Comerica Bank reduced its position in shares of Western Digital Corporation (NASDAQ:WDC) by 4.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 75,898 shares of the data storage provider’s stock after selling 3,575 shares during the period. Comerica Bank’s holdings in Western Digital Corporation were worth $6,511,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Quantbot Technologies LP acquired a new position in Western Digital Corporation during the second quarter worth about $135,000. Huntington National Bank grew its holdings in Western Digital Corporation by 7.7% during the second quarter. Huntington National Bank now owns 1,965 shares of the data storage provider’s stock worth $174,000 after acquiring an additional 141 shares during the period. Sun Life Financial INC grew its holdings in Western Digital Corporation by 16,215.4% during the second quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock worth $188,000 after acquiring an additional 2,108 shares during the period. Grove Bank & Trust grew its holdings in Western Digital Corporation by 33.3% during the second quarter. Grove Bank & Trust now owns 2,199 shares of the data storage provider’s stock worth $195,000 after acquiring an additional 549 shares during the period. Finally, Seven Bridges Advisors LLC grew its holdings in Western Digital Corporation by 71.0% during the second quarter. Seven Bridges Advisors LLC now owns 2,243 shares of the data storage provider’s stock worth $199,000 after acquiring an additional 931 shares during the period. 80.74% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Western Digital Corporation (WDC) opened at $91.30 on Monday. The stock has a market capitalization of $26,950.00, a P/E ratio of 9.17 and a beta of 1.17. The company has a current ratio of 2.64, a quick ratio of 2.13 and a debt-to-equity ratio of 1.07. Western Digital Corporation has a 1 year low of $58.30 and a 1 year high of $95.77.
Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings data on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.01 by $0.55. The business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.13 billion. Western Digital Corporation had a return on equity of 26.48% and a net margin of 7.38%. Western Digital Corporation’s quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.18 earnings per share. analysts predict that Western Digital Corporation will post 12.01 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date is Thursday, December 28th. Western Digital Corporation’s dividend payout ratio is presently 41.75%.
Western Digital Corporation announced that its Board of Directors has approved a stock buyback plan on Thursday, November 9th that authorizes the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization authorizes the data storage provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
In other news, insider Michael D. Cordano sold 1,397 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $88.13, for a total transaction of $123,117.61. Following the sale, the insider now directly owns 70,556 shares in the company, valued at $6,218,100.28. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Michael D. Cordano sold 9,404 shares of the business’s stock in a transaction on Monday, September 18th. The shares were sold at an average price of $88.71, for a total value of $834,228.84. Following the completion of the sale, the insider now directly owns 75,385 shares in the company, valued at approximately $6,687,403.35. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,005 shares of company stock worth $2,377,095. 0.31% of the stock is currently owned by company insiders.
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WDC has been the topic of a number of analyst reports. Wells Fargo & Company initiated coverage on Western Digital Corporation in a research note on Tuesday, November 14th. They issued an “outperform” rating and a $115.00 price target on the stock. Vetr cut Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $97.62 price target on the stock. in a research note on Monday, November 13th. Zacks Investment Research raised Western Digital Corporation from a “hold” rating to a “strong-buy” rating and set a $103.00 price target on the stock in a research note on Wednesday, November 1st. UBS AG lifted their price target on Western Digital Corporation from $93.00 to $97.00 and gave the stock a “neutral” rating in a research note on Friday, October 27th. Finally, Barclays PLC lifted their price target on Western Digital Corporation from $131.00 to $133.00 and gave the stock an “overweight” rating in a research note on Friday, October 27th. Eight investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have given a strong buy rating to the stock. Western Digital Corporation has an average rating of “Buy” and an average target price of $114.59.
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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