AMP Capital Investors Ltd Has $13.75 Million Position in Western Digital Corp (WDC)
AMP Capital Investors Ltd reduced its holdings in Western Digital Corp (NASDAQ:WDC) by 19.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 177,626 shares of the data storage provider’s stock after selling 42,639 shares during the quarter. AMP Capital Investors Ltd owned approximately 0.06% of Western Digital worth $13,751,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in WDC. Migdal Insurance & Financial Holdings Ltd. increased its stake in Western Digital by 16,520.0% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,662 shares of the data storage provider’s stock worth $129,000 after acquiring an additional 1,652 shares during the last quarter. Financial Gravity Wealth Inc. acquired a new stake in Western Digital during the first quarter worth about $145,000. Assetmark Inc. increased its stake in Western Digital by 437.9% during the first quarter. Assetmark Inc. now owns 1,673 shares of the data storage provider’s stock worth $154,000 after acquiring an additional 1,362 shares during the last quarter. Legacy Financial Advisors Inc. increased its stake in Western Digital by 32,283.3% during the second quarter. Legacy Financial Advisors Inc. now owns 1,943 shares of the data storage provider’s stock worth $155,000 after acquiring an additional 1,937 shares during the last quarter. Finally, Squar Milner Financial Services LLC acquired a new stake in Western Digital during the second quarter worth about $165,000. Hedge funds and other institutional investors own 80.92% of the company’s stock.
Shares of WDC opened at $57.69 on Monday. The stock has a market capitalization of $16.81 billion, a P/E ratio of 4.27, a price-to-earnings-growth ratio of 0.28 and a beta of 0.89. Western Digital Corp has a one year low of $56.61 and a one year high of $106.96. The company has a quick ratio of 1.73, a current ratio of 2.39 and a debt-to-equity ratio of 0.95.
Western Digital declared that its board has approved a share repurchase program on Thursday, July 26th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the data storage provider to buy up to 22.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Friday, September 28th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date is Thursday, September 27th. Western Digital’s dividend payout ratio is currently 14.80%.
In related news, insider Mark P. Long sold 24,938 shares of the stock in a transaction dated Monday, July 30th. The stock was sold at an average price of $70.83, for a total value of $1,766,358.54. Following the completion of the transaction, the insider now owns 215,963 shares of the company’s stock, valued at $15,296,659.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark P. Long sold 2,233 shares of the stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $68.74, for a total value of $153,496.42. Following the completion of the transaction, the chief financial officer now directly owns 191,154 shares of the company’s stock, valued at approximately $13,139,925.96. The disclosure for this sale can be found here. Insiders sold 32,772 shares of company stock valued at $2,298,763 in the last three months. 0.31% of the stock is currently owned by company insiders.
Several equities research analysts have commented on WDC shares. Zacks Investment Research lowered Western Digital from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 17th. Morgan Stanley dropped their price target on Western Digital from $97.00 to $96.00 and set an “equal weight” rating for the company in a research note on Friday, July 27th. Mizuho restated a “buy” rating on shares of Western Digital in a research note on Friday, July 27th. Cross Research lowered Western Digital from a “buy” rating to a “hold” rating in a research note on Friday, July 27th. Finally, BidaskClub lowered Western Digital from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 2nd. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eighteen have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $102.56.
About Western Digital
Western Digital Corporation, together with its subsidiaries, develops, manufactures, and sells data storage devices and solutions worldwide. It offers performance hard disk drives (HDDs) that are used in enterprise servers, data analysis, and other enterprise applications; capacity HDDs and drive configurations for use in data storage systems and tiered storage models; and enterprise solid state drives (SSDs), including NAND-flash SSDs and software solutions that are designed to enhance the performance in various enterprise workload environments.
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