State of New Jersey Common Pension Fund D grew its holdings in shares of Western Digital Corp (NASDAQ:WDC) by 15.8% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,380,000 shares of the data storage provider’s stock after purchasing an additional 187,791 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Western Digital were worth $80,785,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Trexquant Investment LP grew its stake in Western Digital by 18.1% during the second quarter. Trexquant Investment LP now owns 23,284 shares of the data storage provider’s stock worth $1,802,000 after buying an additional 3,572 shares during the period. Cambridge Financial Group Inc. grew its stake in Western Digital by 7.1% during the second quarter. Cambridge Financial Group Inc. now owns 76,929 shares of the data storage provider’s stock worth $5,955,000 after buying an additional 5,069 shares during the period. Oppenheimer & Co. Inc. grew its stake in Western Digital by 17.8% during the second quarter. Oppenheimer & Co. Inc. now owns 23,338 shares of the data storage provider’s stock worth $1,806,000 after buying an additional 3,529 shares during the period. Pinebridge Investments L.P. grew its stake in Western Digital by 4.7% during the second quarter. Pinebridge Investments L.P. now owns 160,056 shares of the data storage provider’s stock worth $12,390,000 after buying an additional 7,217 shares during the period. Finally, Wright Investors Service Inc. purchased a new stake in Western Digital during the second quarter worth approximately $606,000. Institutional investors own 83.12% of the company’s stock.
Several equities research analysts have issued reports on the stock. Evercore ISI decreased their price objective on shares of Western Digital from $130.00 to $100.00 and set an “outperform” rating for the company in a research note on Tuesday, July 17th. Royal Bank of Canada downgraded shares of Western Digital from an “outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $95.00 to $70.00 in a research note on Tuesday, September 11th. Bank of America decreased their price objective on shares of Western Digital from $120.00 to $110.00 and set a “buy” rating for the company in a research note on Friday, July 27th. Longbow Research set a $100.00 price objective on shares of Western Digital and gave the stock a “buy” rating in a research note on Thursday, September 6th. Finally, Maxim Group reissued a “buy” rating and set a $126.00 target price on shares of Western Digital in a research report on Friday, July 27th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and seventeen have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $100.83.
Shares of NASDAQ WDC traded up $0.88 during trading on Monday, reaching $55.29. 111,033 shares of the stock were exchanged, compared to its average volume of 4,135,642. Western Digital Corp has a twelve month low of $53.58 and a twelve month high of $106.96. The company has a current ratio of 2.39, a quick ratio of 1.73 and a debt-to-equity ratio of 0.95. The stock has a market cap of $17.06 billion, a P/E ratio of 4.09, a PEG ratio of 0.29 and a beta of 0.90.
Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, July 26th. The data storage provider reported $3.61 earnings per share (EPS) for the quarter, beating 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 firm’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period in the prior year, the company posted $2.93 earnings per share. On average, research analysts expect that Western Digital Corp will post 10.71 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Investors 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 annualized dividend and a yield of 3.62%. Western Digital’s dividend payout ratio is presently 14.80%.
Western Digital announced that its board has initiated a stock repurchase plan on Thursday, July 26th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the data storage provider to purchase up to 22.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In related news, insider Mark P. Long sold 24,938 shares of the company’s stock in a transaction on Monday, July 30th. The shares were sold at an average price of $70.83, for a total value of $1,766,358.54. Following the sale, the insider now directly owns 215,963 shares of the company’s stock, valued at $15,296,659.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Charles Ray sold 4,387 shares of the company’s stock in a transaction on Monday, August 6th. The shares were sold at an average price of $67.65, for a total transaction of $296,780.55. Following the completion of the sale, the executive vice president now directly owns 107,155 shares in the company, valued at $7,249,035.75. The disclosure for this sale can be found here. Insiders sold 32,772 shares of company stock worth $2,298,763 over the last ninety days. 0.31% of the stock is currently owned by corporate insiders.
About Western Digital
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.
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