PineBridge Investments L.P. decreased its stake in Western Digital Corp. (NASDAQ:WDC) by 22.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,852 shares of the data storage provider’s stock after selling 819 shares during the period. PineBridge Investments L.P.’s holdings in Western Digital Corp. were worth $135,000 as of its most recent filing with the SEC.
Several other hedge funds also recently added to or reduced their stakes in WDC. Monetta Financial Services Inc. bought a new stake in Western Digital Corp. during the second quarter valued at about $473,000. Wrapmanager Inc. boosted its position in Western Digital Corp. by 41.6% in the second quarter. Wrapmanager Inc. now owns 16,974 shares of the data storage provider’s stock valued at $802,000 after buying an additional 4,989 shares in the last quarter. Messner & Smith Theme Value Investment Management Ltd. CA boosted its position in Western Digital Corp. by 117.2% in the second quarter. Messner & Smith Theme Value Investment Management Ltd. CA now owns 33,992 shares of the data storage provider’s stock valued at $1,606,000 after buying an additional 18,343 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Western Digital Corp. during the second quarter valued at $420,000. Finally, Westpac Banking Corp boosted its position in Western Digital Corp. by 121.7% in the second quarter. Westpac Banking Corp now owns 46,155 shares of the data storage provider’s stock valued at $2,181,000 after buying an additional 25,339 shares in the last quarter. Institutional investors own 86.77% of the company’s stock.
Shares of Western Digital Corp. (NASDAQ:WDC) opened at 58.86 on Tuesday. The firm has a 50 day moving average price of $51.19 and a 200 day moving average price of $46.91. Western Digital Corp. has a 1-year low of $34.99 and a 1-year high of $86.39. The firm has a market cap of $16.73 billion, a P/E ratio of 58.86 and a beta of 1.27.
Western Digital Corp. (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, July 28th. The data storage provider reported $0.79 EPS for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.08. The business had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.44 billion. Western Digital Corp. had a net margin of 1.98% and a return on equity of 12.42%. The business’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.51 earnings per share. Analysts anticipate that Western Digital Corp. will post $4.57 EPS for the current year.
The business 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. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $2.00 annualized dividend and a dividend yield of 3.40%. Western Digital Corp.’s dividend payout ratio is currently 158.73%.
Several research firms recently weighed in on WDC. Vetr raised Western Digital Corp. from a “hold” rating to a “buy” rating and set a $63.25 price objective for the company in a research report on Monday. RBC Capital Markets reissued an “outperform” rating and set a $65.00 price objective (up previously from $60.00) on shares of Western Digital Corp. in a research report on Monday. Mizuho reissued a “buy” rating and set a $60.00 price objective on shares of Western Digital Corp. in a research report on Monday. Royal Bank Of Canada boosted their price objective on Western Digital Corp. from $60.00 to $65.00 and gave the stock an “outperform” rating in a research report on Monday. Finally, Barclays PLC reissued a “top pick” rating and set a $71.00 price objective (up previously from $61.00) on shares of Western Digital Corp. in a research report on Thursday, September 29th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $64.32.
In related news, insider Michael D. Cordano sold 7,185 shares of the company’s stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $54.50, for a total value of $391,582.50. Following the sale, 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 this hyperlink. Also, EVP Michael Charles Ray sold 2,719 shares of the company’s stock in a transaction dated Tuesday, September 27th. The stock was sold at an average price of $58.63, for a total transaction of $159,414.97. Following the completion of the sale, the executive vice president now owns 51,843 shares in the company, valued at approximately $3,039,555.09. The disclosure for this sale can be found here. 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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