SummitTX Capital L.P. Makes New $4.75 Million Investment in Western Digital Corporation $WDC

SummitTX Capital L.P. bought a new position in shares of Western Digital Corporation (NASDAQ:WDC) during the 1st quarter, HoldingsChannel.com reports. The institutional investor bought 17,557 shares of the data storage provider’s stock, valued at approximately $4,749,000.

Other institutional investors have also recently modified their holdings of the company. Rakuten Securities Inc. raised its stake in shares of Western Digital by 4,070.0% during the 2nd quarter. Rakuten Securities Inc. now owns 417 shares of the data storage provider’s stock worth $27,000 after buying an additional 407 shares during the period. Avion Wealth grew its stake in Western Digital by 163.8% in the 4th quarter. Avion Wealth now owns 182 shares of the data storage provider’s stock valued at $31,000 after acquiring an additional 113 shares during the period. Swiss RE Ltd. purchased a new stake in Western Digital in the 4th quarter worth $32,000. Valley Wealth Managers Inc. purchased a new stake in Western Digital in the 1st quarter worth $32,000. Finally, BOKF NA raised its position in Western Digital by 6,700.0% during the third quarter. BOKF NA now owns 272 shares of the data storage provider’s stock worth $33,000 after acquiring an additional 268 shares during the period. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Bruce E. Kiddoo sold 750 shares of Western Digital stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $528.52, for a total transaction of $396,390.00. Following the transaction, the director owned 3,903 shares in the company, valued at $2,062,813.56. The trade was a 16.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Cynthia L. Tregillis sold 432 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $545.60, for a total transaction of $235,699.20. Following the sale, the insider owned 116,643 shares of the company’s stock, valued at approximately $63,640,420.80. The trade was a 0.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 28,959 shares of company stock worth $12,631,666. 0.18% of the stock is currently owned by corporate insiders.

Western Digital Trading Down 4.2%

WDC opened at $497.92 on Tuesday. Western Digital Corporation has a twelve month low of $68.67 and a twelve month high of $799.87. The firm has a market capitalization of $171.62 billion, a PE ratio of 29.73 and a beta of 2.11. The firm’s 50-day moving average price is $565.69 and its 200 day moving average price is $400.49.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Thursday, April 30th. The data storage provider reported $2.72 EPS for the quarter, beating analysts’ consensus estimates of $2.39 by $0.33. Western Digital had a net margin of 55.29% and a return on equity of 42.95%. The company had revenue of $3.34 billion during the quarter, compared to the consensus estimate of $3.25 billion. During the same quarter in the prior year, the firm earned $1.36 EPS. Western Digital’s quarterly revenue was up 45.5% on a year-over-year basis. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. As a group, analysts predict that Western Digital Corporation will post 9.61 earnings per share for the current fiscal year.

Western Digital Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Friday, June 5th were given a dividend of $0.15 per share. The ex-dividend date was Friday, June 5th. This is a positive change from Western Digital’s previous quarterly dividend of $0.12. This represents a $0.60 dividend on an annualized basis and a yield of 0.1%. Western Digital’s dividend payout ratio (DPR) is 3.58%.

Wall Street Analyst Weigh In

WDC has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their price objective on shares of Western Digital from $530.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, June 12th. The Goldman Sachs Group restated a “neutral” rating and set a $400.00 price target on shares of Western Digital in a research report on Friday, May 1st. Barclays raised their price target on shares of Western Digital from $450.00 to $620.00 and gave the company an “overweight” rating in a research note on Wednesday, May 27th. Sanford C. Bernstein upgraded Western Digital from a “market perform” rating to an “outperform” rating and set a $340.00 price objective on the stock in a report on Tuesday, March 31st. Finally, Evercore reiterated an “outperform” rating and set a $575.00 price objective on shares of Western Digital in a research note on Tuesday, May 26th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $520.32.

Western Digital Company Profile

Western Digital Corporation is a global data storage company that designs, manufactures and sells a broad range of storage devices and systems for personal, enterprise and cloud applications. Headquartered in San Jose, California, the company develops hard disk drives (HDDs), solid-state drives (SSDs), NAND flash components and finished storage products used in PCs, external storage, servers, network-attached storage (NAS) and embedded systems.

Its product portfolio spans consumer and commercial markets, including internal and external HDDs and SSDs, removable flash memory products and storage platforms for data center and enterprise environments.