Dreman Value Management L L C trimmed its holdings in Western Digital (NASDAQ:WDC) by 7.1% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 26,601 shares of the data storage provider’s stock after selling 2,018 shares during the quarter. Western Digital accounts for about 1.1% of Dreman Value Management L L C’s holdings, making the stock its 9th biggest holding. Dreman Value Management L L C’s holdings in Western Digital were worth $2,454,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Global X Management Co. LLC raised its holdings in Western Digital by 24.5% during the 1st quarter. Global X Management Co. LLC now owns 7,099 shares of the data storage provider’s stock valued at $655,000 after buying an additional 1,396 shares during the last quarter. Chemical Bank bought a new stake in Western Digital during the 4th quarter valued at $218,000. Xact Kapitalforvaltning AB raised its holdings in Western Digital by 6.4% during the 4th quarter. Xact Kapitalforvaltning AB now owns 69,122 shares of the data storage provider’s stock valued at $5,497,000 after buying an additional 4,184 shares during the last quarter. Banco de Sabadell S.A bought a new stake in Western Digital during the 4th quarter valued at $2,769,000. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new stake in Western Digital during the 4th quarter valued at $11,977,000. Hedge funds and other institutional investors own 85.69% of the company’s stock.
Shares of NASDAQ:WDC traded up $0.40 during midday trading on Thursday, reaching $87.42. The company’s stock had a trading volume of 1,298,820 shares, compared to its average volume of 4,083,709. The company has a market capitalization of $24.83 billion, a PE ratio of 11.07, a P/E/G ratio of 0.33 and a beta of 1.04. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.39 and a quick ratio of 1.76. Western Digital has a 12-month low of $83.52 and a 12-month high of $85.97.
Western Digital (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, April 26th. The data storage provider reported $3.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.31 by $0.32. Western Digital had a net margin of 0.98% and a return on equity of 34.22%. The company had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $4.93 billion. During the same period in the prior year, the firm posted $2.39 EPS. Western Digital’s revenue for the quarter was up 7.8% on a year-over-year basis. equities analysts anticipate that Western Digital will post 13.39 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 16th. Investors of record on Friday, June 29th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend is Thursday, June 28th. Western Digital’s dividend payout ratio (DPR) is 25.32%.
A number of research firms recently commented on WDC. ValuEngine upgraded shares of Western Digital from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 17th. Robert W. Baird upgraded shares of Western Digital from a “neutral” rating to an “outperform” rating in a report on Friday, March 16th. BidaskClub upgraded shares of Western Digital from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 10th. Barclays upped their price target on shares of Western Digital from $110.00 to $120.00 and gave the company an “overweight” rating in a report on Tuesday, March 27th. Finally, Zacks Investment Research raised shares of Western Digital from a “hold” rating to a “strong-buy” rating and set a $108.00 price objective on the stock in a research report on Friday, March 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. Western Digital currently has an average rating of “Buy” and a consensus target price of $112.38.
In related news, EVP Michael Charles Ray sold 1,208 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $88.53, for a total transaction of $106,944.24. Following the sale, the executive vice president now directly owns 40,144 shares of the company’s stock, valued at approximately $3,553,948.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Stephen D. Milligan sold 16,510 shares of the stock in a transaction dated Monday, May 14th. The shares were sold at an average price of $80.94, for a total transaction of $1,336,319.40. Following the sale, the chief executive officer now directly owns 84,624 shares in the company, valued at $6,849,466.56. The disclosure for this sale can be found here. Insiders have sold a total of 141,014 shares of company stock worth $13,277,976 over the last three months. 0.31% of the stock is currently owned by insiders.
Western Digital Profile
Western Digital Corporation, together with its subsidiaries, develops, manufactures, and sells data storage devices and solutions worldwide. It offers performance hard disk drives (HDDs) that are used in enterprise servers, data analysis, and other enterprise applications; capacity HDDs and drive configurations for use in data storage systems and tiered storage models; and enterprise solid state drives (SSDs), including NAND-flash SSDs and software solutions that are designed to enhance the performance in various enterprise workload environments.
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