Texas Permanent School Fund cut its stake in Western Digital Corp (NASDAQ:WDC) by 10.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 65,406 shares of the data storage provider’s stock after selling 7,616 shares during the quarter. Texas Permanent School Fund’s holdings in Western Digital were worth $3,829,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of WDC. First National Bank of Omaha grew its position in Western Digital by 1.7% in 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 acquiring an additional 640 shares in the last quarter. Augustine Asset Management Inc. grew its position in Western Digital by 2.1% in 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 acquiring an additional 674 shares in the last quarter. Amalgamated Bank grew its position 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. Spectrum Management Group Inc. grew its position 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. Finally, Capital Analysts LLC grew its position in Western Digital by 2.4% in the 2nd quarter. Capital Analysts LLC now owns 33,106 shares of the data storage provider’s stock valued at $2,563,000 after acquiring an additional 775 shares in the last quarter. 83.49% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have weighed in on the company. Standpoint Research raised Western Digital from a “hold” rating to a “buy” rating in a research report on Tuesday, July 10th. Zacks Investment Research downgraded Western Digital from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 17th. Evercore ISI dropped their target price on Western Digital from $130.00 to $100.00 and set an “outperform” rating for the company in a research report on Tuesday, July 17th. Stifel Nicolaus dropped their target price on Western Digital from $114.00 to $93.00 and set a “buy” rating for the company in a research report on Friday, July 27th. Finally, Maxim Group reiterated a “buy” rating and issued a $126.00 price objective on shares of Western Digital in a research note on Friday, July 27th. Three 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. The stock presently has a consensus rating of “Hold” and a consensus target price of $85.25.
WDC stock opened at $41.55 on Tuesday. The company has a market cap of $12.82 billion, a P/E ratio of 3.08, a price-to-earnings-growth 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. The company has a debt-to-equity ratio of 0.96, a current ratio of 2.41 and a quick ratio of 1.70.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Friday, September 28th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.81%. The ex-dividend date of this dividend was Thursday, September 27th. Western Digital’s payout ratio is 14.80%.
Western Digital announced that its board has authorized a stock repurchase program on Thursday, July 26th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the data storage provider to reacquire up to 22.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
Western Digital Company 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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