Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Western Digital Corporation (NASDAQ:WDC) by 10.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 959,327 shares of the data storage provider’s stock after buying an additional 94,140 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.33% of Western Digital Corporation worth $84,996,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in the stock. American Beacon Advisors Inc. bought a new stake in shares of Western Digital Corporation during the first quarter valued at about $111,000. Acrospire Investment Management LLC acquired a new position in Western Digital Corporation during the first quarter valued at approximately $112,000. Harbour Capital Advisors LLC acquired a new position in Western Digital Corporation during the first quarter valued at approximately $117,000. SRS Capital Advisors Inc. increased its position in Western Digital Corporation by 26.7% in the first quarter. SRS Capital Advisors Inc. now owns 1,453 shares of the data storage provider’s stock valued at $119,000 after buying an additional 306 shares during the period. Finally, Nikko Asset Management Americas Inc. acquired a new position in Western Digital Corporation during the first quarter valued at approximately $124,000. Institutional investors and hedge funds own 81.91% of the company’s stock.
Western Digital Corporation (WDC) opened at 86.65 on Wednesday. The firm has a 50-day moving average price of $87.54 and a 200-day moving average price of $84.66. The stock has a market cap of $25.30 billion, a price-to-earnings ratio of 64.66 and a beta of 1.22. Western Digital Corporation has a 12 month low of $45.25 and a 12 month high of $95.77. Western Digital Corporation also was the target of some unusual options trading on Monday. Stock traders bought 6,330 call options on the company. This represents an increase of approximately 292% compared to the average volume of 1,613 call options.
Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 EPS for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $4.82 billion. During the same quarter in the prior year, the business posted $0.79 EPS. The business’s revenue for the quarter was up 38.5% on a year-over-year basis. Equities research analysts expect that Western Digital Corporation will post $12.53 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be issued 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 dividend yield of 2.31%. Western Digital Corporation’s payout ratio is currently 156.25%.
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Several research analysts have commented on the stock. Vetr downgraded shares of Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $95.94 price target on the stock. in a research note on Tuesday. Citigroup Inc. set a $110.00 price target on shares of Western Digital Corporation and gave the stock a “buy” rating in a research note on Monday. BidaskClub raised shares of Western Digital Corporation from a “sell” rating to a “hold” rating in a research note on Friday, August 18th. Jefferies Group LLC reissued a “hold” rating and set a $90.00 price target on shares of Western Digital Corporation in a research note on Friday, August 18th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $120.00 price target on shares of Western Digital Corporation in a research note on Monday, August 7th. Eight investment analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the stock. Western Digital Corporation presently has an average rating of “Buy” and a consensus target price of $104.51.
In other news, EVP Manish H. Bhatia sold 20,130 shares of the stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $82.38, for a total value of $1,658,309.40. Following the transaction, the executive vice president now owns 82,614 shares in the company, valued at approximately $6,805,741.32. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael D. Cordano sold 11,322 shares of the stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $85.00, for a total value of $962,370.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 143,774 shares of company stock worth $12,604,610. Company 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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