State Street Corp reduced its holdings in shares of Western Digital Corporation (NASDAQ:WDC) by 5.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,788,385 shares of the data storage provider’s stock after selling 639,379 shares during the period. State Street Corp owned about 4.04% of Western Digital Corporation worth $1,044,451,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of WDC. American Beacon Advisors Inc. purchased a new position in shares of Western Digital Corporation during the 1st quarter valued at about $111,000. Harbour Capital Advisors LLC purchased a new position in Western Digital Corporation in the 1st quarter worth approximately $117,000. SRS Capital Advisors Inc. lifted its holdings in Western Digital Corporation by 26.7% in the 1st quarter. SRS Capital Advisors Inc. now owns 1,453 shares of the data storage provider’s stock worth $119,000 after purchasing an additional 306 shares in the last quarter. Quantbot Technologies LP purchased a new position in Western Digital Corporation in the 2nd quarter worth approximately $135,000. Finally, Huntington National Bank lifted its holdings in Western Digital Corporation by 7.7% in the 2nd quarter. Huntington National Bank now owns 1,965 shares of the data storage provider’s stock worth $174,000 after purchasing an additional 141 shares in the last quarter. Hedge funds and other institutional investors own 82.29% of the company’s stock.
A number of research analysts recently commented on the company. UBS AG reissued a “neutral” rating and issued a $92.00 price target (up from $90.00) on shares of Western Digital Corporation in a report on Wednesday, June 28th. BidaskClub raised Western Digital Corporation from a “hold” rating to a “buy” rating in a report on Tuesday. Vetr raised Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $98.49 price objective on the stock in a report on Monday. Jefferies Group LLC reissued a “hold” rating and set a $90.00 target price on shares of Western Digital Corporation in a research report on Friday, August 18th. Finally, J P Morgan Chase & Co reissued an “overweight” rating on shares of Western Digital Corporation in a research report on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-four have issued a buy rating and three have assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $111.50.
In other Western Digital Corporation news, insider Michael D. Cordano sold 9,404 shares of Western Digital Corporation stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $88.71, for a total value of $834,228.84. Following the transaction, the insider now owns 75,385 shares in the company, valued at $6,687,403.35. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Mark P. Long sold 1,517 shares of Western Digital Corporation stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $80.97, for a total transaction of $122,831.49. Following the completion of the transaction, the chief financial officer now owns 88,207 shares in the company, valued at approximately $7,142,120.79. The disclosure for this sale can be found here. Insiders sold 128,246 shares of company stock worth $11,323,928 in the last three months. 0.31% of the stock is currently owned by corporate insiders.
Western Digital Corporation (WDC) traded down 1.61% during midday trading on Tuesday, reaching $85.43. The company’s stock had a trading volume of 1,219,538 shares. Western Digital Corporation has a 1-year low of $52.10 and a 1-year high of $95.77. The firm has a market cap of $25.19 billion, a price-to-earnings ratio of 63.75 and a beta of 1.24. The company has a 50 day moving average price of $87.05 and a 200 day moving average price of $87.55.
Western Digital Corporation (NASDAQ:WDC) last announced its earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share for the quarter, beating the consensus estimate of $2.51 by $0.42. The company had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.82 billion. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The company’s revenue was up 38.5% on a year-over-year basis. During the same period last year, the firm earned $0.79 earnings per share. On average, equities research analysts expect that Western Digital Corporation will post $12.40 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 16th. Shareholders of record on Friday, September 29th were issued a $0.50 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.30%. Western Digital Corporation’s dividend payout ratio is currently 156.25%.
Western Digital Corporation Profile
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).
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