Clinton Group Inc. grew its position in Western Digital Corp (NASDAQ:WDC) by 26.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 64,244 shares of the data storage provider’s stock after buying an additional 13,433 shares during the period. Western Digital makes up 0.8% of Clinton Group Inc.’s portfolio, making the stock its 26th largest position. Clinton Group Inc.’s holdings in Western Digital were worth $4,973,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Quadrature Capital Ltd bought a new stake in Western Digital in the 1st quarter valued at $7,206,000. Stone Ridge Asset Management LLC bought a new stake in Western Digital in the 4th quarter valued at $12,619,000. Guggenheim Capital LLC lifted its position in Western Digital by 21.6% in the 4th quarter. Guggenheim Capital LLC now owns 962,524 shares of the data storage provider’s stock valued at $76,548,000 after acquiring an additional 170,834 shares in the last quarter. Ellington Management Group LLC lifted its position in Western Digital by 149.1% in the 4th quarter. Ellington Management Group LLC now owns 26,900 shares of the data storage provider’s stock valued at $2,139,000 after acquiring an additional 16,100 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. lifted its position in Western Digital by 41.2% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 414,840 shares of the data storage provider’s stock valued at $32,992,000 after acquiring an additional 120,943 shares in the last quarter. 84.33% of the stock is owned by institutional investors.
In related news, Director Paula A. Price sold 3,288 shares of the company’s stock in a transaction dated Tuesday, May 22nd. The shares were sold at an average price of $87.65, for a total value of $288,193.20. Following the transaction, the director now owns 10,079 shares in the company, valued at approximately $883,424.35. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Michael Charles Ray sold 4,386 shares of the company’s stock in a transaction dated Friday, May 4th. The shares were sold at an average price of $76.64, for a total transaction of $336,143.04. Following the completion of the transaction, the executive vice president now owns 99,812 shares in the company, valued at approximately $7,649,591.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 107,830 shares of company stock worth $9,174,733. 0.31% of the stock is owned by company insiders.
Several equities research analysts have commented on the stock. ValuEngine cut shares of Western Digital from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. Zacks Investment Research raised shares of Western Digital from a “hold” rating to a “strong-buy” rating and set a $108.00 price target on the stock in a research report on Friday, March 30th. Morgan Stanley boosted their price target on shares of Western Digital from $92.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Friday, April 27th. Royal Bank of Canada boosted their price target on shares of Western Digital to $120.00 and gave the stock an “outperform” rating in a research report on Monday, April 2nd. Finally, JPMorgan Chase & Co. assumed coverage on shares of Western Digital in a research report on Monday, May 14th. They set an “overweight” rating and a $120.00 price target on the stock. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the stock. Western Digital has a consensus rating of “Buy” and an average price target of $110.52.
Shares of Western Digital stock traded up $0.33 during trading on Friday, hitting $77.79. 81,893 shares of the stock were exchanged, compared to its average volume of 3,616,365. The firm has a market capitalization of $23.00 billion, a PE ratio of 9.70, a P/E/G ratio of 0.32 and a beta of 1.02. Western Digital Corp has a 1-year low of $75.96 and a 1-year high of $106.96. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.39 and a quick ratio of 1.76.
Western Digital (NASDAQ:WDC) last released 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. The company had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.93 billion. Western Digital had a net margin of 0.98% and a return on equity of 34.22%. Western Digital’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the previous year, the business earned $2.39 EPS. analysts expect that Western Digital Corp will post 13.4 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 16th. Investors of record on Friday, June 29th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, June 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.57%. Western Digital’s dividend payout ratio (DPR) is currently 25.32%.
Western Digital Company Profile
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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