Quantbot Technologies LP increased its position in shares of Western Digital Corporation (NASDAQ:WDC) by 654.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,498 shares of the data storage provider’s stock after acquiring an additional 9,973 shares during the period. Quantbot Technologies LP’s holdings in Western Digital were worth $993,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Accredited Investors Inc. boosted its holdings in Western Digital by 0.4% in the 2nd quarter. Accredited Investors Inc. now owns 2,713 shares of the data storage provider’s stock worth $240,000 after buying an additional 11 shares during the period. Cookson Peirce & Co. Inc. boosted its holdings in shares of Western Digital by 0.6% during the 2nd quarter. Cookson Peirce & Co. Inc. now owns 3,600 shares of the data storage provider’s stock valued at $319,000 after purchasing an additional 20 shares during the last quarter. Honkamp Krueger Financial Services Inc. boosted its holdings in shares of Western Digital by 0.5% during the 2nd quarter. Honkamp Krueger Financial Services Inc. now owns 4,571 shares of the data storage provider’s stock valued at $405,000 after purchasing an additional 25 shares during the last quarter. Barry Investment Advisors LLC boosted its holdings in shares of Western Digital by 0.4% during the 2nd quarter. Barry Investment Advisors LLC now owns 6,331 shares of the data storage provider’s stock valued at $561,000 after purchasing an additional 26 shares during the last quarter. Finally, People s United Financial Inc. raised its position in shares of Western Digital by 0.3% during the 2nd quarter. People s United Financial Inc. now owns 12,689 shares of the data storage provider’s stock valued at $1,124,000 after buying an additional 41 shares in the last quarter. Institutional investors own 83.99% of the company’s stock.
A number of brokerages have recently commented on WDC. BidaskClub lowered shares of Western Digital from a “hold” rating to a “sell” rating in a research report on Thursday. Vetr upgraded shares of Western Digital from a “hold” rating to a “buy” rating and set a $95.09 price objective on the stock in a research note on Tuesday, November 28th. Morgan Stanley downgraded shares of Western Digital from an “overweight” rating to an “equal weight” rating and set a $120.00 target price for the company. in a research note on Monday, November 27th. Wells Fargo & Company initiated coverage on shares of Western Digital in a report on Tuesday, November 14th. They set an “outperform” rating and a $115.00 target price for the company. Finally, Zacks Investment Research raised shares of Western Digital from a “hold” rating to a “strong-buy” rating and set a $103.00 price objective for the company in a report on Wednesday, November 1st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-four have given a buy rating and three have assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $114.50.
Shares of Western Digital Corporation (WDC) traded up $0.49 during trading hours on Thursday, hitting $78.35. 2,671,768 shares of the company were exchanged, compared to its average volume of 4,161,064. Western Digital Corporation has a fifty-two week low of $65.08 and a fifty-two week high of $95.77. The company has a market capitalization of $23,236.99, a price-to-earnings ratio of 7.89 and a beta of 1.10. The company has a current ratio of 2.64, a quick ratio of 2.13 and a debt-to-equity ratio of 1.07.
Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.01 by $0.55. The company had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.13 billion. Western Digital had a net margin of 7.38% and a return on equity of 26.48%. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.18 earnings per share. analysts forecast that Western Digital Corporation will post 12.01 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $2.00 annualized dividend and a dividend yield of 2.55%. Western Digital’s payout ratio is 41.75%.
Western Digital declared that its board has authorized a stock repurchase plan on Thursday, November 9th that authorizes the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization authorizes the data storage provider to buy shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
In other Western Digital news, Director Henry T. Denero sold 4,097 shares of the stock in a transaction on Monday, October 30th. The stock was sold at an average price of $85.97, for a total transaction of $352,219.09. Following the completion of the transaction, the director now directly owns 10,834 shares in the company, valued at $931,398.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark P. Long sold 1,446 shares of the stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $87.63, for a total value of $126,712.98. Following the sale, the insider now owns 86,939 shares in the company, valued at approximately $7,618,464.57. The disclosure for this sale can be found here. In the last three months, insiders sold 25,488 shares of company stock valued at $2,242,856. 0.31% of the stock is currently owned by company insiders.
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About Western Digital
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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