BLB&B Advisors LLC Holds Stake in Western Digital Corporation (NASDAQ:WDC)

BLB&B Advisors LLC maintained its position in Western Digital Corporation (NASDAQ:WDC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 52,603 shares of the data storage provider’s stock at the end of the second quarter. BLB&B Advisors LLC’s holdings in Western Digital Corporation were worth $4,341,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Western Digital Corporation during the fourth quarter worth approximately $2,464,000. USA Financial Portformulas Corp bought a new stake in shares of Western Digital Corporation during the fourth quarter worth about $664,000. Kentucky Retirement Systems bought a new stake in shares of Western Digital Corporation during the fourth quarter worth about $1,408,000. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Western Digital Corporation during the fourth quarter worth about $628,000. Finally, Highbridge Capital Management LLC boosted its stake in shares of Western Digital Corporation by 230.3% in the fourth quarter. Highbridge Capital Management LLC now owns 4,561 shares of the data storage provider’s stock worth $310,000 after buying an additional 8,061 shares during the last quarter. Hedge funds and other institutional investors own 82.29% of the company’s stock.

Western Digital Corporation (NASDAQ WDC) traded down 0.20% during trading on Friday, reaching $94.82. The company had a trading volume of 2,183,634 shares. The firm’s market capitalization is $27.62 billion. The firm’s 50 day moving average price is $90.39 and its 200 day moving average price is $82.86. Western Digital Corporation has a 12-month low of $43.09 and a 12-month high of $95.77.

Western Digital Corporation (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, April 27th. The data storage provider reported $2.07 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.22. The company had revenue of $4.65 billion during the quarter, compared to analysts’ expectations of $4.57 billion. Western Digital Corporation had a positive return on equity of 16.01% and a negative net margin of 1.32%. The business’s quarterly revenue was up 64.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.21 earnings per share. Analysts anticipate that Western Digital Corporation will post $9.04 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were paid a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $2.00 annualized dividend and a dividend yield of 2.11%. Western Digital Corporation’s payout ratio is -202.02%.

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A number of brokerages have issued reports on WDC. Summit Redstone reaffirmed a “buy” rating on shares of Western Digital Corporation in a research report on Saturday. BTIG Research reaffirmed a “buy” rating and set a $120.00 target price on shares of Western Digital Corporation in a research report on Friday, July 14th. Mizuho reaffirmed a “buy” rating and set a $105.00 target price on shares of Western Digital Corporation in a research report on Monday, July 17th. Vetr cut Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $102.77 target price for the company. in a research report on Wednesday, July 12th. Finally, Wells Fargo & Company reaffirmed a “market perform” rating on shares of Western Digital Corporation in a research report on Thursday, July 13th. Seven equities research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $102.16.

In other news, EVP Michael Charles Ray sold 524 shares of the stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $92.30, for a total value of $48,365.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jacqueline Demaria sold 21,410 shares of the stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $87.02, for a total value of $1,863,098.20. The disclosure for this sale can be found here. In the last three months, insiders sold 227,305 shares of company stock valued at $20,209,585. Insiders own 0.46% of the company’s stock.

Western Digital Corporation Company Profile

Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).

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