CIBC Asset Management Inc grew its holdings in Western Digital Corp (NASDAQ:WDC) by 3.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 43,425 shares of the data storage provider’s stock after buying an additional 1,470 shares during the period. CIBC Asset Management Inc’s holdings in Western Digital were worth $2,087,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also modified their holdings of the business. Louisiana State Employees Retirement System lifted its holdings in shares of Western Digital by 1.3% in the 1st quarter. Louisiana State Employees Retirement System now owns 15,400 shares of the data storage provider’s stock worth $740,000 after acquiring an additional 200 shares during the last quarter. BTIM Corp. lifted its holdings in Western Digital by 1.3% during the 1st quarter. BTIM Corp. now owns 17,855 shares of the data storage provider’s stock valued at $858,000 after buying an additional 225 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in Western Digital by 1.8% during the 4th quarter. Thrivent Financial for Lutherans now owns 13,079 shares of the data storage provider’s stock valued at $484,000 after buying an additional 230 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its holdings in Western Digital by 57.0% during the 1st quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 650 shares of the data storage provider’s stock valued at $31,000 after buying an additional 236 shares in the last quarter. Finally, Avestar Capital LLC lifted its holdings in Western Digital by 13.9% during the 4th quarter. Avestar Capital LLC now owns 1,993 shares of the data storage provider’s stock valued at $48,000 after buying an additional 243 shares in the last quarter. 83.93% of the stock is owned by institutional investors and hedge funds.
NASDAQ:WDC opened at $44.63 on Monday. Western Digital Corp has a one year low of $33.83 and a one year high of $88.62. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.11 and a quick ratio of 1.30. The stock has a market capitalization of $13.08 billion, a PE ratio of 3.30 and a beta of 1.49.
Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Monday, April 29th. The data storage provider reported $0.17 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.29). Western Digital had a net margin of 1.10% and a return on equity of 19.87%. The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.68 billion. During the same quarter in the prior year, the firm posted $3.63 EPS. The company’s revenue for the quarter was down 26.7% compared to the same quarter last year. Research analysts forecast that Western Digital Corp will post 4.07 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $2.00 annualized dividend and a dividend yield of 4.48%. Western Digital’s dividend payout ratio is currently 14.80%.
In other news, insider Mark P. Long sold 17,623 shares of Western Digital stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $50.00, for a total value of $881,150.00. Following the transaction, the insider now owns 158,744 shares of the company’s stock, valued at approximately $7,937,200. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.36% of the company’s stock.
A number of brokerages recently weighed in on WDC. BidaskClub upgraded shares of Western Digital from a “sell” rating to a “hold” rating in a report on Friday, April 5th. ValuEngine upgraded shares of Western Digital from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. Zacks Investment Research lowered shares of Western Digital from a “hold” rating to a “sell” rating in a report on Saturday, January 26th. Loop Capital lifted their price objective on shares of Western Digital to $53.00 and gave the company an “average” rating in a report on Tuesday, April 9th. Finally, Deutsche Bank upgraded shares of Western Digital from a “hold” rating to a “buy” rating and lifted their price objective for the company from $45.00 to $60.00 in a report on Monday, April 15th. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twelve have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $60.42.
Western Digital Profile
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.
Further Reading: Diluted Earnings Per Share
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