Korea Investment CORP increased its holdings in shares of Western Digital Corp (NASDAQ:WDC) by 29.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 164,220 shares of the data storage provider’s stock after acquiring an additional 37,571 shares during the quarter. Korea Investment CORP’s holdings in Western Digital were worth $15,153,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. LS Investment Advisors LLC boosted its stake in Western Digital by 6.5% in the 1st quarter. LS Investment Advisors LLC now owns 11,485 shares of the data storage provider’s stock valued at $1,060,000 after purchasing an additional 702 shares during the period. Raymond James Financial Services Advisors Inc. boosted its stake in Western Digital by 1.6% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 46,029 shares of the data storage provider’s stock valued at $3,661,000 after purchasing an additional 736 shares during the period. Hourglass Capital LLC boosted its stake in Western Digital by 26.7% in the 1st quarter. Hourglass Capital LLC now owns 3,800 shares of the data storage provider’s stock valued at $351,000 after purchasing an additional 800 shares during the period. Harwood Advisory Group LLC boosted its stake in Western Digital by 7.5% in the 4th quarter. Harwood Advisory Group LLC now owns 11,657 shares of the data storage provider’s stock valued at $927,000 after purchasing an additional 814 shares during the period. Finally, Atria Investments LLC boosted its stake in Western Digital by 9.5% in the 4th quarter. Atria Investments LLC now owns 9,432 shares of the data storage provider’s stock valued at $750,000 after purchasing an additional 822 shares during the period. 84.48% of the stock is currently owned by institutional investors and hedge funds.
In other Western Digital news, EVP Michael Charles Ray sold 4,386 shares of the company’s stock in a transaction dated Friday, May 4th. The stock was sold at an average price of $76.64, for a total value of $336,143.04. Following the completion of the transaction, the executive vice president now owns 99,812 shares of the company’s stock, valued at approximately $7,649,591.68. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Michael D. Lambert sold 11,542 shares of the company’s stock in a transaction dated Wednesday, May 16th. The stock was sold at an average price of $85.88, for a total value of $991,226.96. Following the completion of the transaction, the director now directly owns 32,646 shares of the company’s stock, valued at approximately $2,803,638.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 141,014 shares of company stock valued at $13,277,976. Insiders own 0.31% of the company’s stock.
Shares of WDC stock opened at $86.53 on Tuesday. The company has a quick ratio of 1.76, a current ratio of 2.39 and a debt-to-equity ratio of 0.98. Western Digital Corp has a twelve month low of $75.96 and a twelve month high of $106.96. The firm has a market cap of $25.36 billion, a P/E ratio of 6.57, a price-to-earnings-growth ratio of 0.33 and a beta of 1.04.
Western Digital (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, April 26th. The data storage provider reported $3.63 earnings per share for the quarter, topping the consensus estimate of $3.31 by $0.32. Western Digital had a return on equity of 34.22% and a net margin of 0.98%. The business had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.93 billion. During the same period in the prior year, the company earned $2.39 EPS. Western Digital’s revenue for the quarter was up 7.8% on a year-over-year basis. research analysts expect that Western Digital Corp will post 13.4 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 16th. Shareholders of record on Friday, June 29th will be issued a $0.50 dividend. The ex-dividend date is Thursday, June 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.31%. Western Digital’s payout ratio is presently 25.32%.
Several research firms recently issued reports on WDC. Barclays boosted their price target on Western Digital from $110.00 to $120.00 and gave the company an “overweight” rating in a research note on Tuesday, March 27th. Stifel Nicolaus restated a “buy” rating and issued a $105.00 price target on shares of Western Digital in a research note on Thursday, February 22nd. BidaskClub downgraded Western Digital from a “strong-buy” rating to a “buy” rating in a research note on Thursday, April 26th. BMO Capital Markets upped their target price on Western Digital to $90.00 and gave the company a “positive” rating in a research report on Friday, April 27th. Finally, ValuEngine downgraded Western Digital from a “hold” rating to a “sell” rating in a research report on Wednesday, May 2nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. Western Digital presently has a consensus rating of “Buy” and an average target price of $111.40.
About Western Digital
Western Digital Corporation, together with its subsidiaries, develops, manufactures, and sells data storage devices and solutions worldwide. It offers performance hard disk drives (HDDs) that are used in enterprise servers, data analysis, and other enterprise applications; capacity HDDs and drive configurations for use in data storage systems and tiered storage models; and enterprise solid state drives (SSDs), including NAND-flash SSDs and software solutions that are designed to enhance the performance in various enterprise workload environments.
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