BB&T Securities LLC raised its stake in shares of Western Digital Corp (NASDAQ:WDC) by 65.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,350 shares of the data storage provider’s stock after purchasing an additional 12,347 shares during the quarter. BB&T Securities LLC’s holdings in Western Digital were worth $2,426,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the business. Twin Capital Management Inc. increased its stake in Western Digital by 3.1% during the 2nd quarter. Twin Capital Management Inc. now owns 78,080 shares of the data storage provider’s stock valued at $6,044,000 after purchasing an additional 2,350 shares in the last quarter. Intrepid Capital Management Inc. boosted its holdings in shares of Western Digital by 1.3% in the 2nd quarter. Intrepid Capital Management Inc. now owns 135,988 shares of the data storage provider’s stock valued at $10,527,000 after acquiring an additional 1,765 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in shares of Western Digital by 16.2% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 119,523 shares of the data storage provider’s stock valued at $9,252,000 after acquiring an additional 16,699 shares during the last quarter. Arthur M. Cohen & Associates LLC boosted its holdings in shares of Western Digital by 73.9% in the 2nd quarter. Arthur M. Cohen & Associates LLC now owns 7,650 shares of the data storage provider’s stock valued at $592,000 after acquiring an additional 3,250 shares during the last quarter. Finally, Commonwealth Bank of Australia boosted its holdings in shares of Western Digital by 107.2% in the 2nd quarter. Commonwealth Bank of Australia now owns 44,658 shares of the data storage provider’s stock valued at $3,451,000 after acquiring an additional 23,108 shares during the last quarter. Institutional investors and hedge funds own 83.12% of the company’s stock.
Shares of NASDAQ WDC opened at $56.96 on Friday. Western Digital Corp has a 1 year low of $53.61 and a 1 year high of $106.96. The firm has a market cap of $16.48 billion, a P/E ratio of 4.22, a PEG ratio of 0.28 and a beta of 0.89. The company has a current ratio of 2.39, a quick ratio of 1.73 and a debt-to-equity ratio of 0.95.
Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, July 26th. The data storage provider reported $3.61 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.20 by $0.41. Western Digital had a net margin of 3.27% and a return on equity of 36.35%. The firm had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.07 billion. During the same period in the prior year, the firm posted $2.93 earnings per share. The firm’s quarterly revenue was up 5.7% compared to the same quarter last year. research analysts anticipate that Western Digital Corp will post 10.71 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Friday, September 28th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.51%. The ex-dividend date is Thursday, September 27th. Western Digital’s payout ratio is 14.80%.
Western Digital declared that its board has initiated a stock buyback plan on Thursday, July 26th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the data storage provider to purchase up to 22.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
Several analysts have recently commented on the stock. Cowen upped their price objective on shares of Western Digital from $100.00 to $105.00 and gave the company an “outperform” rating in a report on Wednesday, June 6th. ValuEngine downgraded shares of Western Digital from a “sell” rating to a “strong sell” rating in a report on Friday, June 8th. BidaskClub downgraded shares of Western Digital from a “buy” rating to a “hold” rating in a report on Friday, June 8th. Standpoint Research raised shares of Western Digital from a “hold” rating to a “buy” rating in a report on Tuesday, July 10th. Finally, Zacks Investment Research downgraded shares of Western Digital from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 17th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eighteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $100.56.
In other Western Digital news, insider Mark P. Long sold 24,938 shares of the stock in a transaction on Monday, July 30th. The shares were sold at an average price of $70.83, for a total transaction of $1,766,358.54. Following the transaction, the insider now directly owns 215,963 shares of the company’s stock, valued at $15,296,659.29. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Mark P. Long sold 2,233 shares of the stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $68.74, for a total transaction of $153,496.42. Following the transaction, the chief financial officer now directly owns 191,154 shares in the company, valued at $13,139,925.96. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,772 shares of company stock worth $2,298,763. Insiders own 0.31% of the company’s stock.
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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