Oarsman Capital Inc. raised its holdings in shares of Western Digital Corp (NASDAQ:WDC) by 84.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 37,798 shares of the data storage provider’s stock after acquiring an additional 17,316 shares during the quarter. Oarsman Capital Inc.’s holdings in Western Digital were worth $2,213,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also modified their holdings of the company. Amalgamated Bank grew its position in shares of Western Digital by 1.9% during the 2nd quarter. Amalgamated Bank now owns 38,520 shares of the data storage provider’s stock valued at $2,982,000 after purchasing an additional 720 shares in the last quarter. Spectrum Management Group Inc. grew its position in shares of Western Digital by 3.4% during the 2nd quarter. Spectrum Management Group Inc. now owns 23,855 shares of the data storage provider’s stock valued at $1,847,000 after purchasing an additional 775 shares in the last quarter. Capital Analysts LLC grew its position in shares of Western Digital by 2.4% during the 2nd quarter. Capital Analysts LLC now owns 33,106 shares of the data storage provider’s stock valued at $2,563,000 after purchasing an additional 775 shares in the last quarter. TD Asset Management Inc. grew its position in shares of Western Digital by 0.8% during the 2nd quarter. TD Asset Management Inc. now owns 101,239 shares of the data storage provider’s stock valued at $7,837,000 after purchasing an additional 838 shares in the last quarter. Finally, Alps Advisors Inc. grew its position in shares of Western Digital by 5.1% during the 2nd quarter. Alps Advisors Inc. now owns 17,596 shares of the data storage provider’s stock valued at $1,362,000 after purchasing an additional 861 shares in the last quarter. 83.05% of the stock is currently owned by institutional investors and hedge funds.
NASDAQ WDC opened at $44.69 on Wednesday. The company has a quick ratio of 1.70, a current ratio of 2.41 and a debt-to-equity ratio of 0.96. Western Digital Corp has a 12-month low of $40.58 and a 12-month high of $106.96. The stock has a market cap of $12.58 billion, a price-to-earnings ratio of 3.31, a price-to-earnings-growth ratio of 0.37 and a beta of 1.17.
Western Digital announced that its board has initiated a stock repurchase plan on Thursday, July 26th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the data storage provider to repurchase up to 22.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, January 14th. Shareholders of record on Friday, December 28th will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, December 27th. This represents a $2.00 annualized dividend and a yield of 4.48%. Western Digital’s payout ratio is 14.80%.
In other Western Digital news, Director Matthew E. Massengill sold 1,681 shares of the company’s stock in a transaction dated Monday, November 5th. The shares were sold at an average price of $47.68, for a total transaction of $80,150.08. Following the completion of the sale, the director now directly owns 17,848 shares in the company, valued at $850,992.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.36% of the company’s stock.
Several research analysts recently issued reports on WDC shares. BidaskClub upgraded shares of Western Digital from a “strong sell” rating to a “sell” rating in a research report on Saturday, November 3rd. Zacks Investment Research lowered shares of Western Digital from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 17th. Morgan Stanley cut their target price on shares of Western Digital from $97.00 to $96.00 and set an “equal weight” rating for the company in a research report on Friday, July 27th. Mizuho reiterated a “buy” rating on shares of Western Digital in a research report on Friday, July 27th. Finally, Cross Research lowered shares of Western Digital from a “buy” rating to a “hold” rating in a research report on Friday, July 27th. Three analysts have rated the stock with a sell rating, fifteen have given a hold rating and thirteen have given a buy rating to the company’s stock. Western Digital has an average rating of “Hold” and a consensus target price of $84.04.
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About Western Digital
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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