Morse Asset Management Inc Reduces Stake in Western Digital Corp (NASDAQ:WDC)

Morse Asset Management Inc decreased its holdings in shares of Western Digital Corp (NASDAQ:WDC) by 36.6% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 7,800 shares of the data storage provider’s stock after selling 4,500 shares during the period. Morse Asset Management Inc’s holdings in Western Digital were worth $620,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Exane Derivatives grew its position in shares of Western Digital by 427,600.0% in the 4th quarter. Exane Derivatives now owns 4,277 shares of the data storage provider’s stock worth $340,000 after buying an additional 4,276 shares during the last quarter. Regent Investment Management LLC boosted its stake in Western Digital by 7.9% in the 4th quarter. Regent Investment Management LLC now owns 37,430 shares of the data storage provider’s stock worth $2,977,000 after purchasing an additional 2,730 shares in the last quarter. Parsec Financial Management Inc. boosted its stake in Western Digital by 14.6% in the 4th quarter. Parsec Financial Management Inc. now owns 102,565 shares of the data storage provider’s stock worth $8,157,000 after purchasing an additional 13,056 shares in the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH acquired a new stake in Western Digital in the 4th quarter worth approximately $1,145,000. Finally, Commerzbank Aktiengesellschaft FI boosted its stake in Western Digital by 40.6% in the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 155,062 shares of the data storage provider’s stock worth $12,332,000 after purchasing an additional 44,770 shares in the last quarter. 83.70% of the stock is currently owned by institutional investors and hedge funds.

WDC has been the subject of a number of recent analyst reports. Vetr upgraded shares of Western Digital from a “buy” rating to a “strong-buy” rating and set a $98.49 target price for the company in a research note on Monday, October 16th. BidaskClub upgraded shares of Western Digital from a “hold” rating to a “buy” rating in a research note on Tuesday, October 17th. Zacks Investment Research upgraded shares of Western Digital from a “sell” rating to a “hold” rating in a research note on Tuesday, October 24th. KeyCorp reiterated a “hold” rating on shares of Western Digital in a research note on Friday, October 27th. Finally, Citigroup lifted their target price on shares of Western Digital from $110.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, October 27th. Thirteen research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and two have given a strong buy rating to the company’s stock. Western Digital currently has an average rating of “Buy” and a consensus price target of $111.78.

Western Digital Corp (NASDAQ:WDC) traded up $0.53 during trading hours on Tuesday, hitting $82.87. 769,520 shares of the stock traded hands, compared to its average volume of 4,488,031. The company has a debt-to-equity ratio of 1.04, a quick ratio of 2.03 and a current ratio of 2.55. The stock has a market cap of $24,500.00, a price-to-earnings ratio of 68.49, a price-to-earnings-growth ratio of 0.34 and a beta of 1.13. Western Digital Corp has a 52-week low of $71.38 and a 52-week high of $95.77.

Western Digital (NASDAQ:WDC) last posted its earnings results on Thursday, January 25th. The data storage provider reported $3.95 earnings per share for the quarter, beating the consensus estimate of $3.51 by $0.44. The firm had revenue of $5.34 billion during the quarter, compared to analyst estimates of $5.31 billion. Western Digital had a net margin of 1.93% and a return on equity of 30.78%. The business’s quarterly revenue was up 9.2% on a year-over-year basis. During the same period in the previous year, the firm earned $2.30 EPS. equities research analysts forecast that Western Digital Corp will post 12.62 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Friday, March 30th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.41%. The ex-dividend date is Thursday, March 29th. Western Digital’s dividend payout ratio (DPR) is 165.29%.

Western Digital announced that its Board of Directors has approved a stock repurchase program on Thursday, November 9th that authorizes the company to repurchase $2.10 billion in shares. This repurchase authorization authorizes the data storage provider to buy shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

In related news, CEO Stephen D. Milligan sold 90,755 shares of the business’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $88.12, for a total value of $7,997,330.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael D. Cordano sold 1,401 shares of the business’s stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $85.00, for a total transaction of $119,085.00. Following the completion of the sale, the insider now directly owns 70,560 shares of the company’s stock, valued at approximately $5,997,600. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 152,529 shares of company stock valued at $13,285,093. Insiders own 0.31% of the company’s stock.

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Western Digital 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).

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

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