Iridian Asset Management LLC CT raised its holdings in Western Digital Corporation (NASDAQ:WDC) by 4.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,920,657 shares of the data storage provider’s stock after purchasing an additional 278,951 shares during the quarter. Western Digital Corporation accounts for 4.4% of Iridian Asset Management LLC CT’s investment portfolio, making the stock its largest position. Iridian Asset Management LLC CT owned approximately 2.01% of Western Digital Corporation worth $511,545,000 as of its most recent SEC filing.
A number of other large investors have also made changes to their positions in WDC. State of Alaska Department of Revenue grew its stake in Western Digital Corporation by 143.2% in the 2nd quarter. State of Alaska Department of Revenue now owns 5,265 shares of the data storage provider’s stock valued at $466,000 after purchasing an additional 3,100 shares during the period. OLD National Bancorp IN bought a new position in shares of Western Digital Corporation during the 2nd quarter worth $260,000. LS Investment Advisors LLC grew its stake in shares of Western Digital Corporation by 3.5% during the 2nd quarter. LS Investment Advisors LLC now owns 10,926 shares of the data storage provider’s stock worth $968,000 after acquiring an additional 370 shares during the period. Aperio Group LLC grew its stake in shares of Western Digital Corporation by 15.0% during the 2nd quarter. Aperio Group LLC now owns 158,319 shares of the data storage provider’s stock worth $14,027,000 after acquiring an additional 20,598 shares during the period. Finally, State Treasurer State of Michigan grew its stake in shares of Western Digital Corporation by 1.2% during the 2nd quarter. State Treasurer State of Michigan now owns 95,749 shares of the data storage provider’s stock worth $8,483,000 after acquiring an additional 1,100 shares during the period. Hedge funds and other institutional investors own 81.77% of the company’s stock.
Several research analysts have recently weighed in on WDC shares. Summit Redstone reiterated a “buy” rating on shares of Western Digital Corporation in a research note on Saturday, July 22nd. Loop Capital started coverage on Western Digital Corporation in a research note on Monday, July 24th. They set a “buy” rating and a $140.00 price target for the company. Cowen and Company reiterated an “outperform” rating and set a $117.00 price target on shares of Western Digital Corporation in a research note on Tuesday, July 25th. Vetr upgraded Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $104.96 price target for the company in a research note on Wednesday, July 26th. Finally, Barclays PLC increased their price target on Western Digital Corporation to $131.00 and gave the stock an “overweight” rating in a research note on Friday, July 28th. Eight equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have issued a strong buy rating to the company. Western Digital Corporation has an average rating of “Buy” and a consensus target price of $114.59.
Shares of Western Digital Corporation (NASDAQ:WDC) traded up $0.09 during mid-day trading on Friday, hitting $91.30. The stock had a trading volume of 1,588,495 shares, compared to its average volume of 4,126,938. The company has a market cap of $26,920.00, a price-to-earnings ratio of 9.19 and a beta of 1.17. Western Digital Corporation has a 12-month low of $58.30 and a 12-month high of $95.77. The company has a current ratio of 2.64, a quick ratio of 2.13 and a debt-to-equity ratio of 1.07.
Western Digital Corporation (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, October 26th. The data storage provider reported $3.56 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.01 by $0.55. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.13 billion. Western Digital Corporation had a return on equity of 26.48% and a net margin of 7.38%. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period last year, the company earned $1.18 EPS. research analysts forecast that Western Digital Corporation will post 11.93 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be given a $0.50 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.19%. Western Digital Corporation’s dividend payout ratio is currently 41.75%.
Western Digital Corporation announced that its Board of Directors has authorized a share buyback program on Thursday, November 9th that allows the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization allows the data storage provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
In other news, insider Michael D. Cordano sold 9,404 shares of Western Digital Corporation stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $88.71, for a total value of $834,228.84. Following the sale, the insider now directly owns 75,385 shares in the company, valued at approximately $6,687,403.35. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Michael D. Cordano sold 1,397 shares of Western Digital Corporation stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $88.13, for a total value of $123,117.61. Following the completion of the sale, the insider now owns 70,556 shares in the company, valued at $6,218,100.28. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,005 shares of company stock worth $2,377,095. Corporate insiders own 0.31% of the company’s stock.
About Western Digital Corporation
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).
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