FDx Advisors Inc. trimmed its holdings in Western Digital (NASDAQ:WDC) by 25.6% in the first quarter, Holdings Channel reports. The institutional investor owned 3,561 shares of the data storage provider’s stock after selling 1,228 shares during the quarter. FDx Advisors Inc.’s holdings in Western Digital were worth $329,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Cerebellum GP LLC bought a new stake in Western Digital during the 4th quarter worth about $121,000. Acadian Asset Management LLC bought a new stake in Western Digital during the 4th quarter worth about $132,000. Focused Wealth Management Inc bought a new stake in Western Digital during the 4th quarter worth about $143,000. SeaCrest Wealth Management LLC bought a new stake in Western Digital during the 4th quarter worth about $149,000. Finally, Icon Wealth Partners LLC bought a new stake in Western Digital during the 4th quarter worth about $171,000. 85.69% of the stock is owned by institutional investors and hedge funds.
Shares of Western Digital opened at $86.52 on Friday, according to MarketBeat Ratings. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.39 and a quick ratio of 1.76. Western Digital has a 52-week low of $83.52 and a 52-week high of $85.97. The company has a market capitalization of $24.83 billion, a P/E ratio of 10.95, a price-to-earnings-growth ratio of 0.33 and a beta of 1.04.
Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, April 26th. The data storage provider reported $3.63 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.31 by $0.32. Western Digital had a return on equity of 34.22% and a net margin of 0.98%. The business had revenue of $5.01 billion during the quarter, compared to analyst estimates of $4.93 billion. During the same period in the previous year, the firm earned $2.39 EPS. Western Digital’s quarterly revenue was up 7.8% compared to the same quarter last year. equities analysts forecast that Western Digital will post 13.39 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 16th. Investors of record on Friday, June 29th will be given a $0.50 dividend. The ex-dividend date is Thursday, June 28th. This represents a $2.00 annualized dividend and a dividend yield of 2.31%. Western Digital’s dividend payout ratio is presently 25.32%.
In related news, CEO Stephen D. Milligan sold 23,155 shares of the business’s stock in a transaction that occurred on Wednesday, March 7th. The stock was sold at an average price of $94.49, for a total value of $2,187,915.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark P. Long sold 7,026 shares of the business’s stock in a transaction that occurred on Friday, March 9th. The shares were sold at an average price of $98.64, for a total value of $693,044.64. Following the completion of the transaction, the chief financial officer now owns 211,817 shares of the company’s stock, valued at $20,893,628.88. The disclosure for this sale can be found here. Insiders sold a total of 141,014 shares of company stock valued at $13,277,976 over the last quarter. 0.31% of the stock is owned by insiders.
WDC has been the subject of several recent research reports. Macquarie initiated coverage on Western Digital in a report on Friday, January 19th. They set a “neutral” rating and a $90.00 price objective for the company. BidaskClub raised Western Digital from a “sell” rating to a “hold” rating in a report on Saturday, January 20th. Cowen set a $117.00 price objective on Western Digital and gave the stock an “outperform” rating in a report on Tuesday, January 23rd. Maxim Group boosted their price objective on Western Digital from $124.00 to $126.00 and gave the stock a “buy” rating in a report on Friday, January 26th. Finally, Summit Redstone cut Western Digital from a “buy” rating to a “hold” rating in a report on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $111.40.
Western Digital 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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