Alteri Wealth LLC Takes Position in Western Digital Co. (NASDAQ:WDC)

Alteri Wealth LLC acquired a new stake in shares of 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 acquired 6,298 shares of the data storage provider's stock, valued at approximately $376,000.

Several other institutional investors have also modified their holdings of WDC. Wilmington Savings Fund Society FSB bought a new stake in Western Digital in the third quarter worth $183,000. Tidal Investments LLC raised its position in Western Digital by 123.5% in the 3rd quarter. Tidal Investments LLC now owns 41,028 shares of the data storage provider's stock worth $2,802,000 after purchasing an additional 22,670 shares during the period. Synovus Financial Corp boosted its position in shares of Western Digital by 20.0% during the third quarter. Synovus Financial Corp now owns 9,562 shares of the data storage provider's stock valued at $653,000 after buying an additional 1,591 shares during the period. B. Riley Wealth Advisors Inc. raised its holdings in shares of Western Digital by 9.3% in the third quarter. B. Riley Wealth Advisors Inc. now owns 3,745 shares of the data storage provider's stock worth $252,000 after buying an additional 319 shares during the period. Finally, Versant Capital Management Inc lifted its stake in shares of Western Digital by 278.9% during the 4th quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider's stock worth $25,000 after acquiring an additional 304 shares during the last quarter. 92.51% of the stock is owned by institutional investors.

Western Digital Stock Performance

WDC stock traded down $0.74 during trading on Tuesday, reaching $44.29. The company had a trading volume of 4,952,227 shares, compared to its average volume of 6,330,705. The company has a market cap of $15.41 billion, a price-to-earnings ratio of 10.55 and a beta of 1.42. Western Digital Co. has a twelve month low of $28.83 and a twelve month high of $81.55. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.26 and a current ratio of 1.99. The firm has a 50-day simple moving average of $40.28 and a 200-day simple moving average of $56.74.

Western Digital (NASDAQ:WDC - Get Free Report) last released its earnings results on Wednesday, April 30th. The data storage provider reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.30. The firm had revenue of ($1,465.00) million for the quarter, compared to the consensus estimate of $2.70 billion. Western Digital had a return on equity of 15.68% and a net margin of 9.95%. The firm's revenue was down 33.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.63 EPS. As a group, sell-side analysts expect that Western Digital Co. will post 4.89 earnings per share for the current year.

Western Digital Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date is Wednesday, June 4th. Western Digital's dividend payout ratio is presently 7.58%.

Insider Buying and Selling at Western Digital

In related news, SVP Gene M. Zamiska sold 1,659 shares of Western Digital stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $41.36, for a total transaction of $68,616.24. Following the completion of the transaction, the senior vice president now directly owns 43,776 shares in the company, valued at approximately $1,810,575.36. This trade represents a 3.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.30% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on WDC shares. JPMorgan Chase & Co. raised Western Digital from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $45.00 to $57.00 in a research report on Thursday, May 1st. TD Securities reduced their price target on shares of Western Digital from $80.00 to $53.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. TD Cowen lowered their price objective on shares of Western Digital from $80.00 to $58.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. UBS Group boosted their price target on Western Digital from $40.00 to $45.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Finally, The Goldman Sachs Group lifted their target price on Western Digital from $70.00 to $80.00 and gave the company a "neutral" rating in a research report 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's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $64.15.

About Western Digital

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.