Koshinski Asset Management Inc. trimmed its holdings in Western Digital Corp (NASDAQ:WDC) by 17.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,228 shares of the data storage provider’s stock after selling 1,290 shares during the period. Koshinski Asset Management Inc.’s holdings in Western Digital were worth $495,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also made changes to their positions in WDC. Capital World Investors purchased a new position in shares of Western Digital in the second quarter valued at about $1,019,202,000. Janus Henderson Group PLC lifted its position in shares of Western Digital by 140.4% in the second quarter. Janus Henderson Group PLC now owns 1,994,833 shares of the data storage provider’s stock worth $176,746,000 after buying an additional 1,164,954 shares in the last quarter. Bank of Montreal Can lifted its position in shares of Western Digital by 267.4% in the fourth quarter. Bank of Montreal Can now owns 1,232,616 shares of the data storage provider’s stock worth $98,029,000 after buying an additional 897,108 shares in the last quarter. Discovery Capital Management LLC CT lifted its position in shares of Western Digital by 98.9% in the second quarter. Discovery Capital Management LLC CT now owns 1,576,089 shares of the data storage provider’s stock worth $139,641,000 after buying an additional 783,589 shares in the last quarter. Finally, Kensico Capital Management Corp lifted its position in shares of Western Digital by 228.2% in the third quarter. Kensico Capital Management Corp now owns 1,094,508 shares of the data storage provider’s stock worth $94,565,000 after buying an additional 761,000 shares in the last quarter. Institutional investors and hedge funds own 84.52% of the company’s stock.
In other news, CFO Mark P. Long sold 4,467 shares of the 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 completion of the sale, the chief financial officer now 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 accessible through the SEC website. Also, insider Michael D. Cordano sold 1,397 shares of the stock in a transaction on Monday, November 13th. The shares were sold at an average price of $88.13, for a total value of $123,117.61. Following the sale, the insider now owns 70,556 shares of the company’s stock, valued at approximately $6,218,100.28. The disclosure for this sale can be found here. Insiders have sold a total of 158,393 shares of company stock worth $13,801,887 in the last ninety days. Insiders own 0.31% of the company’s stock.
Shares of Western Digital Corp (WDC) traded up $0.50 during trading hours on Friday, reaching $80.59. The company had a trading volume of 4,330,540 shares, compared to its average volume of 4,530,000. Western Digital Corp has a 52 week low of $71.38 and a 52 week high of $95.77. The company has a market capitalization of $23,790.00, a PE ratio of 66.60, a P/E/G ratio of 0.34 and a beta of 1.13. The company has a debt-to-equity ratio of 1.04, a quick ratio of 2.03 and a current ratio of 2.55.
Western Digital (NASDAQ:WDC) last announced its earnings results on Thursday, January 25th. The data storage provider reported $3.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.51 by $0.44. The business had revenue of $5.34 billion for the quarter, compared to analysts’ expectations of $5.31 billion. Western Digital had a return on equity of 30.78% and a net margin of 1.93%. The business’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter last year, the firm earned $2.30 EPS. sell-side analysts anticipate that Western Digital Corp will post 12.62 EPS for the current fiscal year.
Western Digital announced that its Board of Directors has approved a stock repurchase plan on Thursday, November 9th that allows the company to buyback $2.10 billion in shares. This buyback authorization allows the data storage provider to buy shares of its stock through open market purchases. Stock buyback plans are generally 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 Monday, April 16th. Shareholders of record on Friday, March 30th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, March 29th. This represents a $2.00 annualized dividend and a yield of 2.48%. Western Digital’s dividend payout ratio (DPR) is presently 165.29%.
WDC has been the topic of a number of research analyst reports. UBS Group decreased their target price on Western Digital to $88.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 13th. Vetr downgraded Western Digital from a “strong-buy” rating to a “buy” rating and set a $97.62 target price on the stock. in a research report on Monday, November 13th. BMO Capital Markets downgraded Western Digital from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $120.00 to $90.00 in a research report on Thursday, January 4th. Maxim Group reiterated a “buy” rating and issued a $124.00 target price on shares of Western Digital in a research report on Friday, October 27th. Finally, BidaskClub downgraded Western Digital from a “hold” rating to a “sell” rating in a research report on Thursday, December 7th. Thirteen investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and two have issued a strong buy rating to the stock. Western Digital has a consensus rating of “Buy” and a consensus target price of $111.78.
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Western Digital 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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