Crossmark Global Holdings Inc. Has $9.80 Million Holdings in Western Digital Corporation (NASDAQ:WDC)

Crossmark Global Holdings Inc. boosted its position in Western Digital Corporation (NASDAQ:WDC - Free Report) by 1.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 242,349 shares of the data storage provider's stock after buying an additional 3,920 shares during the quarter. Crossmark Global Holdings Inc. owned approximately 0.07% of Western Digital worth $9,798,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. OFI Invest Asset Management acquired a new position in shares of Western Digital during the 4th quarter worth approximately $36,000. Elequin Capital LP acquired a new position in shares of Western Digital during the 4th quarter worth approximately $40,000. MorganRosel Wealth Management LLC acquired a new position in shares of Western Digital during the 1st quarter worth approximately $40,000. GeoWealth Management LLC increased its position in shares of Western Digital by 91.6% during the 4th quarter. GeoWealth Management LLC now owns 1,044 shares of the data storage provider's stock worth $62,000 after purchasing an additional 499 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC increased its position in shares of Western Digital by 2,937.5% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,215 shares of the data storage provider's stock worth $72,000 after purchasing an additional 1,175 shares during the last quarter. Institutional investors and hedge funds own 92.51% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on WDC. The Goldman Sachs Group began coverage on Western Digital in a research report on Thursday. They set a "neutral" rating and a $70.00 price target on the stock. TD Securities decreased their target price on Western Digital from $80.00 to $53.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Rosenblatt Securities dropped 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 increased their price target on Western Digital from $40.00 to $45.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. Finally, Mizuho dropped their price target on Western Digital from $82.00 to $68.00 and set an "outperform" rating on the stock in a research note on Thursday, April 10th. Four research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $64.11.

Western Digital Stock Performance

WDC stock traded up $1.08 during trading hours on Friday, hitting $66.14. 5,323,844 shares of the stock were exchanged, compared to its average volume of 6,612,818. The company has a current ratio of 1.56, a quick ratio of 1.31 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $23.07 billion, a P/E ratio of 12.53 and a beta of 1.54. The company has a 50-day simple moving average of $55.66 and a two-hundred day simple moving average of $53.15. Western Digital Corporation has a 12 month low of $28.83 and a 12 month high of $80.09.

Western Digital (NASDAQ:WDC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The data storage provider reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.30. The firm had revenue of ($1,465.00) million for the quarter, compared to analysts' expectations of $2.70 billion. Western Digital had a return on equity of 20.58% and a net margin of 13.33%. The company's quarterly revenue was down 33.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.63 EPS. On average, analysts forecast that Western Digital Corporation will post 4.89 earnings per share for the current fiscal year.

Western Digital Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.60%. The ex-dividend date was Wednesday, June 4th. Western Digital's dividend payout ratio (DPR) is currently 7.58%.

Western Digital announced that its board has initiated a stock repurchase program on Tuesday, May 13th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the data storage provider to repurchase up to 11.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling at Western Digital

In other news, SVP Gene M. Zamiska sold 1,729 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $54.88, for a total transaction of $94,887.52. Following the sale, the senior vice president directly owned 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 document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Irving Tan sold 11,379 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $48.19, for a total value of $548,354.01. Following the sale, the chief executive officer directly owned 605,481 shares in the company, valued at approximately $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. Over the last three months, insiders have sold 13,353 shares of company stock worth $657,454. 0.30% of the stock is currently owned by insiders.

Western Digital Company 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.