Caxton Associates LP increased its stake in shares of Western Digital Corporation (NASDAQ:WDC) by 183.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,900 shares of the data storage provider’s stock after buying an additional 29,700 shares during the quarter. Caxton Associates LP’s holdings in Western Digital were worth $3,966,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the stock. Quantbot Technologies LP acquired a new stake in shares of Western Digital in the 2nd quarter valued at $135,000. Sun Life Financial INC boosted its holdings in shares of Western Digital by 16,215.4% in the 2nd quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock valued at $188,000 after purchasing an additional 2,108 shares in the last quarter. Adviser Investments LLC acquired a new stake in shares of Western Digital in the 3rd quarter valued at $204,000. SSI Investment Management Inc. acquired a new stake in shares of Western Digital in the 2nd quarter valued at $207,000. Finally, Rational Advisors LLC acquired a new stake in shares of Western Digital in the 3rd quarter valued at $207,000. 83.99% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider Mark P. Long sold 1,446 shares of Western Digital stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $87.63, for a total value of $126,712.98. Following the completion of the transaction, the insider now directly owns 86,939 shares of the company’s stock, valued at approximately $7,618,464.57. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Henry T. Denero sold 4,097 shares of Western Digital stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $85.97, for a total value of $352,219.09. Following the completion of the transaction, the director now directly owns 10,834 shares of the company’s stock, valued at $931,398.98. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,488 shares of company stock valued at $2,242,856. 0.31% of the stock is owned by corporate insiders.
Western Digital Corporation (NASDAQ WDC) opened at $81.47 on Friday. The stock has a market capitalization of $23,029.94, a price-to-earnings ratio of 7.82 and a beta of 1.10. 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 has a 12-month low of $65.08 and a 12-month high of $95.77.
Western Digital (NASDAQ:WDC) last announced its earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.01 by $0.55. The business had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.13 billion. Western Digital had a return on equity of 26.48% and a net margin of 7.38%. Western Digital’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period last year, the company earned $1.18 EPS. equities research analysts anticipate that Western Digital Corporation will post 12.01 earnings per share for the current year.
Western Digital declared that its board has authorized a stock buyback program on Thursday, November 9th that allows the company to repurchase $2.10 billion in shares. This repurchase authorization allows the data storage provider to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend is Thursday, December 28th. Western Digital’s dividend payout ratio is currently 41.75%.
A number of brokerages have weighed in on WDC. Morgan Stanley downgraded Western Digital from an “overweight” rating to an “equal weight” rating and set a $120.00 target price on the stock. in a report on Monday, November 27th. Vetr downgraded Western Digital from a “buy” rating to a “hold” rating and set a $95.09 target price on the stock. in a report on Tuesday, November 21st. KeyCorp reaffirmed a “hold” rating on shares of Western Digital in a report on Sunday, August 27th. Mizuho reaffirmed a “buy” rating and issued a $105.00 target price on shares of Western Digital in a report on Tuesday, September 5th. Finally, ValuEngine downgraded Western Digital from a “strong-buy” rating to a “buy” rating in a report on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-three have given a buy rating and three have issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $114.50.
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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