Gateway Investment Advisers LLC purchased a new stake in shares of Western Digital Co. (NASDAQ:WDC - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 120,304 shares of the data storage provider's stock, valued at approximately $4,864,000.
Other large investors have also modified their holdings of the company. Norges Bank purchased a new position in shares of Western Digital during the 4th quarter valued at approximately $352,572,000. AMF Tjanstepension AB acquired a new position in Western Digital during the fourth quarter worth $94,181,000. Vanguard Group Inc. grew its position in shares of Western Digital by 3.5% in the fourth quarter. Vanguard Group Inc. now owns 42,459,767 shares of the data storage provider's stock valued at $2,531,876,000 after purchasing an additional 1,439,149 shares during the period. Freestone Grove Partners LP acquired a new stake in shares of Western Digital in the fourth quarter valued at about $68,950,000. Finally, Atalan Capital Partners LP purchased a new stake in shares of Western Digital during the fourth quarter worth about $62,612,000. Institutional investors and hedge funds own 92.51% of the company's stock.
Western Digital Price Performance
WDC stock opened at $55.45 on Friday. Western Digital Co. has a 52-week low of $28.83 and a 52-week high of $81.55. 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 stock has a market cap of $19.35 billion, a price-to-earnings ratio of 13.20 and a beta of 1.49. The business has a fifty day moving average of $43.51 and a two-hundred day moving average of $54.16.
Western Digital (NASDAQ:WDC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The data storage provider reported $1.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.06 by $0.30. The firm had revenue of ($1,465.00) million during 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 company's quarterly revenue was down 33.6% on a year-over-year basis. During the same period last year, the company earned $0.63 EPS. As a group, research analysts anticipate that Western Digital Co. will post 4.89 earnings per share for the current year.
Western Digital announced that its board has initiated a share buyback program on Tuesday, May 13th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the data storage provider to purchase up to 11.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its shares are undervalued.
Western Digital Cuts Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.72%. Western Digital's payout ratio is currently 7.58%.
Insider Activity at Western Digital
In related news, SVP Gene M. Zamiska sold 1,729 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $54.88, for a total transaction of $94,887.52. Following the transaction, the senior vice president now owns 40,089 shares of the company's stock, valued at approximately $2,200,084.32. This represents a 4.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Irving Tan sold 11,379 shares of the business's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $48.19, for a total transaction of $548,354.01. Following the sale, the chief executive officer now owns 605,481 shares in the company, valued at $29,178,129.39. This trade represents a 1.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,564 shares of company stock worth $663,018. Insiders own 0.30% of the company's stock.
Wall Street Analyst Weigh In
WDC has been the topic of several research analyst reports. Cantor Fitzgerald lowered their price objective on Western Digital from $95.00 to $65.00 and set an "overweight" rating on the stock in a report on Friday, March 7th. Rosenblatt Securities lowered their price target on Western Digital from $76.00 to $50.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. UBS Group boosted their price target on Western Digital from $40.00 to $45.00 and gave the stock a "neutral" rating in a research report on Thursday, May 1st. Loop Capital reissued a "buy" rating on shares of Western Digital in a research note on Tuesday, May 6th. Finally, JPMorgan Chase & Co. raised shares of Western Digital from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $45.00 to $57.00 in a research note on Thursday, May 1st. Four equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $63.84.
View Our Latest Research Report on Western Digital
Western Digital Company 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.
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