683 Capital Management LLC purchased a new position in Western Digital Co. (NASDAQ:WDC - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 439,400 shares of the data storage provider's stock, valued at approximately $26,201,000. Western Digital comprises 1.6% of 683 Capital Management LLC's investment portfolio, making the stock its 10th largest position. 683 Capital Management LLC owned about 0.13% of Western Digital at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Wilmington Savings Fund Society FSB purchased a new position in shares of Western Digital in the third quarter valued at approximately $183,000. Tidal Investments LLC boosted its position in Western Digital by 123.5% during the third quarter. Tidal Investments LLC now owns 41,028 shares of the data storage provider's stock worth $2,802,000 after acquiring an additional 22,670 shares during the last quarter. Synovus Financial Corp increased its holdings in shares of Western Digital by 20.0% in the third quarter. Synovus Financial Corp now owns 9,562 shares of the data storage provider's stock valued at $653,000 after purchasing an additional 1,591 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its position in shares of Western Digital by 9.3% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 3,745 shares of the data storage provider's stock valued at $252,000 after acquiring an additional 319 shares during the last quarter. Finally, Versant Capital Management Inc grew its stake in shares of Western Digital by 278.9% in the 4th quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider's stock valued at $25,000 after buying an additional 304 shares during the period. Institutional investors own 92.51% of the company's stock.
Western Digital Price Performance
Shares of NASDAQ WDC opened at $43.95 on Friday. The company has a quick ratio of 1.26, a current ratio of 1.99 and a debt-to-equity ratio of 0.60. The business's 50 day moving average price is $40.54 and its two-hundred day moving average price is $57.28. Western Digital Co. has a twelve month low of $28.83 and a twelve month high of $81.55. The company has a market cap of $15.29 billion, a PE ratio of 10.46 and a beta of 1.39.
Western Digital (NASDAQ:WDC - Get Free Report) last released its earnings results on Wednesday, April 30th. The data storage provider reported $1.36 EPS for the quarter, beating the consensus estimate of $1.06 by $0.30. Western Digital had a net margin of 9.95% and a return on equity of 15.68%. The firm had revenue of ($1,465.00) million for the quarter, compared to analyst estimates of $2.70 billion. During the same period last year, the firm earned $0.63 EPS. The business's quarterly revenue was down 33.6% compared to the same quarter last year. On average, analysts predict that Western Digital Co. will post 4.89 EPS for the current year.
Western Digital Cuts Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.91%. The ex-dividend date is Wednesday, June 4th. Western Digital's payout ratio is currently 47.62%.
Insider Transactions at Western Digital
In other Western Digital news, SVP Gene M. Zamiska sold 1,659 shares of the company's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $41.36, for a total value of $68,616.24. Following the transaction, the senior vice president now directly owns 43,776 shares in the company, valued at $1,810,575.36. This represents a 3.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is currently owned by insiders.
Wall Street Analysts Forecast Growth
A number of research analysts recently issued reports on WDC shares. Bank of America decreased their target price on Western Digital from $89.00 to $80.00 and set a "buy" rating for the company in a report on Thursday, January 16th. Morgan Stanley lifted their target price on Western Digital from $46.00 to $54.00 and gave the stock an "overweight" rating in a research report on Thursday. StockNews.com started coverage on shares of Western Digital in a research note on Friday. They issued a "hold" rating for the company. TD Securities lowered their price target on Western Digital from $80.00 to $53.00 and set a "buy" rating on the stock in a report on Thursday. Finally, The Goldman Sachs Group upped their target price on Western Digital from $70.00 to $80.00 and gave the company a "neutral" rating in a research note on Friday, January 31st. Four research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $65.65.
Check Out Our Latest Stock Report on Western Digital
Western Digital Profile
(
Free Report)
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.
Further Reading
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