Beaconlight Capital LLC Sells 42,307 Shares of Western Digital Co. (NASDAQ:WDC)

Beaconlight Capital LLC lessened its holdings in Western Digital Co. (NASDAQ:WDC - Free Report) by 65.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,971 shares of the data storage provider's stock after selling 42,307 shares during the period. Western Digital comprises 0.5% of Beaconlight Capital LLC's investment portfolio, making the stock its 25th biggest holding. Beaconlight Capital LLC's holdings in Western Digital were worth $1,310,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in WDC. BNP Paribas boosted its holdings in Western Digital by 0.6% during the 4th quarter. BNP Paribas now owns 26,415 shares of the data storage provider's stock worth $1,575,000 after acquiring an additional 166 shares during the last quarter. Alteri Wealth LLC bought a new position in shares of Western Digital during the fourth quarter valued at about $376,000. Alyeska Investment Group L.P. boosted its holdings in Western Digital by 19.9% during the fourth quarter. Alyeska Investment Group L.P. now owns 2,186,537 shares of the data storage provider's stock worth $130,383,000 after purchasing an additional 362,635 shares during the last quarter. Atalan Capital Partners LP bought a new stake in Western Digital in the 4th quarter worth about $62,612,000. Finally, AREX Capital Management LP purchased a new stake in Western Digital in the 4th quarter valued at about $1,342,000. Institutional investors own 92.51% of the company's stock.

Insider Buying and Selling at Western Digital

In other news, SVP Gene M. Zamiska sold 1,659 shares of the stock in a transaction 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 transaction, the senior vice president now owns 43,776 shares of the company's stock, valued at $1,810,575.36. This represents a 3.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.30% of the company's stock.

Western Digital Price Performance

Shares of WDC traded up $0.01 during midday trading on Wednesday, hitting $44.30. 7,221,397 shares of the company traded hands, compared to its average volume of 6,345,232. Western Digital Co. has a one year low of $28.83 and a one year high of $81.55. The firm has a market cap of $15.41 billion, a P/E ratio of 10.55 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. The stock has a 50-day moving average of $40.28 and a 200-day moving average of $56.74.

Western Digital (NASDAQ:WDC - Get Free Report) last posted its earnings results on Wednesday, April 30th. The data storage provider reported $1.36 earnings per share for the quarter, topping analysts' consensus estimates of $1.06 by $0.30. The business had revenue of ($1,465.00) million for the quarter, compared to analyst estimates of $2.70 billion. Western Digital had a net margin of 9.95% and a return on equity of 15.68%. Western Digital's revenue was down 33.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.63 EPS. As a group, sell-side analysts predict that Western Digital Co. will post 4.89 EPS for the current fiscal year.

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 paid a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $0.40 dividend on an annualized basis and a yield of 0.90%. Western Digital's dividend payout ratio is currently 7.58%.

Analysts Set New Price Targets

Several research firms have recently issued reports on WDC. TD Securities reduced their target price on Western Digital from $80.00 to $53.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Robert W. Baird decreased their target price on Western Digital from $100.00 to $80.00 and set an "outperform" rating for the company in a research report on Thursday, January 30th. Cantor Fitzgerald cut their price target on shares of Western Digital from $95.00 to $65.00 and set an "overweight" rating on the stock in a report on Friday, March 7th. StockNews.com began coverage on shares of Western Digital in a report on Friday, May 2nd. They set a "hold" rating for the company. Finally, The Goldman Sachs Group boosted their target price on shares of Western Digital from $70.00 to $80.00 and gave the company a "neutral" rating in a research note on Friday, January 31st. Four analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $64.15.

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.