Western Digital Corporation (WDC) Stake Reduced by Factory Mutual Insurance Co.

Factory Mutual Insurance Co. decreased its stake in Western Digital Corporation (NASDAQ:WDC) by 2.9% during the second quarter, Holdings Channel reports. The institutional investor owned 336,200 shares of the data storage provider’s stock after selling 10,000 shares during the period. Factory Mutual Insurance Co.’s holdings in Western Digital Corporation were worth $29,787,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Cleararc Capital Inc. boosted its position in shares of Western Digital Corporation by 1.3% in the first quarter. Cleararc Capital Inc. now owns 7,045 shares of the data storage provider’s stock valued at $581,000 after buying an additional 92 shares in the last quarter. Chicago Equity Partners LLC boosted its position in Western Digital Corporation by 0.7% in the first quarter. Chicago Equity Partners LLC now owns 13,615 shares of the data storage provider’s stock valued at $1,124,000 after buying an additional 95 shares in the last quarter. Strs Ohio boosted its position in Western Digital Corporation by 1.1% in the first quarter. Strs Ohio now owns 9,902 shares of the data storage provider’s stock valued at $817,000 after buying an additional 103 shares in the last quarter. Honkamp Krueger Financial Services Inc. boosted its position in Western Digital Corporation by 3.0% in the first quarter. Honkamp Krueger Financial Services Inc. now owns 4,546 shares of the data storage provider’s stock valued at $375,000 after buying an additional 132 shares in the last quarter. Finally, Wrapmanager Inc. boosted its position in Western Digital Corporation by 1.3% in the first quarter. Wrapmanager Inc. now owns 12,665 shares of the data storage provider’s stock valued at $1,045,000 after buying an additional 161 shares in the last quarter. 83.10% of the stock is owned by institutional investors.

Shares of Western Digital Corporation (WDC) traded up 2.398% on Monday, reaching $89.025. The company’s stock had a trading volume of 2,784,978 shares. Western Digital Corporation has a 12 month low of $43.09 and a 12 month high of $95.00. The firm’s 50-day moving average price is $89.47 and its 200-day moving average price is $80.58. The stock’s market cap is $25.93 billion. Western Digital Corporation also saw some unusual options trading on Monday. Investors acquired 6,330 call options on the company. This is an increase of 292% compared to the typical daily volume of 1,613 call options.

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 Zacks’ consensus estimate of $1.85 by $0.22. The company had revenue of $4.65 billion for the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 64.7% compared to the same quarter last year. During the same period last year, the firm posted $1.21 EPS. On average, analysts forecast that Western Digital Corporation will post $9.03 earnings per share for the current fiscal 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 dividend of $0.50 per share. The ex-dividend date is Wednesday, June 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.25%. Western Digital Corporation’s dividend payout ratio is -202.02%.

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Several equities analysts recently weighed in on the stock. Jefferies Group LLC raised shares of Western Digital Corporation from a “hold” rating to a “positive” rating and raised their target price for the company from $90.00 to $93.00 in a research note on Tuesday, June 27th. Guggenheim reissued a “buy” rating and issued a $125.00 target price on shares of Western Digital Corporation in a research note on Tuesday, June 27th. Cowen and Company raised their target price on shares of Western Digital Corporation from $115.00 to $117.00 and gave the company an “outperform” rating in a research note on Tuesday, June 27th. BidaskClub raised shares of Western Digital Corporation from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 28th. Finally, FBN Securities raised their target price on shares of Western Digital Corporation from $105.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, June 30th. Six analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $101.31.

In related news, EVP Jacqueline Demaria sold 21,410 shares of the firm’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $87.02, for a total transaction of $1,863,098.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mark P. Long sold 57,846 shares of the firm’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $87.02, for a total value of $5,033,758.92. Following the transaction, the insider now directly owns 114,522 shares in the company, valued at $9,965,704.44. The disclosure for this sale can be found here. Over the last three months, insiders have sold 176,738 shares of company stock worth $15,447,296. 0.46% of the stock is currently owned by 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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Institutional Ownership by Quarter for Western Digital Corporation (NASDAQ:WDC)

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