Intrepid Capital Management Inc. Increases Stock Position in Western Digital Corp (NASDAQ:WDC)

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Intrepid Capital Management Inc. increased its position in Western Digital Corp (NASDAQ:WDC) by 294.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,067 shares of the data storage provider’s stock after purchasing an additional 19,455 shares during the quarter. Intrepid Capital Management Inc.’s holdings in Western Digital were worth $1,239,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. Arthur M. Cohen & Associates LLC boosted its stake in Western Digital by 2.6% during the second quarter. Arthur M. Cohen & Associates LLC now owns 7,950 shares of the data storage provider’s stock worth $378,000 after buying an additional 200 shares in the last quarter. Meeder Asset Management Inc. grew its position in shares of Western Digital by 6.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 3,237 shares of the data storage provider’s stock valued at $154,000 after purchasing an additional 210 shares during the period. YorkBridge Wealth Partners LLC grew its position in shares of Western Digital by 45.6% in the 1st quarter. YorkBridge Wealth Partners LLC now owns 887 shares of the data storage provider’s stock valued at $43,000 after purchasing an additional 278 shares during the period. Sumitomo Life Insurance Co. grew its position in shares of Western Digital by 2.3% in the 2nd quarter. Sumitomo Life Insurance Co. now owns 13,075 shares of the data storage provider’s stock valued at $622,000 after purchasing an additional 295 shares during the period. Finally, Global Retirement Partners LLC lifted its stake in Western Digital by 66.1% in the 1st quarter. Global Retirement Partners LLC now owns 746 shares of the data storage provider’s stock valued at $36,000 after acquiring an additional 297 shares in the last quarter. Institutional investors and hedge funds own 86.66% of the company’s stock.

In related news, EVP Michael Charles Ray sold 87,053 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $59.96, for a total transaction of $5,219,697.88. Following the completion of the sale, the executive vice president now owns 112,480 shares of the company’s stock, valued at $6,744,300.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Lori S. Sundberg sold 3,442 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $56.82, for a total value of $195,574.44. Following the sale, the executive vice president now directly owns 29,312 shares of the company’s stock, valued at approximately $1,665,507.84. The disclosure for this sale can be found here. 0.36% of the stock is owned by company insiders.

A number of brokerages have recently issued reports on WDC. Longbow Research upped their price objective on Western Digital from $70.00 to $76.00 and gave the stock a “buy” rating in a research note on Wednesday. Mizuho upped their price objective on Western Digital from $61.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Deutsche Bank increased their target price on Western Digital from $55.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Goldman Sachs Group set a $54.00 target price on Western Digital and gave the stock a “hold” rating in a report on Sunday, July 21st. Finally, Maxim Group set a $126.00 target price on Western Digital and gave the stock a “buy” rating in a report on Friday, September 6th. Four investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $61.83.

Shares of WDC stock opened at $64.58 on Friday. The business’s 50-day moving average price is $56.37 and its 200-day moving average price is $49.50. Western Digital Corp has a 12 month low of $33.83 and a 12 month high of $65.16. The firm has a market capitalization of $18.43 billion, a price-to-earnings ratio of 16.95, a PEG ratio of 17.17 and a beta of 1.85. The company has a current ratio of 2.22, a quick ratio of 1.36 and a debt-to-equity ratio of 1.03.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Wednesday, July 31st. The data storage provider reported $0.17 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.22. Western Digital had a positive return on equity of 10.73% and a negative net margin of 4.55%. The firm had revenue of $3.63 billion for the quarter, compared to analyst estimates of $3.67 billion. During the same period last year, the firm posted $3.61 earnings per share. The business’s revenue for the quarter was down 29.0% on a year-over-year basis. On average, sell-side analysts predict that Western Digital Corp will post 1.81 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 22nd. Stockholders of record on Friday, October 4th will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, October 3rd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.10%. Western Digital’s dividend payout ratio (DPR) is 52.49%.

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

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