Manning & Napier Group LLC Reduces Holdings in Western Digital Corp (NASDAQ:WDC)

Manning & Napier Group LLC decreased its position in shares of Western Digital Corp (NASDAQ:WDC) by 3.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 125,812 shares of the data storage provider’s stock after selling 3,944 shares during the period. Manning & Napier Group LLC’s holdings in Western Digital were worth $7,503,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Private Ocean LLC purchased a new stake in Western Digital during the 2nd quarter worth $25,000. Huntington National Bank increased its stake in Western Digital by 9,483.3% during the 2nd quarter. Huntington National Bank now owns 575 shares of the data storage provider’s stock worth $27,000 after buying an additional 569 shares during the period. Steward Partners Investment Advisory LLC purchased a new stake in Western Digital during the 2nd quarter worth $34,000. Coastal Investment Advisors Inc. increased its stake in Western Digital by 294.0% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 792 shares of the data storage provider’s stock worth $38,000 after buying an additional 591 shares during the period. Finally, Citizens Financial Group Inc RI increased its stake in Western Digital by 56.3% during the 2nd quarter. Citizens Financial Group Inc RI now owns 833 shares of the data storage provider’s stock worth $40,000 after buying an additional 300 shares during the period. 85.77% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ WDC opened at $58.35 on Friday. Western Digital Corp has a one year low of $33.83 and a one year high of $65.31. The company has a 50-day simple moving average of $59.39 and a 200-day simple moving average of $51.11. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.36 and a current ratio of 2.22. The firm has a market capitalization of $16.73 billion, a PE ratio of 14.72, a price-to-earnings-growth ratio of 15.59 and a beta of 1.85.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Wednesday, July 31st. The data storage provider reported $0.17 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.22. Western Digital had a negative net margin of 4.55% and a positive return on equity of 10.73%. The business had revenue of $3.63 billion during the quarter, compared to analyst estimates of $3.67 billion. During the same period in the previous year, the business posted $3.61 EPS. The company’s quarterly revenue was down 29.0% on a year-over-year basis. Equities analysts forecast that Western Digital Corp will post 1.81 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 22nd. Stockholders of record on Friday, October 4th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.43%. The ex-dividend date of this dividend is Thursday, October 3rd. Western Digital’s dividend payout ratio (DPR) is presently 52.49%.

Several equities research analysts have recently weighed in on WDC shares. Loop Capital boosted their target price on shares of Western Digital to $50.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. They noted that the move was a valuation call. Cascend Securities boosted their target price on shares of Western Digital from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. ValuEngine downgraded shares of Western Digital from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Cleveland Research reissued a “hold” rating on shares of Western Digital in a research report on Friday, September 6th. Finally, BidaskClub downgraded shares of Western Digital from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 21st. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and thirteen have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $59.58.

In other news, EVP Michael Charles Ray sold 87,053 shares of Western Digital stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $59.96, for a total value of $5,219,697.88. Following the completion of the transaction, the executive vice president now directly owns 112,480 shares of the company’s stock, valued at approximately $6,744,300.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Lori S. Sundberg sold 3,442 shares of Western Digital stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $56.82, for a total transaction of $195,574.44. Following the completion of the transaction, the executive vice president now directly owns 29,312 shares of the company’s stock, valued at $1,665,507.84. The disclosure for this sale can be found here. Insiders own 0.44% of the company’s stock.

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

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