GAMMA Investing LLC lifted its position in Western Digital Co. (NASDAQ:WDC - Free Report) by 3,470.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 253,294 shares of the data storage provider's stock after buying an additional 246,199 shares during the period. GAMMA Investing LLC owned approximately 0.07% of Western Digital worth $10,241,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Blue Trust Inc. raised its holdings in Western Digital by 78.5% in the 4th quarter. Blue Trust Inc. now owns 1,460 shares of the data storage provider's stock worth $87,000 after purchasing an additional 642 shares during the period. Mather Group LLC. raised its holdings in Western Digital by 7.0% in the 4th quarter. Mather Group LLC. now owns 2,416 shares of the data storage provider's stock worth $144,000 after purchasing an additional 159 shares during the period. Retirement Systems of Alabama raised its holdings in Western Digital by 4.9% in the 4th quarter. Retirement Systems of Alabama now owns 74,848 shares of the data storage provider's stock worth $4,463,000 after purchasing an additional 3,510 shares during the period. Yousif Capital Management LLC raised its holdings in Western Digital by 2.5% in the 4th quarter. Yousif Capital Management LLC now owns 46,595 shares of the data storage provider's stock worth $2,778,000 after purchasing an additional 1,117 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Western Digital by 32.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 45,131 shares of the data storage provider's stock worth $2,691,000 after purchasing an additional 11,013 shares during the period. 92.51% of the stock is currently owned by hedge funds and other institutional investors.
Western Digital Trading Up 0.7%
WDC opened at $55.45 on Friday. The firm has a market cap of $19.35 billion, a P/E ratio of 13.20 and a beta of 1.49. Western Digital Co. has a 12 month low of $28.83 and a 12 month high of $81.55. The company has a current ratio of 1.99, a quick ratio of 1.26 and a debt-to-equity ratio of 0.60. The stock has a 50-day moving average of $43.51 and a 200 day moving average of $54.16.
Western Digital (NASDAQ:WDC - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The data storage provider reported $1.36 EPS for the quarter, topping the consensus estimate of $1.06 by $0.30. The company had revenue of ($1,465.00) million during the quarter, compared to analyst estimates 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 quarter last year, the business posted $0.63 earnings per share. As a group, research analysts forecast that Western Digital Co. will post 4.89 EPS for the current year.
Western Digital announced that its board has authorized a stock buyback plan on Tuesday, May 13th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the data storage provider to buy up to 11.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.
Western Digital Cuts Dividend
The firm also recently announced 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. The ex-dividend date is Wednesday, June 4th. This represents a $0.40 annualized dividend and a dividend yield of 0.72%. Western Digital's dividend payout ratio (DPR) is presently 7.58%.
Insider Buying and Selling at Western Digital
In other Western Digital news, CEO Irving Tan sold 11,379 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $48.19, for a total transaction of $548,354.01. Following the completion of the transaction, the chief executive officer now owns 605,481 shares in the company, valued at $29,178,129.39. The trade was a 1.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Gene M. Zamiska sold 1,729 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $54.88, for a total value of $94,887.52. Following the transaction, the senior vice president now owns 40,089 shares of the company's stock, valued at $2,200,084.32. This trade represents a 4.13% decrease in their position. The disclosure for this sale can be found here. Insiders sold 13,564 shares of company stock worth $663,018 over the last 90 days. Company insiders own 0.30% of the company's stock.
Wall Street Analysts Forecast Growth
A number of brokerages recently commented on WDC. JPMorgan Chase & Co. raised Western Digital from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $45.00 to $57.00 in a report on Thursday, May 1st. Susquehanna decreased their price target on Western Digital from $72.00 to $40.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. Summit Insights raised Western Digital from a "hold" rating to a "buy" rating in a report on Wednesday, April 30th. Loop Capital reissued a "buy" rating on shares of Western Digital in a report on Tuesday, May 6th. Finally, Mizuho decreased their price target on Western Digital from $82.00 to $68.00 and set an "outperform" rating on the stock in a report on Thursday, April 10th. Four research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $63.84.
Get Our Latest Report on Western Digital
About Western Digital
(
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
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Western Digital, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Western Digital wasn't on the list.
While Western Digital currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Which stocks are likely to thrive in today's challenging market? Enter your email address and we'll send you MarketBeat's list of ten stocks that will drive in any economic environment.
Get This Free Report
