First Trust Advisors LP grew its stake in shares of Western Digital Corp (NASDAQ:WDC) by 19.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,790,397 shares of the data storage provider’s stock after acquiring an additional 452,292 shares during the quarter. First Trust Advisors LP’s holdings in Western Digital were worth $134,106,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Oregon Public Employees Retirement Fund lifted its stake in shares of Western Digital by 6,696.6% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 8,203,643 shares of the data storage provider’s stock worth $222,000 after purchasing an additional 8,082,941 shares during the period. American International Group Inc. lifted its stake in shares of Western Digital by 1,949.8% in the 4th quarter. American International Group Inc. now owns 7,444,864 shares of the data storage provider’s stock worth $275,237,000 after purchasing an additional 7,081,673 shares during the period. Geode Capital Management LLC lifted its stake in shares of Western Digital by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 4,730,731 shares of the data storage provider’s stock worth $174,707,000 after purchasing an additional 179,818 shares during the period. FMR LLC lifted its stake in shares of Western Digital by 50.8% in the 4th quarter. FMR LLC now owns 4,576,631 shares of the data storage provider’s stock worth $169,198,000 after purchasing an additional 1,540,813 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Western Digital by 44.1% in the 4th quarter. Bank of New York Mellon Corp now owns 4,324,733 shares of the data storage provider’s stock worth $159,885,000 after purchasing an additional 1,324,555 shares during the period. 93.41% of the stock is currently owned by hedge funds and other institutional investors.
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 transaction of $881,150.00. Following the sale, the insider now owns 158,744 shares in the company, valued at $7,937,200. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.36% of the company’s stock.
Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Monday, April 29th. The data storage provider reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.29). The company had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.68 billion. Western Digital had a net margin of 1.10% and a return on equity of 19.87%. The company’s quarterly revenue was down 26.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.63 EPS. As a group, analysts anticipate that Western Digital Corp will post 4.07 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.78%. The ex-dividend date is Thursday, June 27th. Western Digital’s payout ratio is currently 14.80%.
Several equities analysts have recently weighed in on the stock. Royal Bank of Canada assumed coverage on shares of Western Digital in a research note on Friday, March 29th. They issued a “market perform” rating on the stock. Bank of America restated a “buy” rating and set a $60.00 target price (up previously from $55.00) on shares of Western Digital in a research note on Wednesday, April 24th. Robert W. Baird cut shares of Western Digital from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $50.00 to $40.00 in a research note on Friday, April 26th. Loop Capital decreased their target price on shares of Western Digital to $45.00 and set a “hold” rating on the stock in a research note on Tuesday, April 30th. Finally, UBS Group raised their target price on shares of Western Digital from $43.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 30th. Five analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have issued a buy rating to the stock. Western Digital has an average rating of “Hold” and a consensus price target of $60.42.
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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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