First Mercantile Trust Co. lowered its stake in shares of Western Digital Corp. (NASDAQ:WDC) by 13.6% during the second quarter, Holdings Channel reports. The firm owned 7,975 shares of the data storage provider’s stock after selling 1,250 shares during the period. First Mercantile Trust Co.’s holdings in Western Digital Corp. were worth $377,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Western Digital Corp. by 24.7% in the second quarter. Vanguard Group Inc. now owns 24,858,936 shares of the data storage provider’s stock worth $1,174,834,000 after buying an additional 4,925,997 shares during the last quarter. Neuberger Berman Group LLC increased its stake in Western Digital Corp. by 103.1% in the second quarter. Neuberger Berman Group LLC now owns 3,393,531 shares of the data storage provider’s stock worth $160,379,000 after buying an additional 1,722,928 shares during the last quarter. DNB Asset Management AS increased its stake in Western Digital Corp. by 168.9% in the second quarter. DNB Asset Management AS now owns 2,357,775 shares of the data storage provider’s stock worth $111,428,000 after buying an additional 1,480,995 shares during the last quarter. Artemis Investment Management LLP bought a new stake in Western Digital Corp. during the second quarter worth about $64,444,000. Finally, Deprince Race & Zollo Inc. bought a new stake in Western Digital Corp. during the second quarter worth about $29,717,000. Hedge funds and other institutional investors own 86.98% of the company’s stock.
Western Digital Corp. (NASDAQ:WDC) opened at 58.86 on Wednesday. The stock has a 50 day moving average price of $49.57 and a 200-day moving average price of $46.57. The firm has a market cap of $16.73 billion, a P/E ratio of 58.86 and a beta of 1.37. Western Digital Corp. has a one year low of $34.99 and a one year high of $86.39.
Western Digital Corp. (NASDAQ:WDC) last released its quarterly earnings data on Thursday, July 28th. The data storage provider reported $0.79 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.08. Western Digital Corp. had a return on equity of 12.42% and a net margin of 1.98%. The business had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.44 billion. During the same quarter in the previous year, the business posted $1.51 EPS. Western Digital Corp.’s revenue for the quarter was up 9.5% on a year-over-year basis. Analysts predict that Western Digital Corp. will post $4.56 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.40%. The ex-dividend date of this dividend is Wednesday, September 28th. Western Digital Corp.’s dividend payout ratio (DPR) is presently 158.73%.
A number of equities research analysts recently issued reports on the stock. Mizuho restated a “buy” rating and issued a $60.00 target price on shares of Western Digital Corp. in a report on Friday, September 23rd. Longbow Research upgraded shares of Western Digital Corp. from a “neutral” rating to a “buy” rating and set a $70.00 target price for the company in a report on Tuesday, September 13th. Argus restated a “buy” rating and issued a $60.00 target price on shares of Western Digital Corp. in a report on Saturday, September 10th. Morgan Stanley restated a “hold” rating and issued a $53.00 target price on shares of Western Digital Corp. in a report on Thursday, September 8th. Finally, Craig Hallum boosted their target price on shares of Western Digital Corp. from $56.00 to $67.00 and gave the company a “buy” rating in a report on Thursday, September 8th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $63.12.
In other news, insider Michael D. Cordano sold 7,185 shares of Western Digital Corp. stock in a transaction dated Wednesday, September 21st. The stock was sold at an average price of $54.50, for a total transaction of $391,582.50. Following the transaction, the insider now owns 82,988 shares in the company, valued at approximately $4,522,846. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.46% of the company’s stock.
Western Digital Corp. Company Profile
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage solutions that enable consumers, businesses, governments and other organizations to create, manage, experience and preserve digital content. The Company’s product portfolio includes hard disk drives (HDDs), solid-state drives, direct attached storage solutions, personal cloud network attached storage solutions, and public and private cloud data center storage solutions.
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