Los Angeles Capital Management & Equity Research Inc. lessened its position in shares of Western Digital Corporation (NASDAQ:WDC) by 24.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 484,758 shares of the data storage provider’s stock after selling 155,335 shares during the quarter. Los Angeles Capital Management & Equity Research Inc. owned about 0.16% of Western Digital Corporation worth $41,883,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quantbot Technologies LP purchased a new position in shares of Western Digital Corporation in the 2nd quarter worth approximately $135,000. Huntington National Bank boosted its holdings in shares of Western Digital Corporation by 7.7% in the 2nd quarter. Huntington National Bank now owns 1,965 shares of the data storage provider’s stock worth $174,000 after purchasing an additional 141 shares during the period. Sun Life Financial INC boosted its holdings in shares of Western Digital Corporation by 16,215.4% in the 2nd quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock worth $188,000 after purchasing an additional 2,108 shares during the period. Grove Bank & Trust boosted its holdings in shares of Western Digital Corporation by 33.3% in the 2nd quarter. Grove Bank & Trust now owns 2,199 shares of the data storage provider’s stock worth $195,000 after purchasing an additional 549 shares during the period. Finally, Seven Bridges Advisors LLC boosted its holdings in shares of Western Digital Corporation by 71.0% in the 2nd quarter. Seven Bridges Advisors LLC now owns 2,243 shares of the data storage provider’s stock worth $199,000 after purchasing an additional 931 shares during the period. Institutional investors and hedge funds own 81.77% of the company’s stock.
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A number of equities analysts recently issued reports on the company. Mizuho restated a “buy” rating and set a $105.00 price objective on shares of Western Digital Corporation in a report on Monday, July 17th. Summit Redstone restated a “buy” rating on shares of Western Digital Corporation in a report on Saturday, July 22nd. Loop Capital assumed coverage on Western Digital Corporation in a research report on Monday, July 24th. They set a “buy” rating and a $140.00 target price for the company. Cowen and Company reaffirmed an “outperform” rating and set a $117.00 target price on shares of Western Digital Corporation in a research report on Tuesday, July 25th. Finally, Vetr raised Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $104.96 target price for the company in a research report on Wednesday, July 26th. Nine analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and three have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $113.92.
In related news, EVP Srinivasan Sivaram sold 3,098 shares of the company’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $85.00, for a total value of $263,330.00. Following the completion of the transaction, the executive vice president now owns 74,741 shares of the company’s stock, valued at approximately $6,352,985. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark P. Long sold 4,467 shares of the company’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $88.13, for a total value of $393,676.71. Following the completion of the transaction, the chief financial officer now directly owns 88,384 shares of the company’s stock, valued at approximately $7,789,281.92. The disclosure for this sale can be found here. Insiders sold 50,233 shares of company stock worth $4,298,735 in the last 90 days. Company insiders own 0.31% of the company’s stock.
Shares of Western Digital Corporation (WDC) traded up $2.60 on Tuesday, hitting $91.04. The stock had a trading volume of 1,956,957 shares, compared to its average volume of 4,144,036. Western Digital Corporation has a 1 year low of $57.62 and a 1 year high of $95.77. The company has a quick ratio of 2.13, a current ratio of 2.64 and a debt-to-equity ratio of 1.07. The stock has a market capitalization of $26,301.34, a P/E ratio of 8.93 and a beta of 1.17.
Western Digital Corporation (NASDAQ:WDC) last issued its earnings results on Thursday, October 26th. The data storage provider reported $3.56 EPS for the quarter, topping analysts’ consensus estimates of $3.01 by $0.55. Western Digital Corporation had a return on equity of 26.48% and a net margin of 7.38%. The firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.13 billion. During the same quarter in the prior year, the business earned $1.18 earnings per share. The company’s revenue was up 9.9% compared to the same quarter last year. equities research analysts expect that Western Digital Corporation will post 11.93 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be paid a $0.50 dividend. The ex-dividend date is Thursday, December 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.20%. Western Digital Corporation’s payout ratio is 41.75%.
Western Digital Corporation declared that its board has authorized a share repurchase program on Thursday, November 9th that allows the company to repurchase $2.10 billion in shares. This repurchase authorization allows the data storage provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
Western Digital Corporation Company Profile
Western Digital Corporation (Western Digital) is a developer, manufacturer and 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).
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