Aviance Capital Management LLC cut its position in Western Digital Corp (NASDAQ:WDC) by 4.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,477 shares of the data storage provider’s stock after selling 718 shares during the quarter. Aviance Capital Management LLC’s holdings in Western Digital were worth $1,151,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the business. Hosking Partners LLP raised its holdings in Western Digital by 7.1% in the fourth quarter. Hosking Partners LLP now owns 134,694 shares of the data storage provider’s stock worth $10,712,000 after purchasing an additional 8,901 shares in the last quarter. Hourglass Capital LLC purchased a new stake in shares of Western Digital during the fourth quarter worth about $239,000. Cetera Advisor Networks LLC grew its stake in shares of Western Digital by 92.1% during the fourth quarter. Cetera Advisor Networks LLC now owns 4,759 shares of the data storage provider’s stock worth $384,000 after acquiring an additional 2,282 shares during the last quarter. Barings LLC grew its stake in shares of Western Digital by 8.8% during the fourth quarter. Barings LLC now owns 59,303 shares of the data storage provider’s stock worth $4,716,000 after acquiring an additional 4,800 shares during the last quarter. Finally, Sei Investments Co. grew its stake in shares of Western Digital by 6.1% during the fourth quarter. Sei Investments Co. now owns 338,132 shares of the data storage provider’s stock worth $26,891,000 after acquiring an additional 19,535 shares during the last quarter. Institutional investors and hedge funds own 83.70% of the company’s stock.
Western Digital Corp (WDC) opened at $84.54 on Friday. Western Digital Corp has a twelve month low of $71.38 and a twelve month high of $95.77. The stock has a market capitalization of $25,160.00, a P/E ratio of 12.97, a price-to-earnings-growth ratio of 0.35 and a beta of 1.13. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.55 and a quick ratio of 2.03.
Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, January 25th. The data storage provider reported $3.95 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.51 by $0.44. Western Digital had a return on equity of 30.78% and a net margin of 1.93%. The company had revenue of $5.34 billion during the quarter, compared to the consensus estimate of $5.31 billion. During the same period in the previous year, the company posted $2.30 earnings per share. Western Digital’s revenue for the quarter was up 9.2% on a year-over-year basis. equities research analysts predict that Western Digital Corp will post 12.62 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Friday, March 30th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Thursday, March 29th. Western Digital’s payout ratio is presently 30.67%.
Western Digital declared that its Board of Directors has authorized a stock buyback program on Thursday, November 9th that allows the company to buyback $2.10 billion in shares. This buyback authorization allows the data storage provider to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.
WDC has been the topic of a number of research analyst reports. Vetr lowered Western Digital from a “strong-buy” rating to a “buy” rating and set a $98.49 price target on the stock. in a research note on Monday, October 23rd. Zacks Investment Research upgraded Western Digital from a “sell” rating to a “hold” rating in a research note on Tuesday, October 24th. KeyCorp restated a “hold” rating on shares of Western Digital in a research note on Friday, October 27th. Citigroup boosted their price target on Western Digital from $110.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, October 27th. Finally, Maxim Group restated a “buy” rating and set a $124.00 price target on shares of Western Digital in a research note on Friday, October 27th. Thirteen research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $111.78.
In other Western Digital news, insider Michael D. Cordano sold 1,401 shares of the business’s stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $85.00, for a total value of $119,085.00. Following the completion of the transaction, the insider now directly owns 70,560 shares of the company’s stock, valued at $5,997,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Charles Ray sold 4,387 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $84.20, for a total value of $369,385.40. Following the completion of the transaction, the executive vice president now directly owns 43,323 shares of the company’s stock, valued at $3,647,796.60. The disclosure for this sale can be found here. Insiders sold 152,529 shares of company stock valued at $13,285,093 over the last three months. 0.31% of the stock is currently owned by corporate insiders.
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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).
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