MetLife Investment Advisors LLC Has $6.82 Million Stake in Western Digital Corp (WDC)

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MetLife Investment Advisors LLC trimmed its holdings in Western Digital Corp (NASDAQ:WDC) by 1.6% in the second quarter, HoldingsChannel reports. The institutional investor owned 88,090 shares of the data storage provider’s stock after selling 1,457 shares during the period. MetLife Investment Advisors LLC’s holdings in Western Digital were worth $6,819,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Trexquant Investment LP raised its position 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 valued at $1,802,000 after purchasing an additional 3,572 shares in the last quarter. Cambridge Financial Group Inc. grew its stake in shares of 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 last quarter. Pinebridge Investments L.P. grew its stake in shares of 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 last quarter. Oppenheimer & Co. Inc. grew its stake in shares of 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 last quarter. Finally, Wright Investors Service Inc. bought a new stake in shares of Western Digital during the second quarter worth $606,000. Institutional investors own 83.12% of the company’s stock.

In other Western Digital news, CFO Mark P. Long sold 2,233 shares of the company’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $68.74, for a total transaction of $153,496.42. Following the sale, the chief financial officer now owns 191,154 shares of the company’s stock, valued at $13,139,925.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark P. Long sold 24,938 shares of the company’s stock in a transaction dated Monday, July 30th. The shares were sold at an average price of $70.83, for a total transaction of $1,766,358.54. Following the transaction, the insider now owns 215,963 shares in the company, valued at approximately $15,296,659.29. The disclosure for this sale can be found here. Insiders have sold 32,772 shares of company stock worth $2,298,763 in the last ninety days. Insiders own 0.31% of the company’s stock.

A number of analysts have weighed in on the stock. Goldman Sachs Group cut shares of Western Digital to a “hold” rating and set a $63.00 target price on the stock. in a research note on Wednesday. Royal Bank of Canada cut shares of Western Digital from an “outperform” rating to a “sector perform” rating and decreased their target price for the stock from $95.00 to $70.00 in a research note on Tuesday, September 11th. Longbow Research set a $100.00 target price on shares of Western Digital and gave the stock a “buy” rating in a research note on Thursday, September 6th. Cowen cut shares of Western Digital from an “outperform” rating to a “market perform” rating and set a $70.00 target price on the stock. in a research note on Wednesday, August 15th. Finally, BidaskClub cut shares of Western Digital from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 2nd. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eighteen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $100.56.

Shares of WDC opened at $56.96 on Friday. 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 firm has a market cap of $16.48 billion, a price-to-earnings ratio of 4.14, a PEG ratio of 0.28 and a beta of 0.89. Western Digital Corp has a 12 month low of $53.61 and a 12 month high of $106.96.

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, beating the Zacks’ consensus estimate of $3.20 by $0.41. The business 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 business’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.93 earnings per share. sell-side analysts predict that Western Digital Corp will post 10.71 EPS for the current year.

Western Digital declared that its Board of Directors has authorized a stock repurchase plan on Thursday, July 26th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the data storage provider to reacquire up to 22.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Friday, September 28th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $2.00 dividend on an annualized basis and a yield of 3.51%. Western Digital’s dividend payout ratio (DPR) is currently 14.80%.

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.

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Institutional Ownership by Quarter for Western Digital (NASDAQ:WDC)

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