Japanese conglomerate abide by the existing joint investment framework. Royal Bank Of Canada upped their target price on Western Digital Corporation from $33.00 to $39.00 and gave the company an "outperform" rating in a research report on Thursday, May 11th. Eight research analysts have rated the stock with a hold rating, thirty-one have given a buy rating and one has issued a strong buy rating to the company's stock.

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