AMP Capital Investors Ltd Purchases 111,479 Shares of Western Digital Corporation (WDC)

AMP Capital Investors Ltd increased its position in Western Digital Corporation (NASDAQ:WDC) by 78.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 253,128 shares of the data storage provider’s stock after buying an additional 111,479 shares during the quarter. AMP Capital Investors Ltd owned 0.09% of Western Digital worth $21,870,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently added to or reduced their stakes in WDC. Nomura Asset Management Co. Ltd. increased its position in Western Digital by 6.8% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 43,852 shares of the data storage provider’s stock valued at $3,789,000 after purchasing an additional 2,809 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its position in Western Digital by 2.0% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 226,188 shares of the data storage provider’s stock valued at $19,625,000 after purchasing an additional 4,400 shares during the period. Engineers Gate Manager LP increased its position in Western Digital by 257.7% during the 3rd quarter. Engineers Gate Manager LP now owns 9,546 shares of the data storage provider’s stock valued at $825,000 after purchasing an additional 6,877 shares during the period. Mackenzie Financial Corp increased its position in Western Digital by 10.4% during the 3rd quarter. Mackenzie Financial Corp now owns 176,194 shares of the data storage provider’s stock valued at $15,223,000 after purchasing an additional 16,655 shares during the period. Finally, Pinebridge Investments L.P. increased its position in Western Digital by 996.5% during the 3rd quarter. Pinebridge Investments L.P. now owns 3,103 shares of the data storage provider’s stock valued at $268,000 after purchasing an additional 2,820 shares during the period. 83.99% of the stock is owned by institutional investors.

Western Digital Corporation (NASDAQ WDC) opened at $78.35 on Friday. Western Digital Corporation has a twelve month low of $65.08 and a twelve month high of $95.77. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.64 and a quick ratio of 2.13. The stock has a market capitalization of $23,029.94, a price-to-earnings ratio of 7.82 and a beta of 1.10.

Western Digital (NASDAQ:WDC) last issued its earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.01 by $0.55. Western Digital had a return on equity of 26.48% and a net margin of 7.38%. The company had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.13 billion. During the same period last year, the business earned $1.18 EPS. Western Digital’s quarterly revenue was up 9.9% compared to the same quarter last year. analysts predict that Western Digital Corporation will post 12.01 earnings per share for the current year.

Western Digital declared that its Board of Directors has authorized a stock repurchase plan on Thursday, November 9th that authorizes the company to buyback $2.10 billion in outstanding shares. This buyback authorization authorizes the data storage provider to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date is Thursday, December 28th. Western Digital’s dividend payout ratio is currently 41.75%.

In other Western Digital news, CFO Mark P. Long sold 4,467 shares of the firm’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $88.13, for a total transaction of $393,676.71. Following the transaction, the chief financial officer now directly owns 88,384 shares in the company, valued at approximately $7,789,281.92. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Henry T. Denero sold 4,097 shares of the firm’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $85.97, for a total value of $352,219.09. Following the transaction, the director now owns 10,834 shares in the company, valued at $931,398.98. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 25,488 shares of company stock worth $2,242,856. Company insiders own 0.31% of the company’s stock.

WDC has been the subject of a number of recent analyst reports. BidaskClub downgraded shares of Western Digital from a “hold” rating to a “sell” rating in a research report on Saturday, August 12th. Vetr downgraded shares of Western Digital from a “strong-buy” rating to a “buy” rating and set a $95.94 price objective for the company. in a research report on Wednesday, August 16th. Jefferies Group reaffirmed a “hold” rating and set a $90.00 price objective on shares of Western Digital in a research report on Friday, August 18th. Citigroup set a $110.00 price objective on shares of Western Digital and gave the stock a “buy” rating in a research report on Monday, August 21st. Finally, Cowen reaffirmed an “outperform” rating on shares of Western Digital in a research report on Saturday, August 26th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-four have issued a buy rating and three have given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $114.50.

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Western Digital Company Profile

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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Institutional Ownership by Quarter for Western Digital (NASDAQ:WDC)

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