FDx Advisors Inc. raised its stake in Western Digital Corp (NASDAQ:WDC) by 70.2% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 6,433 shares of the data storage provider’s stock after purchasing an additional 2,654 shares during the period. FDx Advisors Inc.’s holdings in Western Digital were worth $377,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in WDC. TD Asset Management Inc. grew its position in shares of Western Digital by 0.8% during the 2nd quarter. TD Asset Management Inc. now owns 101,239 shares of the data storage provider’s stock valued at $7,837,000 after buying an additional 838 shares during the last quarter. Alps Advisors Inc. grew its position in shares of Western Digital by 5.1% during the 2nd quarter. Alps Advisors Inc. now owns 17,596 shares of the data storage provider’s stock valued at $1,362,000 after buying an additional 861 shares during the last quarter. State Treasurer State of Michigan grew its position in shares of Western Digital by 1.0% during the 2nd quarter. State Treasurer State of Michigan now owns 88,549 shares of the data storage provider’s stock valued at $6,855,000 after buying an additional 900 shares during the last quarter. Verition Fund Management LLC grew its position in shares of Western Digital by 6.6% during the 2nd quarter. Verition Fund Management LLC now owns 15,451 shares of the data storage provider’s stock valued at $1,196,000 after buying an additional 957 shares during the last quarter. Finally, New Jersey Better Educational Savings Trust grew its position in shares of Western Digital by 11.1% during the 3rd quarter. New Jersey Better Educational Savings Trust now owns 10,000 shares of the data storage provider’s stock valued at $585,000 after buying an additional 1,000 shares during the last quarter. 83.64% of the stock is owned by institutional investors.
A number of equities research analysts recently weighed in on WDC shares. Loop Capital lowered their price objective on shares of Western Digital to $80.00 and set an “average” rating for the company in a research report on Friday, October 26th. Benchmark lowered their price objective on shares of Western Digital from $120.00 to $110.00 and set a “buy” rating for the company in a research report on Friday, September 21st. Guggenheim reaffirmed a “buy” rating and set a $125.00 price objective on shares of Western Digital in a research report on Monday, September 17th. Longbow Research set a $100.00 price objective on shares of Western Digital and gave the company a “buy” rating in a research report on Thursday, September 6th. Finally, Citigroup lowered their price objective on shares of Western Digital from $106.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, October 29th. Four equities research analysts have rated the stock with a sell rating, fourteen 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 an average target price of $79.80.
Western Digital stock opened at $43.60 on Friday. The company has a quick ratio of 1.70, a current ratio of 2.41 and a debt-to-equity ratio of 0.96. The stock has a market cap of $12.46 billion, a price-to-earnings ratio of 3.23, a PEG ratio of 0.37 and a beta of 1.15. Western Digital Corp has a 52-week low of $40.58 and a 52-week high of $106.96.
Western Digital (NASDAQ:WDC) last posted its earnings results on Thursday, October 25th. The data storage provider reported $2.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.70 by $0.08. The firm had revenue of $5.03 billion during the quarter, compared to analyst estimates of $5.14 billion. Western Digital had a net margin of 2.46% and a return on equity of 35.37%. Equities analysts forecast that Western Digital Corp will post 6.19 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, January 14th. Shareholders of record on Friday, December 28th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.59%. The ex-dividend date is Thursday, December 27th. Western Digital’s payout ratio is 14.80%.
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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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