Alliancebernstein L.P. trimmed its holdings in shares of Western Digital Corp (NASDAQ:WDC) by 34.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 450,123 shares of the data storage provider’s stock after selling 240,949 shares during the period. Alliancebernstein L.P. owned about 0.16% of Western Digital worth $26,350,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in WDC. BlackRock Inc. raised its stake in Western Digital by 9.2% in the 2nd quarter. BlackRock Inc. now owns 21,040,844 shares of the data storage provider’s stock valued at $1,628,774,000 after acquiring an additional 1,772,435 shares during the period. LSV Asset Management raised its stake in Western Digital by 8.9% in the 3rd quarter. LSV Asset Management now owns 3,699,443 shares of the data storage provider’s stock valued at $216,565,000 after acquiring an additional 301,197 shares during the period. Dimensional Fund Advisors LP raised its stake in Western Digital by 1.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,060,836 shares of the data storage provider’s stock valued at $236,931,000 after acquiring an additional 49,960 shares during the period. Wells Fargo & Company MN raised its stake in Western Digital by 6.2% in the 2nd quarter. Wells Fargo & Company MN now owns 2,321,676 shares of the data storage provider’s stock valued at $179,720,000 after acquiring an additional 135,550 shares during the period. Finally, Morgan Stanley raised its stake in Western Digital by 60.5% in the 2nd quarter. Morgan Stanley now owns 2,060,384 shares of the data storage provider’s stock valued at $159,493,000 after acquiring an additional 776,556 shares during the period. Institutional investors own 86.20% of the company’s stock.
A number of equities research analysts recently issued reports on the company. Susquehanna Bancshares restated a “neutral” rating and issued a $44.00 price objective (down from $120.00) on shares of Western Digital in a research note on Tuesday, November 20th. UBS Group cut Western Digital from a “positive” rating to a “neutral” rating in a research note on Tuesday, November 20th. Zacks Investment Research restated a “strong sell” rating on shares of Western Digital in a research note on Saturday, November 17th. Robert W. Baird reaffirmed a “buy” rating and set a $55.00 target price on shares of Western Digital in a report on Friday, November 9th. Finally, BidaskClub raised Western Digital from a “strong sell” rating to a “sell” rating in a report on Saturday, November 3rd. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating and twelve have issued a buy rating to the company. Western Digital currently has an average rating of “Hold” and a consensus target price of $82.00.
Shares of NASDAQ WDC opened at $45.39 on Monday. Western Digital Corp has a 12 month low of $40.58 and a 12 month high of $106.96. The company has a quick ratio of 1.70, a current ratio of 2.41 and a debt-to-equity ratio of 0.96. The stock has a market cap of $13.14 billion, a PE ratio of 3.36, a price-to-earnings-growth ratio of 0.39 and a beta of 1.17.
Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, October 25th. The data storage provider reported $2.78 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.70 by $0.08. Western Digital had a return on equity of 35.37% and a net margin of 2.46%. The company had revenue of $5.03 billion during the quarter, compared to analyst estimates of $5.14 billion. Sell-side analysts anticipate that Western Digital Corp will post 6.19 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, January 14th. Shareholders of record on Friday, December 28th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.41%. The ex-dividend date of this dividend is Thursday, December 27th. Western Digital’s dividend payout ratio is currently 14.80%.
In other Western Digital news, Director Matthew E. Massengill sold 1,681 shares of the company’s stock in a transaction that occurred on Monday, November 5th. The stock was sold at an average price of $47.68, for a total value of $80,150.08. Following the completion of the sale, the director now owns 17,848 shares of the company’s stock, valued at $850,992.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.36% of the stock is owned by corporate insiders.
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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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