IBM Retirement Fund raised its position in shares of Western Digital Corporation (NASDAQ:WDC) by 127.0% during the second quarter, Holdings Channel reports. The firm owned 7,139 shares of the data storage provider’s stock after buying an additional 3,994 shares during the period. IBM Retirement Fund’s holdings in Western Digital Corporation were worth $707,000 at the end of the most recent reporting period.
Several other hedge funds have also bought and sold shares of WDC. Highbridge Capital Management LLC boosted its stake in 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 period. Chevy Chase Trust Holdings Inc. boosted its stake in Western Digital Corporation by 2.8% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 353,459 shares of the data storage provider’s stock worth $29,170,000 after buying an additional 9,569 shares during the period. CENTRAL TRUST Co boosted its stake in Western Digital Corporation by 1,399.1% in the first quarter. CENTRAL TRUST Co now owns 3,463 shares of the data storage provider’s stock worth $285,000 after buying an additional 3,232 shares during the period. Manning & Napier Advisors LLC boosted its stake in Western Digital Corporation by 3.8% in the first quarter. Manning & Napier Advisors LLC now owns 11,050 shares of the data storage provider’s stock worth $911,000 after buying an additional 408 shares during the period. Finally, Cornerstone Investment Partners LLC boosted its stake in Western Digital Corporation by 6.7% in the first quarter. Cornerstone Investment Partners LLC now owns 1,064,167 shares of the data storage provider’s stock worth $87,826,000 after buying an additional 66,885 shares during the period. Institutional investors and hedge funds own 82.57% of the company’s stock.
Western Digital Corporation (WDC) opened at 85.67 on Wednesday. The stock has a market cap of $25.02 billion, a P/E ratio of 63.93 and a beta of 1.25. The stock has a 50 day moving average price of $90.61 and a 200-day moving average price of $84.10. 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 announced its earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.51 by $0.42. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The business had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.82 billion. During the same period in the previous year, the company earned $0.79 earnings per share. The company’s revenue for the quarter was up 38.5% compared to the same quarter last year. On average, equities analysts expect that Western Digital Corporation will post $12.29 earnings per share for the current year.
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A number of analysts have recently commented on WDC shares. Vetr cut Western Digital Corporation from a “hold” rating to a “sell” rating and set a $80.38 price objective for the company. in a research report on Tuesday, April 4th. Pacific Crest restated a “sector perform” rating on shares of Western Digital Corporation in a research report on Thursday, April 6th. Royal Bank Of Canada boosted their price objective on Western Digital Corporation from $92.00 to $96.00 and gave the company an “outperform” rating in a research report on Monday, April 10th. J P Morgan Chase & Co upgraded Western Digital Corporation from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $88.46 to $116.00 in a research report on Tuesday, April 11th. Finally, Susquehanna Bancshares Inc restated a “positive” rating and issued a $105.00 price objective on shares of Western Digital Corporation in a research report on Wednesday, April 12th. Eight analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $104.93.
In related news, insider Michael D. Cordano sold 4,959 shares of the business’s stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $90.34, for a total value of $447,996.06. Following the completion of the sale, the insider now directly owns 60,830 shares of the company’s stock, valued at $5,495,382.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Srinivasan Sivaram sold 40,182 shares of the business’s stock in a transaction dated Thursday, May 4th. The shares were sold at an average price of $89.18, for a total value of $3,583,430.76. Following the completion of the sale, the executive vice president now directly owns 102,202 shares of the company’s stock, valued at $9,114,374.36. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 136,418 shares of company stock worth $12,283,501. Corporate insiders own 0.46% of the company’s stock.
About Western Digital Corporation
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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