Synovus Financial Corp decreased its holdings in shares of Western Digital Corporation (NASDAQ:WDC) by 29.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,082 shares of the data storage provider’s stock after selling 3,357 shares during the quarter. Synovus Financial Corp’s holdings in Western Digital were worth $699,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. Quantbot Technologies LP acquired a new stake in shares of Western Digital during the 2nd quarter worth approximately $135,000. Sun Life Financial INC grew its position in shares of Western Digital by 16,215.4% during the 2nd quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock worth $188,000 after buying an additional 2,108 shares during the period. Adviser Investments LLC acquired a new stake in shares of Western Digital during the 3rd quarter worth approximately $204,000. SSI Investment Management Inc. acquired a new stake in shares of Western Digital during the 2nd quarter worth approximately $207,000. Finally, Rational Advisors LLC acquired a new stake in shares of Western Digital during the 3rd quarter worth approximately $207,000. Institutional investors own 83.99% of the company’s stock.
Western Digital Corporation (NASDAQ:WDC) opened at $78.35 on Friday. The company has a quick ratio of 2.13, a current ratio of 2.64 and a debt-to-equity ratio of 1.07. Western Digital Corporation has a one year low of $65.08 and a one year high of $95.77. The firm has a market cap of $23,029.94, a P/E ratio of 7.82 and a beta of 1.10.
Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.01 by $0.55. Western Digital had a net margin of 7.38% and a return on equity of 26.48%. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.13 billion. During the same quarter in the previous year, the firm posted $1.18 earnings per share. The business’s revenue was up 9.9% on a year-over-year basis. equities research analysts expect that Western Digital Corporation will post 12.01 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend is Thursday, December 28th. Western Digital’s payout ratio is currently 41.75%.
Western Digital announced that its Board of Directors has approved a share buyback program on Thursday, November 9th that allows the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization allows the data storage provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
Several research analysts recently weighed in on the stock. BidaskClub lowered shares of Western Digital from a “hold” rating to a “sell” rating in a research note on Thursday. Jefferies Group reissued a “hold” rating and set a $90.00 price objective on shares of Western Digital in a research note on Friday, August 18th. Citigroup set a $110.00 price objective on shares of Western Digital and gave the stock a “buy” rating in a research note on Monday, August 21st. Robert W. Baird lowered shares of Western Digital from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $120.00 to $93.00 in a research note on Monday, October 2nd. Finally, Barclays reissued a “buy” rating and set a $131.00 price objective on shares of Western Digital in a research note on Tuesday, October 3rd. One analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-four have assigned a buy rating and three have issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $114.50.
In other news, insider Mark P. Long sold 1,446 shares of the business’s stock in a transaction on Tuesday, September 12th. The shares were 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 of the company’s stock, valued at $7,618,464.57. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Michael D. Cordano sold 9,404 shares of the business’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $88.71, for a total transaction of $834,228.84. Following the completion of the sale, the insider now directly owns 75,385 shares in the company, valued at approximately $6,687,403.35. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,488 shares of company stock worth $2,242,856. Insiders own 0.31% of the company’s stock.
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Western Digital 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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