Alambic Investment Management L.P. trimmed its stake in Western Digital Corp (NASDAQ:WDC) by 30.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,535 shares of the data storage provider’s stock after selling 6,460 shares during the period. Alambic Investment Management L.P.’s holdings in Western Digital were worth $1,156,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Bank of Montreal Can grew its stake in shares of Western Digital by 267.4% in the 4th quarter. Bank of Montreal Can now owns 1,232,616 shares of the data storage provider’s stock valued at $98,029,000 after buying an additional 897,108 shares during the period. Kensico Capital Management Corp grew its stake in shares of Western Digital by 228.2% in the 3rd quarter. Kensico Capital Management Corp now owns 1,094,508 shares of the data storage provider’s stock valued at $94,565,000 after buying an additional 761,000 shares during the period. DnB Asset Management AS grew its stake in shares of Western Digital by 402.8% in the 4th quarter. DnB Asset Management AS now owns 795,948 shares of the data storage provider’s stock valued at $63,302,000 after buying an additional 637,639 shares during the period. Schroder Investment Management Group grew its stake in shares of Western Digital by 68.8% in the 3rd quarter. Schroder Investment Management Group now owns 1,523,431 shares of the data storage provider’s stock valued at $132,096,000 after buying an additional 621,000 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in Western Digital by 22.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,281,695 shares of the data storage provider’s stock valued at $283,538,000 after acquiring an additional 598,563 shares in the last quarter. Institutional investors and hedge funds own 83.70% of the company’s stock.
Several equities analysts recently weighed in on WDC shares. BidaskClub raised shares of Western Digital from a “hold” rating to a “buy” rating in a research report on Tuesday, October 17th. Vetr cut shares of Western Digital from a “strong-buy” rating to a “buy” rating and set a $98.49 price target on the stock. in a research report on Monday, October 23rd. Zacks Investment Research raised shares of Western Digital from a “sell” rating to a “hold” rating in a research report on Tuesday, October 24th. KeyCorp reissued a “hold” rating on shares of Western Digital in a research report 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 report on Friday, October 27th. Thirteen investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $111.78.
Western Digital Corp (WDC) traded up $0.63 during trading on Wednesday, reaching $82.97. 2,943,400 shares of the company’s stock traded hands, compared to its average volume of 4,437,566. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.55 and a quick ratio of 2.03. The company has a market capitalization of $24,690.00, a P/E ratio of 12.74, a PEG ratio of 0.34 and a beta of 1.13. Western Digital Corp has a 1-year low of $71.38 and a 1-year high of $95.77.
Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, January 25th. The data storage provider reported $3.95 earnings per share for the quarter, topping the consensus estimate of $3.51 by $0.44. The business had revenue of $5.34 billion during the quarter, compared to the consensus estimate of $5.31 billion. Western Digital had a net margin of 1.93% and a return on equity of 30.78%. The firm’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same period in the previous year, the firm posted $2.30 earnings per share. analysts predict that Western Digital Corp will post 12.62 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Friday, March 30th will be paid 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 of this dividend is Thursday, March 29th. Western Digital’s dividend payout ratio (DPR) is 30.67%.
Western Digital announced that its Board of Directors has authorized 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 buy shares of its stock through open market purchases. Stock repurchase programs are typically 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 dated Monday, January 29th. The shares were sold at an average price of $88.12, for a total transaction of $7,997,330.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael D. Cordano sold 1,401 shares of the business’s stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $85.00, for a total transaction of $119,085.00. Following the transaction, the insider now owns 70,560 shares in the company, 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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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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