Two Sigma Advisers LP Sells 1,219,600 Shares of Western Digital Co. (NASDAQ:WDC)

Two Sigma Advisers LP lowered its stake in shares of Western Digital Co. (NASDAQ:WDC - Free Report) by 46.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,419,200 shares of the data storage provider's stock after selling 1,219,600 shares during the quarter. Two Sigma Advisers LP owned approximately 0.41% of Western Digital worth $84,627,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in WDC. Norges Bank acquired a new stake in Western Digital in the fourth quarter valued at $352,572,000. AMF Tjanstepension AB acquired a new stake in Western Digital during the fourth quarter worth about $94,181,000. Vanguard Group Inc. lifted its holdings in shares of Western Digital by 3.5% during the 4th quarter. Vanguard Group Inc. now owns 42,459,767 shares of the data storage provider's stock valued at $2,531,876,000 after acquiring an additional 1,439,149 shares in the last quarter. Freestone Grove Partners LP acquired a new position in shares of Western Digital in the fourth quarter worth about $68,950,000. Finally, Atalan Capital Partners LP acquired a new position in Western Digital during the 4th quarter worth $62,612,000. Institutional investors and hedge funds own 92.51% of the company's stock.

Insider Activity at Western Digital

In other news, SVP Gene M. Zamiska sold 1,659 shares of Western Digital stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $41.36, for a total value of $68,616.24. Following the sale, the senior vice president now directly owns 43,776 shares in the company, valued at $1,810,575.36. This trade represents a 3.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Irving Tan sold 11,379 shares of the company's stock in a transaction dated 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 now owns 605,481 shares in the company, valued at $29,178,129.39. The trade was a 1.84% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,494 shares of company stock valued at $636,747. 0.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

WDC has been the subject of a number of analyst reports. Wall Street Zen started coverage on Western Digital in a research report on Friday, May 2nd. They set a "hold" rating for the company. Wedbush reissued an "outperform" rating and issued a $60.00 price objective on shares of Western Digital in a research note on Thursday, May 1st. Loop Capital reaffirmed a "buy" rating on shares of Western Digital in a research report on Tuesday, May 6th. TD Cowen dropped their price target on shares of Western Digital from $80.00 to $58.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Finally, Susquehanna decreased their price target on Western Digital from $72.00 to $40.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Four research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, Western Digital presently has a consensus rating of "Moderate Buy" and a consensus target price of $64.95.

Western Digital Trading Up 0.7%

Shares of Western Digital stock traded up $0.34 during trading hours on Friday, hitting $50.18. The company's stock had a trading volume of 5,762,727 shares, compared to its average volume of 6,403,373. Western Digital Co. has a 12 month low of $28.83 and a 12 month high of $81.55. The stock has a 50 day moving average of $41.46 and a 200 day moving average of $55.12. The company has a market capitalization of $17.51 billion, a PE ratio of 11.95 and a beta of 1.42. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.99 and a quick ratio of 1.26.

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 the consensus estimate of $1.06 by $0.30. The company had revenue of ($1,465.00) million during the quarter, compared to the consensus estimate of $2.70 billion. Western Digital had a net margin of 9.95% and a return on equity of 15.68%. The firm's revenue was down 33.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.63 earnings per share. Analysts predict that Western Digital Co. will post 4.89 earnings per share for the current year.

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 buy up to 11.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is 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 $0.10 dividend. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $0.40 annualized dividend and a yield of 0.80%. Western Digital's dividend payout ratio is currently 7.58%.

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.