Sciencast Management LP Acquires New Position in Western Digital Corporation $WDC

Key Points

• Sciencast Management LP has acquired a new stake in Western Digital Corporation, purchasing 20,114 shares valued at approximately $813,000.
• Barclays, Wells Fargo, and TD Cowen have raised their price targets on Western Digital shares, indicating a strong positive outlook with consensus ratings leaning towards a "Moderate Buy".
• Western Digital recently announced a quarterly dividend of $0.10, with a yield of 0.4%, and has authorized a $2 billion stock repurchase program to buy back shares, suggesting confidence in the company’s valuation.

Sciencast Management LP bought a new position in shares of Western Digital Corporation (NASDAQ:WDC - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 20,114 shares of the data storage provider's stock, valued at approximately $813,000.

Other institutional investors have also added to or reduced their stakes in the company. Zions Bancorporation National Association UT purchased a new position in Western Digital during the 1st quarter valued at about $29,000. Allworth Financial LP grew its position in Western Digital by 34.1% during the 1st quarter. Allworth Financial LP now owns 955 shares of the data storage provider's stock worth $38,000 after purchasing an additional 243 shares during the last quarter. Elequin Capital LP acquired a new stake in Western Digital during the 4th quarter valued at approximately $40,000. MorganRosel Wealth Management LLC acquired a new stake in Western Digital during the 1st quarter valued at approximately $40,000. Finally, Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Western Digital by 242.2% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,208 shares of the data storage provider's stock valued at $49,000 after purchasing an additional 855 shares during the period. Hedge funds and other institutional investors own 92.51% of the company's stock.

Insider Activity at Western Digital

In other Western Digital news, insider Vidyadhara K. Gubbi sold 11,343 shares of the firm's stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $90.29, for a total transaction of $1,024,159.47. Following the sale, the insider owned 151,596 shares of the company's stock, valued at approximately $13,687,602.84. This trade represents a 6.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Gene M. Zamiska sold 353 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $80.90, for a total transaction of $28,557.70. Following the transaction, the senior vice president owned 27,425 shares in the company, valued at approximately $2,218,682.50. This trade represents a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 49,975 shares of company stock worth $3,935,806 in the last ninety days. Company insiders own 0.30% of the company's stock.

Western Digital Stock Up 1.6%

Shares of WDC traded up $1.51 during mid-day trading on Friday, hitting $97.66. 6,751,889 shares of the company's stock were exchanged, compared to its average volume of 7,927,555. The stock's 50-day moving average is $75.63 and its 200-day moving average is $56.87. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.84 and a current ratio of 1.08. Western Digital Corporation has a fifty-two week low of $28.83 and a fifty-two week high of $98.86. The company has a market cap of $34.07 billion, a price-to-earnings ratio of 18.96, a P/E/G ratio of 1.14 and a beta of 1.69.

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

Western Digital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, September 4th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.4%. The ex-dividend date is Thursday, September 4th. Western Digital's dividend payout ratio is currently 7.77%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Citigroup boosted their price target on shares of Western Digital from $88.00 to $110.00 and gave the stock a "buy" rating in a report on Monday. The Goldman Sachs Group assumed coverage on shares of Western Digital in a report on Thursday, July 10th. They issued a "neutral" rating and a $70.00 price target for the company. Susquehanna boosted their price target on shares of Western Digital from $40.00 to $62.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Mizuho boosted their price target on shares of Western Digital from $75.00 to $87.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Finally, Bank of America boosted their price target on shares of Western Digital from $62.00 to $71.00 and gave the stock a "buy" rating in a report on Monday, June 9th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $81.89.

About Western Digital

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.