Retirement Systems of Alabama boosted its position in shares of Western Digital Corp. (NASDAQ:WDC) by 21.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 143,482 shares of the data storage provider’s stock after buying an additional 25,205 shares during the period. Retirement Systems of Alabama’s holdings in Western Digital Corp. were worth $6,781,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in WDC. Jensen Investment Management Inc. boosted its position in Western Digital Corp. by 23.7% in the second quarter. Jensen Investment Management Inc. now owns 11,160 shares of the data storage provider’s stock worth $527,000 after buying an additional 2,140 shares during the last quarter. Conning Inc. boosted its position in Western Digital Corp. by 19.4% in the second quarter. Conning Inc. now owns 7,906 shares of the data storage provider’s stock worth $374,000 after buying an additional 1,282 shares during the last quarter. K.J. Harrison & Partners Inc bought a new position in Western Digital Corp. during the second quarter worth $473,000. Green Square Capital LLC bought a new position in Western Digital Corp. during the second quarter worth $4,129,000. Finally, PGGM Investments boosted its position in Western Digital Corp. by 6.2% in the second quarter. PGGM Investments now owns 154,138 shares of the data storage provider’s stock worth $7,285,000 after buying an additional 8,947 shares during the last quarter. Institutional investors and hedge funds own 86.77% of the company’s stock.
Shares of Western Digital Corp. (NASDAQ:WDC) traded up 1.01% during mid-day trading on Monday, reaching $59.26. The company’s stock had a trading volume of 3,761,356 shares. The company has a market capitalization of $16.85 billion, a price-to-earnings ratio of 59.26 and a beta of 1.27. The company’s 50 day moving average price is $52.69 and its 200-day moving average price is $47.21. Western Digital Corp. has a 1-year low of $34.99 and a 1-year high of $86.39.
Western Digital Corp. (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, July 28th. The data storage provider reported $0.79 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.08. The company earned $3.50 billion during the quarter, compared to the consensus estimate of $3.44 billion. Western Digital Corp. had a return on equity of 12.42% and a net margin of 1.98%. Western Digital Corp.’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.51 EPS. Analysts predict that Western Digital Corp. will post $4.60 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date of this dividend is Wednesday, September 28th. Western Digital Corp.’s dividend payout ratio (DPR) is 158.73%.
A number of research analysts recently commented on the company. Vetr raised Western Digital Corp. from a “hold” rating to a “buy” rating and set a $63.25 price target on the stock in a report on Monday, October 3rd. Royal Bank Of Canada boosted their price target on Western Digital Corp. from $60.00 to $65.00 and gave the stock an “outperform” rating in a report on Monday, October 3rd. Mizuho reissued a “buy” rating and issued a $60.00 price target on shares of Western Digital Corp. in a report on Monday, October 3rd. RBC Capital Markets reissued an “outperform” rating and issued a $65.00 price target (up from $60.00) on shares of Western Digital Corp. in a report on Monday, October 3rd. Finally, Susquehanna reissued a “buy” rating and issued a $80.00 price target on shares of Western Digital Corp. in a report on Friday. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $64.32.
In other news, EVP Michael Charles Ray sold 2,719 shares of the business’s stock in a transaction dated Tuesday, September 27th. The stock was sold at an average price of $58.63, for a total value of $159,414.97. Following the completion of the sale, the executive vice president now directly owns 51,843 shares of the company’s stock, valued at approximately $3,039,555.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael D. Cordano sold 18,250 shares of the business’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $59.15, for a total value of $1,079,487.50. Following the completion of the sale, the insider now directly owns 58,153 shares of the company’s stock, valued at $3,439,749.95. The disclosure for this sale can be found here. Company insiders own 0.46% of the company’s stock.
About Western Digital Corp.
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage solutions that enable consumers, businesses, governments and other organizations to create, manage, experience and preserve digital content. The Company’s product portfolio includes hard disk drives (HDDs), solid-state drives, direct attached storage solutions, personal cloud network attached storage solutions, and public and private cloud data center storage solutions.
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