RE Advisers Corp continued to hold its position in Western Digital Corporation (NASDAQ:WDC) during the first quarter, Holdings Channel reports. The fund owned 753,683 shares of the data storage provider’s stock at the end of the first quarter. RE Advisers Corp owned 0.26% of Western Digital Corporation worth $62,201,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of WDC. Acrospire Investment Management LLC purchased a new stake in shares of Western Digital Corporation during the first quarter valued at $112,000. Reilly Financial Advisors LLC boosted its stake in shares of Western Digital Corporation by 49.8% in the first quarter. Reilly Financial Advisors LLC now owns 1,383 shares of the data storage provider’s stock valued at $114,000 after buying an additional 460 shares in the last quarter. Nikko Asset Management Americas Inc. purchased a new stake in shares of Western Digital Corporation during the first quarter valued at $124,000. Ruggie Capital Group purchased a new stake in shares of Western Digital Corporation during the first quarter valued at $127,000. Finally, Coconut Grove Bank boosted its stake in shares of Western Digital Corporation by 150.0% in the first quarter. Coconut Grove Bank now owns 1,650 shares of the data storage provider’s stock valued at $136,000 after buying an additional 990 shares in the last quarter. 83.08% of the stock is owned by hedge funds and other institutional investors.
Shares of Western Digital Corporation (NASDAQ WDC) traded down 0.22% during mid-day trading on Friday, hitting $87.12. The company had a trading volume of 4,295,000 shares. Western Digital Corporation has a 52-week low of $41.64 and a 52-week high of $92.50. The stock’s market cap is $25.37 billion. The stock’s 50-day moving average is $88.90 and its 200-day moving average is $78.85.
Western Digital Corporation (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, April 27th. The data storage provider reported $2.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.85 by $0.22. The firm had revenue of $4.65 billion during the quarter, compared to analyst estimates of $4.57 billion. Western Digital Corporation had a positive return on equity of 16.01% and a negative net margin of 1.32%. Western Digital Corporation’s quarterly revenue was up 64.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.21 earnings per share. Equities analysts forecast that Western Digital Corporation will post $8.89 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 17th. Investors of record on Friday, June 30th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend is Wednesday, June 28th. Western Digital Corporation’s dividend payout ratio is currently -202.02%.
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Several brokerages have weighed in on WDC. Longbow Research reaffirmed a “buy” rating and set a $120.00 price objective on shares of Western Digital Corporation in a research note on Friday, June 2nd. Jefferies Group LLC reiterated a “hold” rating and issued a $90.00 target price on shares of Western Digital Corporation in a report on Friday, June 2nd. Guggenheim reiterated a “buy” rating and issued a $125.00 target price on shares of Western Digital Corporation in a report on Wednesday. Vetr upgraded shares of Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $100.10 price objective for the company in a research report on Monday, May 29th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Western Digital Corporation in a research note on Sunday, May 28th. Six research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company. Western Digital Corporation has an average rating of “Buy” and an average price target of $99.37.
In other Western Digital Corporation news, EVP Michael Charles Ray sold 524 shares of Western Digital Corporation stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $92.30, for a total value of $48,365.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jacqueline Demaria sold 21,410 shares of Western Digital Corporation stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $87.02, for a total value of $1,863,098.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 187,826 shares of company stock valued at $16,390,713. 0.46% of the stock is owned by corporate insiders.
About Western Digital Corporation
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).
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