Tower Research Capital LLC TRC raised its position in Western Digital Corp (NASDAQ:WDC) by 141.4% in the second quarter, HoldingsChannel.com reports. The fund owned 14,368 shares of the data storage provider’s stock after purchasing an additional 8,415 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Western Digital were worth $1,112,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Financial Gravity Wealth Inc. purchased a new position in shares of Western Digital during the first quarter valued at approximately $145,000. Korea Investment CORP boosted its position in shares of Western Digital by 29.7% during the first quarter. Korea Investment CORP now owns 164,220 shares of the data storage provider’s stock valued at $15,153,000 after buying an additional 37,571 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in shares of Western Digital by 33.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 11,894 shares of the data storage provider’s stock valued at $1,097,000 after buying an additional 2,968 shares during the last quarter. Silvant Capital Management LLC purchased a new position in shares of Western Digital during the first quarter valued at approximately $191,000. Finally, Systematic Financial Management LP boosted its position in shares of Western Digital by 982,589.5% during the first quarter. Systematic Financial Management LP now owns 186,711 shares of the data storage provider’s stock valued at $17,228,000 after buying an additional 186,692 shares during the last quarter. 83.12% of the stock is owned by hedge funds and other institutional investors.
A number of analysts recently commented on the company. TheStreet upgraded Western Digital from a “c+” rating to a “b” rating in a report on Thursday, July 26th. Standpoint Research upgraded Western Digital from a “hold” rating to a “buy” rating in a report on Tuesday, July 10th. Mizuho reiterated a “buy” rating on shares of Western Digital in a report on Friday, July 27th. Bank of America dropped their price target on Western Digital from $120.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, July 27th. Finally, Stifel Nicolaus dropped their price target on Western Digital from $114.00 to $93.00 and set a “buy” rating on the stock in a report on Friday, July 27th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and eighteen have given a buy rating to the company. Western Digital currently has an average rating of “Buy” and a consensus target price of $100.56.
In other news, CFO Mark P. Long sold 2,233 shares of Western Digital stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $68.74, for a total value of $153,496.42. Following the completion of the transaction, the chief financial officer now directly owns 191,154 shares in the company, valued at $13,139,925.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mark P. Long sold 24,938 shares of Western Digital stock in a transaction on Monday, July 30th. The shares were sold at an average price of $70.83, for a total value of $1,766,358.54. Following the completion of the transaction, the insider now owns 215,963 shares of the company’s stock, valued at $15,296,659.29. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,772 shares of company stock worth $2,298,763. Corporate insiders own 0.31% of the company’s stock.
Shares of WDC opened at $56.96 on Monday. The firm has a market capitalization of $16.48 billion, a price-to-earnings ratio of 4.22, a PEG ratio of 0.28 and a beta of 0.89. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.73 and a current ratio of 2.39. Western Digital Corp has a 1 year low of $53.61 and a 1 year high of $106.96.
Western Digital (NASDAQ:WDC) last issued its earnings results on Thursday, July 26th. The data storage provider reported $3.61 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.20 by $0.41. The firm had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.07 billion. Western Digital had a return on equity of 36.35% and a net margin of 3.27%. The business’s revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.93 earnings per share. research analysts anticipate that Western Digital Corp will post 10.71 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Friday, September 28th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $2.00 annualized dividend and a dividend yield of 3.51%. Western Digital’s payout ratio is presently 14.80%.
Western Digital declared that its Board of Directors has authorized a stock buyback plan on Thursday, July 26th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the data storage provider to repurchase up to 22.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
Western Digital Company Profile
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.
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