Global X Management Co. LLC boosted its stake in shares of Western Digital Corporation (NASDAQ:WDC) by 28.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,836 shares of the data storage provider’s stock after buying an additional 1,757 shares during the period. Global X Management Co. LLC’s holdings in Western Digital Corporation were worth $694,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Candriam Luxembourg S.C.A. increased its stake in Western Digital Corporation by 38.1% in the first quarter. Candriam Luxembourg S.C.A. now owns 19,549 shares of the data storage provider’s stock valued at $1,613,000 after buying an additional 5,398 shares during the period. James Investment Research Inc. increased its stake in Western Digital Corporation by 29.5% in the first quarter. James Investment Research Inc. now owns 15,053 shares of the data storage provider’s stock valued at $1,243,000 after buying an additional 3,433 shares during the period. Diversified Trust Co increased its stake in Western Digital Corporation by 167.8% in the first quarter. Diversified Trust Co now owns 39,285 shares of the data storage provider’s stock valued at $3,242,000 after buying an additional 24,615 shares during the period. Retirement Systems of Alabama increased its stake in Western Digital Corporation by 2.9% in the first quarter. Retirement Systems of Alabama now owns 139,248 shares of the data storage provider’s stock valued at $11,492,000 after buying an additional 3,942 shares during the period. Finally, Hermes Investment Management Ltd. increased its stake in Western Digital Corporation by 3.8% in the first quarter. Hermes Investment Management Ltd. now owns 556,860 shares of the data storage provider’s stock valued at $45,958,000 after buying an additional 20,325 shares during the period. Institutional investors and hedge funds own 81.91% of the company’s stock.
Shares of Western Digital Corporation (WDC) opened at 83.82 on Wednesday. The stock has a market capitalization of $24.48 billion, a P/E ratio of 62.55 and a beta of 1.22. Western Digital Corporation has a 52-week low of $43.60 and a 52-week high of $95.77. The firm has a 50-day moving average price of $88.40 and a 200-day moving average price of $84.53.
Western Digital Corporation (NASDAQ:WDC) last announced its earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share for the quarter, beating analysts’ consensus estimates of $2.51 by $0.42. The business had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.82 billion. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The company’s quarterly revenue was up 38.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.79 EPS. On average, analysts predict that Western Digital Corporation will post $12.54 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.39%. Western Digital Corporation’s payout ratio is presently 156.25%.
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Several analysts recently issued reports on the company. Summit Redstone restated a “buy” rating on shares of Western Digital Corporation in a research note on Saturday, July 22nd. Loop Capital assumed coverage on Western Digital Corporation in a research note on Monday, July 24th. They issued a “buy” rating and a $140.00 price target for the company. BTIG Research restated a “buy” rating and issued a $120.00 price target on shares of Western Digital Corporation in a research note on Friday, July 14th. Mizuho reiterated a “buy” rating and set a $105.00 target price on shares of Western Digital Corporation in a research report on Monday, July 17th. Finally, Vetr downgraded 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. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-eight have given a buy rating and two have assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $104.93.
In other Western Digital Corporation news, EVP Manish H. Bhatia sold 2,762 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $84.79, for a total value of $234,189.98. Following the completion of the sale, the executive vice president now owns 75,467 shares in the company, valued at approximately $6,398,846.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Jacqueline Demaria sold 14,358 shares of the stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $84.53, for a total value of $1,213,681.74. Following the completion of the sale, the executive vice president now owns 75,772 shares of the company’s stock, valued at approximately $6,405,007.16. The disclosure for this sale can be found here. Insiders sold a total of 122,567 shares of company stock valued at $10,869,788 in the last quarter. 0.46% of the stock is currently owned by company insiders.
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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