Systematic Financial Management LP increased its position in shares of Western Digital Corp (NASDAQ:WDC) by 982,589.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 186,711 shares of the data storage provider’s stock after buying an additional 186,692 shares during the quarter. Systematic Financial Management LP owned about 0.06% of Western Digital worth $17,228,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in WDC. Cerebellum GP LLC purchased a new position in shares of Western Digital in the 4th quarter valued at approximately $121,000. Acadian Asset Management LLC purchased a new position in shares of Western Digital in the 4th quarter valued at approximately $132,000. NuWave Investment Management LLC grew its stake in shares of Western Digital by 10,140.0% in the 1st quarter. NuWave Investment Management LLC now owns 1,536 shares of the data storage provider’s stock valued at $140,000 after purchasing an additional 1,521 shares during the last quarter. Focused Wealth Management Inc purchased a new position in shares of Western Digital in the 4th quarter valued at approximately $143,000. Finally, SeaCrest Wealth Management LLC purchased a new position in shares of Western Digital in the 4th quarter valued at approximately $149,000. Hedge funds and other institutional investors own 84.48% of the company’s stock.
Shares of Western Digital opened at $88.42 on Tuesday, MarketBeat Ratings reports. The firm has a market cap of $25.36 billion, a P/E ratio of 11.19, a PEG ratio of 0.33 and a beta of 1.04. Western Digital Corp has a 1 year low of $75.96 and a 1 year high of $106.96. The company has a quick ratio of 1.76, a current ratio of 2.39 and a debt-to-equity ratio of 0.98.
Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, April 26th. The data storage provider reported $3.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.31 by $0.32. The firm had revenue of $5.01 billion during the quarter, compared to analysts’ expectations of $4.93 billion. Western Digital had a return on equity of 34.22% and a net margin of 0.98%. Western Digital’s revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.39 earnings per share. research analysts predict that Western Digital Corp will post 13.4 earnings per share for the current 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 issued a dividend of $0.50 per share. The ex-dividend date is Thursday, June 28th. This represents a $2.00 annualized dividend and a yield of 2.26%. Western Digital’s dividend payout ratio is presently 25.32%.
Several research analysts have weighed in on WDC shares. ValuEngine downgraded Western Digital from a “buy” rating to a “hold” rating in a research note on Monday, April 2nd. Zacks Investment Research upgraded Western Digital from a “hold” rating to a “strong-buy” rating and set a $108.00 target price on the stock in a research note on Friday, March 30th. Morgan Stanley lifted their target price on Western Digital from $92.00 to $97.00 and gave the company an “equal weight” rating in a research note on Friday, April 27th. Royal Bank of Canada lifted their target price on Western Digital to $120.00 and gave the company an “outperform” rating in a research note on Monday, April 2nd. Finally, Mizuho reiterated a “buy” rating and issued a $110.00 target price (up from $105.00) on shares of Western Digital in a research note on Friday, February 2nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $111.40.
In other Western Digital news, EVP Srinivasan Sivaram sold 10,865 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $86.71, for a total transaction of $942,104.15. Following the completion of the transaction, the executive vice president now owns 103,251 shares of the company’s stock, valued at $8,952,894.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Stephen D. Milligan sold 23,155 shares of the firm’s stock in a transaction on Wednesday, March 7th. The stock was sold at an average price of $94.49, for a total value of $2,187,915.95. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 141,014 shares of company stock valued at $13,277,976. 0.31% of the stock is currently owned by insiders.
About Western Digital
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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