Gulf International Bank UK Ltd trimmed its holdings in shares of Western Digital Corp (NASDAQ:WDC) by 29.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 66,195 shares of the data storage provider’s stock after selling 27,971 shares during the period. Gulf International Bank UK Ltd’s holdings in Western Digital were worth $2,447,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of WDC. Verition Fund Management LLC grew its holdings in shares of Western Digital by 6.6% in the 2nd quarter. Verition Fund Management LLC now owns 15,451 shares of the data storage provider’s stock worth $1,196,000 after acquiring an additional 957 shares during the period. New Jersey Better Educational Savings Trust grew its holdings in shares of Western Digital by 11.1% in the 3rd quarter. New Jersey Better Educational Savings Trust now owns 10,000 shares of the data storage provider’s stock worth $585,000 after acquiring an additional 1,000 shares during the period. Chemical Bank grew its holdings in shares of Western Digital by 10.8% in the 3rd quarter. Chemical Bank now owns 10,885 shares of the data storage provider’s stock worth $637,000 after acquiring an additional 1,065 shares during the period. Xact Kapitalforvaltning AB grew its holdings in shares of Western Digital by 1.5% in the 3rd quarter. Xact Kapitalforvaltning AB now owns 74,726 shares of the data storage provider’s stock worth $4,374,000 after acquiring an additional 1,085 shares during the period. Finally, Bessemer Group Inc. grew its holdings in shares of Western Digital by 25.3% in the 3rd quarter. Bessemer Group Inc. now owns 5,394 shares of the data storage provider’s stock worth $315,000 after acquiring an additional 1,088 shares during the period. 83.61% of the stock is owned by institutional investors and hedge funds.
WDC stock opened at $40.03 on Monday. Western Digital Corp has a 52-week low of $33.83 and a 52-week high of $106.96. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.70 and a current ratio of 2.41. The firm has a market cap of $11.52 billion, a PE ratio of 2.96, a price-to-earnings-growth ratio of 0.35 and a beta of 1.22.
Western Digital (NASDAQ:WDC) last posted its quarterly earnings data on Thursday, October 25th. The data storage provider reported $2.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.70 by $0.08. Western Digital had a return on equity of 35.37% and a net margin of 2.46%. The business had revenue of $5.03 billion for the quarter, compared to analysts’ expectations of $5.14 billion. As a group, equities research analysts predict that Western Digital Corp will post 5.94 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 14th. Stockholders of record on Friday, December 28th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 5.00%. The ex-dividend date of this dividend is Thursday, December 27th. Western Digital’s dividend payout ratio (DPR) is 14.80%.
A number of brokerages have commented on WDC. Zacks Investment Research upgraded Western Digital from a “strong sell” rating to a “hold” rating in a report on Monday, December 31st. Morgan Stanley lowered their target price on Western Digital from $53.00 to $50.00 and set an “equal weight” rating on the stock in a report on Wednesday, December 19th. Deutsche Bank began coverage on Western Digital in a report on Thursday, December 13th. They set a “hold” rating on the stock. BidaskClub cut Western Digital from a “sell” rating to a “strong sell” rating in a report on Saturday, December 8th. Finally, Bank of America reiterated a “buy” rating and set a $68.00 target price (down previously from $75.00) on shares of Western Digital in a report on Thursday, December 6th. Two research analysts have rated the stock with a sell rating, seventeen have given a hold rating and thirteen have assigned a buy rating to the stock. Western Digital presently has an average rating of “Hold” and a consensus price target of $79.68.
In other news, Director Matthew E. Massengill sold 1,681 shares of the firm’s stock in a transaction on Monday, November 5th. The stock was sold at an average price of $47.68, for a total transaction of $80,150.08. Following the sale, the director now owns 17,848 shares in the company, valued at $850,992.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.36% of the stock is owned by company insiders.
Western Digital Company 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.
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