22,500 Shares in Western Digital Co. (NASDAQ:WDC) Purchased by AREX Capital Management LP

AREX Capital Management LP acquired a new position in shares of Western Digital Co. (NASDAQ:WDC - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 22,500 shares of the data storage provider's stock, valued at approximately $1,342,000. Western Digital comprises approximately 1.9% of AREX Capital Management LP's holdings, making the stock its 10th largest holding.

Other hedge funds and other institutional investors have also modified their holdings of the company. Versant Capital Management Inc boosted its stake in Western Digital by 278.9% during the fourth quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider's stock worth $25,000 after buying an additional 304 shares during the period. Sierra Ocean LLC acquired a new position in shares of Western Digital in the 4th quarter worth approximately $29,000. Comprehensive Financial Planning Inc. PA purchased a new position in shares of Western Digital during the 4th quarter worth approximately $30,000. OFI Invest Asset Management acquired a new stake in Western Digital in the 4th quarter valued at approximately $36,000. Finally, S.A. Mason LLC purchased a new stake in Western Digital in the fourth quarter valued at approximately $45,000. 92.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on WDC. Wedbush reiterated an "outperform" rating and issued a $60.00 price objective on shares of Western Digital in a report on Thursday, May 1st. The Goldman Sachs Group raised their price objective on shares of Western Digital from $70.00 to $80.00 and gave the company a "neutral" rating in a research note on Friday, January 31st. Citigroup cut their target price on shares of Western Digital from $64.00 to $48.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Loop Capital restated a "buy" rating on shares of Western Digital in a research note on Tuesday. Finally, Susquehanna decreased their target price on Western Digital from $72.00 to $40.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Four research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $64.15.

Insiders Place Their Bets

In related news, SVP Gene M. Zamiska sold 1,659 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $41.36, for a total transaction of $68,616.24. Following the transaction, the senior vice president now owns 43,776 shares of the company's stock, 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 is available through the SEC website. 0.30% of the stock is currently owned by company insiders.

Western Digital Stock Up 1.2 %

Shares of NASDAQ WDC traded up $0.55 during midday trading on Thursday, reaching $44.85. 2,190,854 shares of the company's stock were exchanged, compared to its average volume of 6,328,995. The stock has a market capitalization of $15.60 billion, a PE ratio of 10.68 and a beta of 1.42. Western Digital Co. has a 52-week low of $28.83 and a 52-week 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 business's fifty day moving average price is $40.18 and its two-hundred day moving average price is $56.65.

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. The company had revenue of ($1,465.00) million during the quarter, compared to analysts' expectations of $2.70 billion. Western Digital had a return on equity of 15.68% and a net margin of 9.95%. The business's revenue was down 33.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.63 EPS. Analysts forecast that Western Digital Co. will post 4.89 EPS for the current year.

Western Digital Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date of this dividend is Wednesday, June 4th. Western Digital's payout ratio is currently 7.58%.

Western Digital Profile

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.