Western Digital Corp (WDC) Holdings Boosted by Bowling Portfolio Management LLC

Bowling Portfolio Management LLC grew its stake in shares of Western Digital Corp (NASDAQ:WDC) by 2.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 73,744 shares of the data storage provider’s stock after buying an additional 1,446 shares during the period. Western Digital makes up 0.8% of Bowling Portfolio Management LLC’s portfolio, making the stock its 19th biggest position. Bowling Portfolio Management LLC’s holdings in Western Digital were worth $5,709,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. First National Bank of Omaha lifted its holdings in shares of Western Digital by 1.7% during the 2nd quarter. First National Bank of Omaha now owns 37,221 shares of the data storage provider’s stock valued at $2,881,000 after purchasing an additional 640 shares in the last quarter. Augustine Asset Management Inc. lifted its holdings in shares of Western Digital by 2.1% during the 2nd quarter. Augustine Asset Management Inc. now owns 33,241 shares of the data storage provider’s stock valued at $2,573,000 after purchasing an additional 674 shares in the last quarter. LS Investment Advisors LLC lifted its holdings in shares of Western Digital by 6.5% during the 1st quarter. LS Investment Advisors LLC now owns 11,485 shares of the data storage provider’s stock valued at $1,060,000 after purchasing an additional 702 shares in the last quarter. Amalgamated Bank lifted its stake in Western Digital by 1.9% in the 2nd quarter. Amalgamated Bank now owns 38,520 shares of the data storage provider’s stock valued at $2,982,000 after acquiring an additional 720 shares in the last quarter. Finally, Spectrum Management Group Inc. lifted its stake in Western Digital by 3.4% in the 2nd quarter. Spectrum Management Group Inc. now owns 23,855 shares of the data storage provider’s stock valued at $1,847,000 after acquiring an additional 775 shares in the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Western Digital opened at $64.79 on Monday, MarketBeat reports. The company has a market cap of $19.78 billion, a price-to-earnings ratio of 4.80, a P/E/G ratio of 0.32 and a beta of 0.96. Western Digital Corp has a twelve month low of $64.68 and a twelve month high of $106.96. The company has a current ratio of 2.39, a quick ratio of 1.73 and a debt-to-equity ratio of 0.95.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, July 26th. The data storage provider reported $3.61 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.20 by $0.41. The firm had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.07 billion. Western Digital had a return on equity of 36.35% and a net margin of 3.27%. The business’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.93 EPS. research analysts forecast that Western Digital Corp will post 10.71 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Friday, September 28th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.09%. The ex-dividend date of this dividend is Thursday, September 27th. Western Digital’s dividend payout ratio (DPR) is 14.80%.

Western Digital declared that its board has authorized a share repurchase program on Thursday, July 26th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the data storage provider to repurchase up to 22.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Several research firms have commented on WDC. BidaskClub cut Western Digital from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 2nd. Citigroup cut their target price on Western Digital from $115.00 to $106.00 and set a “buy” rating on the stock in a research note on Monday, July 30th. TheStreet upgraded Western Digital from a “c+” rating to a “b” rating in a research note on Thursday, July 26th. Mizuho restated a “buy” rating on shares of Western Digital in a research note on Friday, July 27th. Finally, Morgan Stanley cut their target price on Western Digital from $97.00 to $96.00 and set an “equal weight” rating on the stock in a research note on Friday, July 27th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $104.00.

In related news, CFO Mark P. Long sold 1,214 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $67.65, for a total transaction of $82,127.10. Following the transaction, the chief financial officer now directly owns 191,154 shares of the company’s stock, valued at approximately $12,931,568.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael Charles Ray sold 4,387 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $67.65, for a total value of $296,780.55. Following the transaction, the executive vice president now directly owns 107,155 shares in the company, valued at $7,249,035.75. The disclosure for this sale can be found here. Insiders have sold a total of 119,706 shares of company stock worth $9,801,033 in the last ninety days. Insiders own 0.31% of the company’s stock.

Western Digital Company Profile

Western Digital Corporation, together with its subsidiaries, develops, manufactures, and sells data storage devices and solutions worldwide. It offers performance hard disk drives (HDDs) that are used in enterprise servers, data analysis, and other enterprise applications; capacity HDDs and drive configurations for use in data storage systems and tiered storage models; and enterprise solid state drives (SSDs), including NAND-flash SSDs and software solutions that are designed to enhance the performance in various enterprise workload environments.

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Institutional Ownership by Quarter for Western Digital (NASDAQ:WDC)

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