Western Digital Corporation (WDC): Today's Featured Computer Hardware Laggard

Editor's Note: TheStreet ratings do not represent the views of TheStreet's staff or its contributors. Ratings are established by computer based on metrics for performance (which includes growth, stock performance, efficiency and valuation) and risk (volatility and solvency). Companies with poor cash flow or high debt levels tend to earn lower ratings in our model.

Western Digital Corporation (WDC) pushed the Computer Hardware industry lower today making it today's featured Computer Hardware laggard. The industry as a whole closed the day down 0.4%. By the end of trading, Western Digital Corporation fell 77 cents (-1.8%) to $41.48 on average volume. Throughout the day, 4.5 million shares of Western Digital Corporation exchanged hands as compared to its average daily volume of 4.3 million shares. The stock ranged in price between $41.29-$42.98 after having opened the day at $42.05 as compared to the previous trading day's close of $42.25. Other companies within the Computer Hardware industry that declined today were: Globecomm Systems (GCOM), down 16.6%, XRS (XRSC), down 11.3%, Xyratex (XRTX), down 10.2%, and Video Display Corporation (VIDE), down 9.3%.

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Western Digital Corporation, through its subsidiaries, engages in the development, manufacture, and sale of storage products that enable people to create, manage, experience, and preserve digital content. The company principally offers hard drives comprising 3.5-inch and 2.5-inch form factors. Western Digital Corporation has a market cap of $10.18 billion and is part of the technology sector. The company has a P/E ratio of 6.3, equal to the average computer hardware industry P/E ratio and below the S&P 500 P/E ratio of 17.7. Shares are up 33.1% year to date as of the close of trading on Tuesday. Currently there are 10 analysts that rate Western Digital Corporation a buy, no analysts rate it a sell, and nine rate it a hold.

TheStreet Ratings rates Western Digital Corporation as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook.

• You can view the full Western Digital Ratings Report.

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For investors not wanting singular stock exposure, ETFs may be of interest. Investors who are bullish on the computer hardware industry could consider iShares Dow Jones US Technology (IYW) while those bearish on the computer hardware industry could consider ProShares Ultra Short Semiconductor (SSG).

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