Mitsubishi UFJ Asset Management UK Ltd. acquired a new position in shares of Western Digital Corp (NASDAQ:WDC) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 22,000 shares of the data storage provider’s stock, valued at approximately $1,396,000.
Other institutional investors have also modified their holdings of the company. Evoke Wealth LLC purchased a new position in Western Digital during the 3rd quarter worth $47,000. Eads & Heald Wealth Management acquired a new stake in shares of Western Digital in the 3rd quarter worth $216,000. Keybank National Association OH acquired a new stake in shares of Western Digital in the 3rd quarter worth $202,000. Metropolitan Life Insurance Co NY lifted its stake in shares of Western Digital by 1.4% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 44,777 shares of the data storage provider’s stock worth $2,671,000 after acquiring an additional 607 shares during the period. Finally, Sound Income Strategies LLC lifted its stake in shares of Western Digital by 15.5% in the 4th quarter. Sound Income Strategies LLC now owns 34,079 shares of the data storage provider’s stock worth $2,163,000 after acquiring an additional 4,565 shares during the period. 84.35% of the stock is currently owned by institutional investors.
Several research firms have recently commented on WDC. Benchmark restated a “sell” rating and issued a $46.00 target price on shares of Western Digital in a research note on Friday, September 27th. Susquehanna Bancshares upgraded shares of Western Digital from a “neutral” rating to a “positive” rating and raised their target price for the stock from $55.00 to $90.00 in a research note on Monday, December 16th. Morgan Stanley raised their target price on shares of Western Digital from $52.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Mizuho raised their target price on shares of Western Digital from $64.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Wells Fargo & Co restated a “buy” rating on shares of Western Digital in a research note on Monday, December 9th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $70.81.
Shares of NASDAQ WDC traded down $0.49 during trading on Friday, reaching $68.18. 1,630,729 shares of the stock were exchanged, compared to its average volume of 5,621,033. The business’s 50-day moving average price is $58.98 and its 200 day moving average price is $56.57. Western Digital Corp has a twelve month low of $35.02 and a twelve month high of $70.50. The company has a quick ratio of 1.22, a current ratio of 1.98 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $20.58 billion, a price-to-earnings ratio of 17.90, a price-to-earnings-growth ratio of 21.10 and a beta of 1.87.
Western Digital (NASDAQ:WDC) last posted its earnings results on Wednesday, October 30th. The data storage provider reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.41. Western Digital had a negative net margin of 9.89% and a positive return on equity of 3.28%. The business had revenue of $4.04 billion for the quarter, compared to analysts’ expectations of $3.92 billion. During the same period in the previous year, the company posted $3.04 earnings per share. The business’s revenue for the quarter was down 19.6% compared to the same quarter last year. As a group, sell-side analysts expect that Western Digital Corp will post 1.64 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 21st. Stockholders of record on Friday, January 3rd will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, January 2nd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.93%. Western Digital’s payout ratio is currently 52.49%.
In related news, COO Michael D. Cordano sold 2,034 shares of the company’s stock in a transaction on Tuesday, January 14th. The shares were sold at an average price of $70.15, for a total value of $142,685.10. Following the sale, the chief operating officer now directly owns 261,818 shares of the company’s stock, valued at $18,366,532.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Stephen D. Milligan sold 4,629 shares of the company’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $67.97, for a total transaction of $314,633.13. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,385 shares of company stock worth $1,900,638. Corporate insiders own 0.44% of the company’s stock.
About Western Digital
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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