Chevy Chase Trust Holdings Inc. Sells 12,692 Shares of Western Digital Corp (WDC)

Chevy Chase Trust Holdings Inc. lessened its holdings in Western Digital Corp (NASDAQ:WDC) by 5.0% during the 3rd quarter, HoldingsChannel reports. The firm owned 239,793 shares of the data storage provider’s stock after selling 12,692 shares during the quarter. Chevy Chase Trust Holdings Inc.’s holdings in Western Digital were worth $14,037,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in WDC. Summit Trail Advisors LLC lifted its stake in shares of Western Digital by 21.7% during the first quarter. Summit Trail Advisors LLC now owns 12,594 shares of the data storage provider’s stock valued at $634,000 after buying an additional 2,249 shares during the period. Suntrust Banks Inc. lifted its stake in shares of Western Digital by 7.6% during the first quarter. Suntrust Banks Inc. now owns 24,897 shares of the data storage provider’s stock valued at $2,296,000 after buying an additional 1,768 shares during the period. Clinton Group Inc. lifted its stake in shares of Western Digital by 26.4% during the second quarter. Clinton Group Inc. now owns 64,244 shares of the data storage provider’s stock valued at $4,973,000 after buying an additional 13,433 shares during the period. XR Securities LLC purchased a new position in shares of Western Digital during the second quarter valued at approximately $242,000. Finally, IFM Investors Pty Ltd lifted its stake in shares of Western Digital by 47.5% during the second quarter. IFM Investors Pty Ltd now owns 13,395 shares of the data storage provider’s stock valued at $1,037,000 after buying an additional 4,314 shares during the period. 83.49% of the stock is currently owned by institutional investors.

In other news, CFO Mark P. Long sold 1,214 shares of the stock in a transaction on Monday, August 6th. The shares were sold at an average price of $67.65, for a total value of $82,127.10. Following the completion of the sale, the chief financial officer now owns 191,154 shares of the company’s stock, valued at $12,931,568.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael Charles Ray sold 4,387 shares of the stock in a transaction on Monday, August 6th. The stock was sold at an average price of $67.65, for a total transaction of $296,780.55. Following the completion of the sale, the executive vice president now directly owns 107,155 shares of the company’s stock, valued at approximately $7,249,035.75. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,834 shares of company stock worth $532,404. 0.36% of the stock is currently owned by insiders.

Several equities analysts recently issued reports on the stock. Citigroup reduced their price objective on shares of Western Digital from $106.00 to $75.00 and set a “buy” rating on the stock in a research note on Monday. Loop Capital downgraded shares of Western Digital from a “buy” rating to a “hold” rating and reduced their price objective for the company from $80.00 to $42.00 in a research note on Monday. BMO Capital Markets reduced their price objective on shares of Western Digital from $60.00 to $50.00 and set a “market perform” rating on the stock in a research note on Friday. Wells Fargo & Co reduced their price objective on shares of Western Digital from $115.00 to $75.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, Macquarie set a $50.00 price objective on shares of Western Digital and gave the company a “hold” rating in a research note on Friday. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and thirteen have issued a buy rating to the company’s stock. Western Digital currently has a consensus rating of “Hold” and an average price target of $85.25.

NASDAQ:WDC opened at $41.55 on Tuesday. The company has a current ratio of 2.41, a quick ratio of 1.70 and a debt-to-equity ratio of 0.96. The company has a market cap of $12.82 billion, a price-to-earnings ratio of 3.08, a P/E/G ratio of 0.22 and a beta of 0.90. Western Digital Corp has a fifty-two week low of $41.11 and a fifty-two week high of $106.96.

Western Digital announced that its board has initiated a stock repurchase program on Thursday, July 26th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the data storage provider to reacquire up to 22.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

The business also recently declared a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 28th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.81%. The ex-dividend date was Thursday, September 27th. Western Digital’s dividend payout ratio is currently 14.80%.

Western Digital 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.

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

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