Lecap Asset Management Ltd. Purchases New Position in Western Digital Corporation $WDC

Key Points

• Lecap Asset Management Ltd. acquired a new position in Western Digital Corporation, purchasing 6,143 shares valued at approximately $393,000 in Q2.
• Western Digital reported $1.66 earnings per share for the last quarter, surpassing analysts' expectations and achieving a 30% year-over-year revenue growth.
• The company recently announced a quarterly dividend of $0.10 per share, translating to an annual yield of 0.3% with a payout ratio of 7.77%.

Lecap Asset Management Ltd. purchased a new position in Western Digital Corporation (NASDAQ:WDC - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 6,143 shares of the data storage provider's stock, valued at approximately $393,000.

Several other institutional investors also recently bought and sold shares of the business. Zions Bancorporation National Association UT acquired a new stake in Western Digital in the 1st quarter valued at $29,000. Allworth Financial LP grew its position in shares of Western Digital by 34.1% in the first quarter. Allworth Financial LP now owns 955 shares of the data storage provider's stock valued at $38,000 after purchasing an additional 243 shares during the period. MorganRosel Wealth Management LLC purchased a new stake in shares of Western Digital during the first quarter worth about $40,000. Whittier Trust Co. of Nevada Inc. raised its position in shares of Western Digital by 242.2% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,208 shares of the data storage provider's stock worth $49,000 after purchasing an additional 855 shares during the last quarter. Finally, Brooklyn Investment Group lifted its stake in Western Digital by 91.2% in the 1st quarter. Brooklyn Investment Group now owns 1,279 shares of the data storage provider's stock valued at $52,000 after buying an additional 610 shares in the last quarter. 92.51% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, SVP Gene M. Zamiska sold 3,160 shares of the stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $75.68, for a total transaction of $239,148.80. Following the completion of the transaction, the senior vice president directly owned 31,560 shares in the company, valued at approximately $2,388,460.80. This represents a 9.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Cynthia L. Tregillis sold 14,067 shares of the business's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $74.78, for a total transaction of $1,051,930.26. Following the completion of the sale, the insider owned 135,351 shares in the company, valued at approximately $10,121,547.78. This trade represents a 9.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 49,730 shares of company stock worth $3,921,594. Company insiders own 0.30% of the company's stock.

Western Digital Price Performance

Western Digital stock opened at $131.31 on Friday. The company has a current ratio of 1.08, a quick ratio of 0.84 and a debt-to-equity ratio of 0.47. The company has a 50-day moving average price of $90.08 and a 200 day moving average price of $64.29. Western Digital Corporation has a 12-month low of $28.83 and a 12-month high of $137.40. The stock has a market cap of $45.81 billion, a P/E ratio of 25.50, a PEG ratio of 1.10 and a beta of 1.77.

Western Digital (NASDAQ:WDC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The data storage provider reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.48 by $0.18. The business had revenue of $2.61 billion during the quarter, compared to analysts' expectations of $2.45 billion. Western Digital had a net margin of 14.13% and a return on equity of 24.93%. The business's revenue for the quarter was up 30.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.44 EPS. Western Digital has set its Q1 2026 guidance at 1.540-1.690 EPS. Sell-side analysts anticipate that Western Digital Corporation will post 4.89 earnings per share for the current year.

Western Digital Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, September 4th were given a $0.10 dividend. The ex-dividend date was Thursday, September 4th. This represents a $0.40 dividend on an annualized basis and a yield of 0.3%. Western Digital's payout ratio is currently 7.77%.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Wells Fargo & Company boosted their price objective on Western Digital from $80.00 to $95.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. UBS Group boosted their price target on Western Digital from $45.00 to $75.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Wedbush lifted their target price on shares of Western Digital from $78.00 to $90.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Citigroup upped their target price on shares of Western Digital from $88.00 to $110.00 and gave the stock a "buy" rating in a report on Monday, September 8th. Finally, Susquehanna raised their price target on shares of Western Digital from $40.00 to $62.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. Seventeen analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Western Digital has an average rating of "Moderate Buy" and an average price target of $91.47.

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.

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.