683 Capital Management LLC Has $21.69 Million Holdings in Western Digital Corporation $WDC

683 Capital Management LLC lowered its stake in Western Digital Corporation (NASDAQ:WDC) by 32.2% during the second quarter, HoldingsChannel.com reports. The firm owned 339,000 shares of the data storage provider’s stock after selling 161,000 shares during the period. Western Digital makes up about 1.4% of 683 Capital Management LLC’s holdings, making the stock its 10th biggest holding. 683 Capital Management LLC’s holdings in Western Digital were worth $21,693,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in WDC. Public Sector Pension Investment Board lifted its stake in Western Digital by 8.3% in the first quarter. Public Sector Pension Investment Board now owns 54,161 shares of the data storage provider’s stock valued at $2,190,000 after buying an additional 4,155 shares during the period. Resona Asset Management Co. Ltd. increased its stake in shares of Western Digital by 9.0% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 110,975 shares of the data storage provider’s stock valued at $4,490,000 after acquiring an additional 9,141 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. raised its position in shares of Western Digital by 14.5% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 12,560 shares of the data storage provider’s stock valued at $508,000 after acquiring an additional 1,588 shares during the period. Dimensional Fund Advisors LP boosted its stake in Western Digital by 8.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,933,278 shares of the data storage provider’s stock worth $118,574,000 after acquiring an additional 216,387 shares during the last quarter. Finally, Aberdeen Group plc grew its holdings in Western Digital by 93.3% during the first quarter. Aberdeen Group plc now owns 219,637 shares of the data storage provider’s stock valued at $8,697,000 after purchasing an additional 106,008 shares during the period. 92.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Western Digital

In related news, CEO Irving Tan sold 20,000 shares of the stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $150.69, for a total transaction of $3,013,800.00. Following the completion of the transaction, the chief executive officer owned 645,467 shares in the company, valued at approximately $97,265,422.23. This represents a 3.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kimberly Alexy sold 1,768 shares of the firm’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $154.00, for a total transaction of $272,272.00. Following the completion of the transaction, the director directly owned 3,585 shares of the company’s stock, valued at approximately $552,090. This trade represents a 33.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 26,369 shares of company stock valued at $4,013,785 over the last quarter. Insiders own 0.18% of the company’s stock.

Western Digital Price Performance

WDC stock opened at $176.34 on Friday. The stock has a 50-day moving average price of $147.12 and a two-hundred day moving average price of $101.07. Western Digital Corporation has a 1 year low of $28.83 and a 1 year high of $188.77. The stock has a market cap of $60.29 billion, a PE ratio of 25.67, a price-to-earnings-growth ratio of 1.16 and a beta of 1.82. The company has a current ratio of 1.21, a quick ratio of 0.94 and a debt-to-equity ratio of 0.42.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Monday, April 7th. The data storage provider reported $1.78 EPS for the quarter. The company had revenue of $4.10 billion for the quarter. Western Digital had a return on equity of 30.89% and a net margin of 21.37%. Equities analysts forecast that Western Digital Corporation will post 4.89 EPS for the current fiscal year.

Western Digital Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 18th. Shareholders of record on Thursday, December 4th will be given a dividend of $0.125 per share. This is an increase from Western Digital’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Thursday, December 4th. This represents a $0.50 dividend on an annualized basis and a yield of 0.3%. Western Digital’s payout ratio is currently 7.28%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on WDC shares. Zacks Research upgraded shares of Western Digital from a “hold” rating to a “strong-buy” rating in a report on Monday, October 13th. Weiss Ratings restated a “hold (c+)” rating on shares of Western Digital in a research report on Monday. Sanford C. Bernstein upgraded Western Digital to a “hold” rating in a report on Tuesday, September 16th. China Renaissance assumed coverage on Western Digital in a research note on Friday, December 5th. They issued a “buy” rating and a $193.00 target price for the company. Finally, Wells Fargo & Company increased their price target on Western Digital from $150.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Western Digital has an average rating of “Moderate Buy” and a consensus target price of $164.70.

About Western Digital

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.