Fort Pitt Capital Group LLC Grows Holdings in Western Digital Corporation (WDC)

Fort Pitt Capital Group LLC grew its stake in shares of Western Digital Corporation (NASDAQ:WDC) by 4.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 512,077 shares of the data storage provider’s stock after buying an additional 21,824 shares during the period. Western Digital Corporation accounts for 4.3% of Fort Pitt Capital Group LLC’s investment portfolio, making the stock its 2nd biggest position. Fort Pitt Capital Group LLC owned approximately 0.18% of Western Digital Corporation worth $45,370,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in WDC. Schroder Investment Management Group increased its position in Western Digital Corporation by 229.9% during the first quarter. Schroder Investment Management Group now owns 3,731 shares of the data storage provider’s stock worth $313,000 after buying an additional 2,600 shares in the last quarter. Robotti Robert increased its position in Western Digital Corporation by 0.9% during the first quarter. Robotti Robert now owns 57,440 shares of the data storage provider’s stock worth $4,741,000 after buying an additional 510 shares in the last quarter. Redwood Investments LLC increased its position in Western Digital Corporation by 8.1% during the first quarter. Redwood Investments LLC now owns 165,953 shares of the data storage provider’s stock worth $13,696,000 after buying an additional 12,400 shares in the last quarter. Stephens Inc. AR increased its position in Western Digital Corporation by 52.9% during the first quarter. Stephens Inc. AR now owns 32,044 shares of the data storage provider’s stock worth $2,645,000 after buying an additional 11,093 shares in the last quarter. Finally, WINTON GROUP Ltd increased its position in Western Digital Corporation by 78.1% during the first quarter. WINTON GROUP Ltd now owns 157,962 shares of the data storage provider’s stock worth $9,236,000 after buying an additional 69,271 shares in the last quarter. 82.36% of the stock is owned by institutional investors.

Several research firms have weighed in on WDC. BidaskClub downgraded Western Digital Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, August 12th. Jefferies Group LLC reissued a “hold” rating and set a $90.00 price target on shares of Western Digital Corporation in a research report on Wednesday, June 28th. Benchmark Co. reissued a “buy” rating and set a $135.00 price target on shares of Western Digital Corporation in a research report on Monday, September 25th. Summit Redstone reissued a “buy” rating on shares of Western Digital Corporation in a research report on Saturday, July 22nd. Finally, Longbow Research reissued a “buy” rating and set a $120.00 price target on shares of Western Digital Corporation in a research report on Thursday, September 14th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company. Western Digital Corporation currently has a consensus rating of “Buy” and an average price target of $111.35.

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Shares of Western Digital Corporation (NASDAQ:WDC) traded up 2.38% during midday trading on Friday, hitting $87.80. The stock had a trading volume of 5,325,440 shares. The company’s 50 day moving average price is $87.14 and its 200-day moving average price is $87.45. The firm has a market capitalization of $25.89 billion, a PE ratio of 65.52 and a beta of 1.24. Western Digital Corporation has a 1-year low of $52.10 and a 1-year high of $95.77.

Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 earnings per share for the quarter, topping the consensus estimate of $2.51 by $0.42. The company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.82 billion. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. Western Digital Corporation’s revenue for the quarter was up 38.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.79 EPS. Equities analysts predict that Western Digital Corporation will post $12.40 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.00 annualized dividend and a dividend yield of 2.33%. Western Digital Corporation’s dividend payout ratio is presently 156.25%.

In other news, insider Mark P. Long sold 1,446 shares of the business’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $87.63, for a total transaction of $126,712.98. Following the transaction, the insider now directly owns 86,939 shares in the company, valued at approximately $7,618,464.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark P. Long sold 28,585 shares of the business’s stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $94.24, for a total transaction of $2,693,850.40. Following the transaction, the insider now owns 53,551 shares in the company, valued at $5,046,646.24. The disclosure for this sale can be found here. Insiders have sold a total of 128,246 shares of company stock worth $11,323,928 over the last 90 days. 0.31% of the stock is owned by company insiders.

Western Digital Corporation Company 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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Institutional Ownership by Quarter for Western Digital Corporation (NASDAQ:WDC)

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