QUANTRES ASSET MANAGEMENT Ltd lifted its stake in shares of Western Digital Corporation (NASDAQ:WDC) by 102.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 8,900 shares of the data storage provider’s stock after purchasing an additional 4,500 shares during the quarter. QUANTRES ASSET MANAGEMENT Ltd’s holdings in Western Digital were worth $708,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Cookson Peirce & Co. Inc. grew its stake in Western Digital by 0.6% in the 2nd quarter. Cookson Peirce & Co. Inc. now owns 3,600 shares of the data storage provider’s stock valued at $319,000 after acquiring an additional 20 shares during the last quarter. People s United Financial Inc. grew its stake in Western Digital by 0.3% in the 2nd quarter. People s United Financial Inc. now owns 12,689 shares of the data storage provider’s stock valued at $1,124,000 after acquiring an additional 41 shares during the last quarter. Frontier Wealth Management LLC grew its stake in Western Digital by 3.2% in the 2nd quarter. Frontier Wealth Management LLC now owns 2,895 shares of the data storage provider’s stock valued at $256,000 after acquiring an additional 91 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in Western Digital by 1.3% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 21,637 shares of the data storage provider’s stock valued at $1,917,000 after acquiring an additional 268 shares during the last quarter. Finally, Mutual of America Capital Management LLC grew its stake in Western Digital by 0.9% in the 2nd quarter. Mutual of America Capital Management LLC now owns 44,359 shares of the data storage provider’s stock valued at $3,930,000 after acquiring an additional 377 shares during the last quarter. 83.78% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Michael D. Cordano sold 1,397 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $88.13, for a total value of $123,117.61. Following the transaction, the insider now owns 70,556 shares in the company, valued at $6,218,100.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark P. Long sold 4,467 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $88.13, for a total transaction of $393,676.71. Following the completion of the transaction, the chief financial officer now owns 88,384 shares in the company, valued at approximately $7,789,281.92. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,039 shares of company stock worth $1,400,999. Insiders own 0.31% of the company’s stock.
Western Digital Corporation (WDC) opened at $82.69 on Friday. The firm has a market cap of $24,410.00, a PE ratio of 17.26, a PEG ratio of 0.27 and a beta of 1.12. Western Digital Corporation has a 1-year low of $69.10 and a 1-year high of $95.77. The company has a current ratio of 2.64, a quick ratio of 2.13 and a debt-to-equity ratio of 1.07.
Western Digital (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, October 26th. The data storage provider reported $3.56 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.01 by $0.55. The business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.13 billion. Western Digital had a net margin of 7.38% and a return on equity of 26.48%. The company’s revenue was up 9.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.18 EPS. research analysts anticipate that Western Digital Corporation will post 12.21 earnings per share for the current year.
Western Digital declared that its board has approved a stock buyback plan on Thursday, November 9th that allows the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization allows the data storage provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $2.00 annualized dividend and a dividend yield of 2.42%. Western Digital’s payout ratio is currently 41.75%.
A number of equities research analysts recently commented on the stock. BMO Capital Markets cut shares of Western Digital from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $120.00 to $90.00 in a research note on Thursday. Royal Bank of Canada reissued a “buy” rating on shares of Western Digital in a research note on Friday, December 22nd. Benchmark reissued a “buy” rating and issued a $130.00 price objective on shares of Western Digital in a research note on Tuesday, December 26th. Evercore ISI reissued a “buy” rating and issued a $130.00 price objective on shares of Western Digital in a research note on Wednesday, December 13th. Finally, Morgan Stanley raised their price target on shares of Western Digital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 13th. Ten research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and three have issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $112.10.
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Western Digital 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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