Strs Ohio cut its stake in Western Digital Corp (NASDAQ:WDC) by 39.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 345,289 shares of the data storage provider’s stock after selling 227,838 shares during the period. Strs Ohio owned 0.12% of Western Digital worth $21,915,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Quest Capital Management Inc. ADV acquired a new position in Western Digital during the 3rd quarter worth $27,000. TCI Wealth Advisors Inc. raised its stake in shares of Western Digital by 62.1% in the 3rd quarter. TCI Wealth Advisors Inc. now owns 488 shares of the data storage provider’s stock valued at $29,000 after purchasing an additional 187 shares in the last quarter. Knuff & Co LLC acquired a new stake in shares of Western Digital in the 3rd quarter valued at about $30,000. Evoke Wealth LLC acquired a new stake in shares of Western Digital in the 3rd quarter valued at about $47,000. Finally, Venturi Wealth Management LLC bought a new position in shares of Western Digital during the third quarter worth about $50,000. Hedge funds and other institutional investors own 84.55% of the company’s stock.
WDC opened at $69.52 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.22 and a current ratio of 1.98. The company has a market capitalization of $21.09 billion, a PE ratio of -13.19, a P/E/G ratio of 20.95 and a beta of 1.87. The stock’s fifty day moving average is $62.15 and its 200-day moving average is $57.40. Western Digital Corp has a one year low of $35.61 and a one year high of $72.00.
Western Digital (NASDAQ:WDC) last announced its earnings results on Wednesday, October 30th. The data storage provider reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.07) by $0.41. The business had revenue of $4.04 billion during the quarter, compared to analysts’ expectations of $3.92 billion. Western Digital had a positive return on equity of 3.28% and a negative net margin of 9.89%. The company’s quarterly revenue was down 19.6% on a year-over-year basis. During the same quarter last year, the business posted $3.04 earnings per share. On average, equities research analysts forecast that Western Digital Corp will post 1.69 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 21st. Shareholders of record on Friday, January 3rd were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date of this dividend was Thursday, January 2nd. Western Digital’s payout ratio is 52.49%.
WDC has been the subject of a number of research reports. ValuEngine upgraded Western Digital from a “sell” rating to a “hold” rating in a research note on Saturday, December 21st. Cowen upgraded shares of Western Digital from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $45.00 to $88.00 in a research note on Tuesday, January 7th. Wedbush raised shares of Western Digital from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $55.00 to $83.00 in a report on Friday, January 17th. Mizuho lifted their target price on Western Digital from $64.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Finally, Morgan Stanley upgraded shares of Western Digital from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $64.00 to $88.00 in a research report on Thursday. Three analysts have rated the stock with a sell rating, seven have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $72.76.
In other Western Digital news, Director Matthew E. Massengill sold 3,110 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $52.17, for a total value of $162,248.70. Following the transaction, the director now owns 22,387 shares of the company’s stock, valued at $1,167,929.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael Charles Ray sold 4,663 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $59.79, for a total value of $278,800.77. The disclosure for this sale can be found here. Insiders sold a total of 47,091 shares of company stock valued at $2,941,823 over the last three months. 0.44% of the stock is owned by corporate insiders.
Western Digital 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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