Trexquant Investment LP boosted its stake in Western Digital Corp (NASDAQ:WDC) by 18.1% during the 2nd quarter, HoldingsChannel reports. The fund owned 23,284 shares of the data storage provider’s stock after acquiring an additional 3,572 shares during the quarter. Trexquant Investment LP’s holdings in Western Digital were worth $1,802,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of WDC. Amerigo Asset Management bought a new stake in Western Digital in the 1st quarter valued at $238,104,000. Sumitomo Mitsui Asset Management Company LTD lifted its position in Western Digital by 3,351.1% in the 2nd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 710,787 shares of the data storage provider’s stock valued at $55,022,000 after acquiring an additional 690,191 shares in the last quarter. Summit Trail Advisors LLC lifted its position in Western Digital by 6,026.3% in the 1st quarter. Summit Trail Advisors LLC now owns 633,763 shares of the data storage provider’s stock valued at $634,000 after acquiring an additional 623,418 shares in the last quarter. Mackay Shields LLC bought a new stake in Western Digital in the 1st quarter valued at $47,276,000. Finally, TCW Group Inc. lifted its position in Western Digital by 28.8% in the 1st quarter. TCW Group Inc. now owns 2,099,268 shares of the data storage provider’s stock valued at $193,700,000 after acquiring an additional 468,881 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ:WDC opened at $64.63 on Monday. The company has a current ratio of 2.39, a quick ratio of 1.73 and a debt-to-equity ratio of 0.95. Western Digital Corp has a one year low of $61.54 and a one year high of $106.96. The stock has a market cap of $19.39 billion, a price-to-earnings ratio of 4.78, a price-to-earnings-growth ratio of 0.32 and a beta of 0.96.
Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, July 26th. The data storage provider reported $3.61 EPS for the quarter, topping the consensus estimate of $3.20 by $0.41. The firm had revenue of $5.12 billion for the quarter, compared to analysts’ expectations of $5.07 billion. Western Digital had a net margin of 3.27% and a return on equity of 36.35%. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the previous year, the firm posted $2.93 EPS. equities analysts forecast that Western Digital Corp will post 10.71 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Friday, September 28th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.09%. Western Digital’s payout ratio is 14.80%.
Western Digital announced that its Board of Directors has initiated a share buyback plan on Thursday, July 26th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the data storage provider to purchase up to 22.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
Several equities research analysts recently commented on the stock. Cowen cut shares of Western Digital from an “outperform” rating to a “market perform” rating and set a $70.00 price objective on the stock. in a research report on Wednesday, August 15th. BidaskClub cut shares of Western Digital from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 2nd. Citigroup cut their price objective on shares of Western Digital from $115.00 to $106.00 and set a “buy” rating on the stock in a research report on Monday, July 30th. TheStreet raised shares of Western Digital from a “c+” rating to a “b” rating in a research report on Thursday, July 26th. Finally, Mizuho reaffirmed a “buy” rating on shares of Western Digital in a research report on Friday, July 27th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and nineteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $103.36.
In other news, EVP Srinivasan Sivaram sold 63,879 shares of the company’s stock in a transaction dated Tuesday, May 29th. The shares were sold at an average price of $86.36, for a total value of $5,516,590.44. Following the sale, the executive vice president now directly owns 110,910 shares of the company’s stock, valued at approximately $9,578,187.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Paula A. Price sold 3,288 shares of the company’s stock in a transaction dated Tuesday, May 22nd. The shares were sold at an average price of $87.65, for a total transaction of $288,193.20. Following the completion of the sale, the director now directly owns 10,079 shares in the company, valued at $883,424.35. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,164 shares of company stock worth $8,809,806. 0.31% of the stock is 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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