Renaissance Group LLC Reduces Stake in Western Digital Corporation (WDC)
Renaissance Group LLC cut its position in Western Digital Corporation (NASDAQ:WDC) by 8.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 456,149 shares of the data storage provider’s stock after selling 39,989 shares during the period. Western Digital Corporation comprises approximately 1.3% of Renaissance Group LLC’s investment portfolio, making the stock its 21st largest position. Renaissance Group LLC owned about 0.16% of Western Digital Corporation worth $30,995,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in WDC. BP PLC raised its stake in Western Digital Corporation by 287.9% in the fourth quarter. BP PLC now owns 128,000 shares of the data storage provider’s stock worth $8,698,000 after buying an additional 95,000 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Western Digital Corporation by 610.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 268,772 shares of the data storage provider’s stock worth $12,702,000 after buying an additional 230,924 shares during the last quarter. Wells Fargo & Company MN raised its stake in Western Digital Corporation by 19.5% in the third quarter. Wells Fargo & Company MN now owns 2,989,010 shares of the data storage provider’s stock worth $174,768,000 after buying an additional 486,848 shares during the last quarter. United Services Automobile Association raised its stake in Western Digital Corporation by 3.5% in the third quarter. United Services Automobile Association now owns 515,325 shares of the data storage provider’s stock worth $30,131,000 after buying an additional 17,432 shares during the last quarter. Finally, AGF Investments Inc. raised its stake in Western Digital Corporation by 13.8% in the third quarter. AGF Investments Inc. now owns 1,364,181 shares of the data storage provider’s stock worth $79,727,000 after buying an additional 164,906 shares during the last quarter. Institutional investors and hedge funds own 88.22% of the company’s stock.
Shares of Western Digital Corporation (NASDAQ:WDC) traded down 1.07% during trading on Friday, reaching $75.14. 1,907,412 shares of the company’s stock were exchanged. Western Digital Corporation has a 52-week low of $34.99 and a 52-week high of $81.67. The company has a 50 day moving average price of $74.79 and a 200-day moving average price of $60.64. The company’s market capitalization is $21.65 billion.
Western Digital Corporation (NASDAQ:WDC) last announced its earnings results on Wednesday, January 25th. The data storage provider reported $2.30 EPS for the quarter, topping the consensus estimate of $2.12 by $0.18. The firm had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.76 billion. Western Digital Corporation had a negative net margin of 2.56% and a positive return on equity of 13.38%. The business’s quarterly revenue was up 47.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.60 EPS. On average, equities analysts forecast that Western Digital Corporation will post $8.05 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 17th. Investors of record on Friday, March 31st will be issued a $0.50 dividend. The ex-dividend date is Wednesday, March 29th. This represents a $2.00 annualized dividend and a yield of 2.63%. Western Digital Corporation’s dividend payout ratio (DPR) is presently -133.33%.
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WDC has been the topic of a number of recent analyst reports. Susquehanna Bancshares Inc reissued a “positive” rating and set a $105.00 price target on shares of Western Digital Corporation in a research note on Friday, February 10th. BMO Capital Markets reissued an “outperform” rating on shares of Western Digital Corporation in a research note on Wednesday, February 8th. Vetr raised Western Digital Corporation from a “hold” rating to a “buy” rating and set a $82.15 price target on the stock in a research note on Monday, February 6th. Barclays PLC reduced their price target on Western Digital Corporation from $100.00 to $93.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 31st. Finally, TheStreet raised Western Digital Corporation from a “c” rating to a “b-” rating in a research note on Wednesday, January 25th. Seven equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $81.46.
In other news, EVP Michael Charles Ray sold 5,589 shares of the business’s stock in a transaction dated Monday, November 28th. The shares were sold at an average price of $63.11, for a total transaction of $352,721.79. Following the transaction, the executive vice president now owns 46,994 shares in the company, valued at approximately $2,965,791.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Michael D. Cordano sold 1,857 shares of the business’s stock in a transaction dated Monday, December 5th. The stock was sold at an average price of $64.14, for a total transaction of $119,107.98. Following the transaction, the chief operating officer now owns 54,014 shares in the company, valued at approximately $3,464,457.96. The disclosure for this sale can be found here. Insiders sold a total of 229,098 shares of company stock worth $16,230,517 in the last quarter. Insiders own 0.46% of the company’s stock.
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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