Dimensional Fund Advisors LP Has $266.72 Million Holdings in Western Digital Corporation (WDC)
Dimensional Fund Advisors LP raised its stake in Western Digital Corporation (NASDAQ:WDC) by 2.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,086,925 shares of the data storage provider’s stock after buying an additional 83,030 shares during the quarter. Dimensional Fund Advisors LP owned approximately 1.04% of Western Digital worth $266,720,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Global X Management Co. LLC grew its holdings in shares of Western Digital by 28.9% during the 2nd quarter. Global X Management Co. LLC now owns 7,836 shares of the data storage provider’s stock worth $694,000 after purchasing an additional 1,757 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in shares of Western Digital by 7.7% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,065,412 shares of the data storage provider’s stock worth $94,396,000 after purchasing an additional 76,581 shares during the period. Granite Investment Partners LLC purchased a new position in shares of Western Digital during the 2nd quarter worth $2,921,000. Boston Partners grew its holdings in shares of Western Digital by 4.1% during the 2nd quarter. Boston Partners now owns 1,043,214 shares of the data storage provider’s stock worth $92,429,000 after purchasing an additional 41,352 shares during the period. Finally, National Planning Corp purchased a new position in shares of Western Digital during the 2nd quarter worth $427,000. Institutional investors own 83.99% of the company’s stock.
A number of research firms have recently weighed in on WDC. Morgan Stanley cut Western Digital from an “overweight” rating to an “equal weight” rating and set a $120.00 price target for the company. in a report on Monday, November 27th. Vetr cut Western Digital from a “buy” rating to a “hold” rating and set a $95.09 target price for the company. in a report on Tuesday, November 21st. KeyCorp restated a “hold” rating on shares of Western Digital in a report on Sunday, August 27th. Mizuho restated a “buy” rating and set a $105.00 target price on shares of Western Digital in a report on Tuesday, September 5th. Finally, ValuEngine cut Western Digital from a “strong-buy” rating to a “buy” rating in a report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-three have given a buy rating and three have issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $114.50.
Shares of Western Digital Corporation (NASDAQ:WDC) opened at $81.47 on Friday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.13 and a current ratio of 2.64. Western Digital Corporation has a 12-month low of $65.08 and a 12-month high of $95.77. The firm has a market capitalization of $23,174.88, a PE ratio of 7.87 and a beta of 1.10.
Western Digital (NASDAQ:WDC) last issued its earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share for the quarter, topping the consensus estimate of $3.01 by $0.55. Western Digital had a return on equity of 26.48% and a net margin of 7.38%. The business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.13 billion. During the same quarter last year, the company earned $1.18 EPS. The business’s quarterly revenue was up 9.9% on a year-over-year basis. research analysts forecast that Western Digital Corporation will post 12.01 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be paid a dividend of $0.50 per share. The ex-dividend date is Thursday, December 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.45%. Western Digital’s dividend payout ratio is presently 41.75%.
Western Digital declared that its board has initiated a share repurchase program on Thursday, November 9th that permits the company to buyback $2.10 billion in outstanding shares. This buyback authorization permits the data storage provider to buy shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
In related news, insider Michael D. Cordano sold 1,397 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $88.13, for a total transaction of $123,117.61. Following the transaction, the insider now owns 70,556 shares in the company, valued at approximately $6,218,100.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark P. Long sold 4,467 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $88.13, for a total value of $393,676.71. Following the transaction, the chief financial officer now owns 88,384 shares in the company, valued at approximately $7,789,281.92. The disclosure for this sale can be found here. Insiders have sold a total of 25,488 shares of company stock worth $2,242,856 in the last 90 days. 0.31% of the stock is currently owned by company insiders.
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About Western Digital
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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