Morse Asset Management Inc Trims Position in Western Digital Corporation (WDC)
Morse Asset Management Inc decreased its holdings in Western Digital Corporation (NASDAQ:WDC) by 66.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,300 shares of the data storage provider’s stock after selling 23,975 shares during the quarter. Morse Asset Management Inc’s holdings in Western Digital Corporation were worth $1,063,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. Dupont Capital Management Corp raised its position in Western Digital Corporation by 300.6% in the 3rd quarter. Dupont Capital Management Corp now owns 68,998 shares of the data storage provider’s stock valued at $5,961,000 after purchasing an additional 51,775 shares during the last quarter. Andra AP fonden raised its position in Western Digital Corporation by 3.3% in the 3rd quarter. Andra AP fonden now owns 41,300 shares of the data storage provider’s stock valued at $3,568,000 after purchasing an additional 1,300 shares during the last quarter. Foundry Partners LLC raised its position in Western Digital Corporation by 16.0% in the 3rd quarter. Foundry Partners LLC now owns 114,870 shares of the data storage provider’s stock valued at $9,925,000 after purchasing an additional 15,850 shares during the last quarter. Seizert Capital Partners LLC raised its position in Western Digital Corporation by 0.6% in the 3rd quarter. Seizert Capital Partners LLC now owns 860,935 shares of the data storage provider’s stock valued at $74,385,000 after purchasing an additional 5,316 shares during the last quarter. Finally, Hussman Strategic Advisors Inc. purchased a new stake in Western Digital Corporation in the 3rd quarter valued at $3,024,000. Hedge funds and other institutional investors own 82.72% of the company’s stock.
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Western Digital Corporation (NASDAQ:WDC) last released its earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.01 by $0.55. Western Digital Corporation had a return on equity of 26.48% and a net margin of 7.38%. The company had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.13 billion. During the same quarter in the previous year, the business posted $1.18 EPS. The business’s revenue for the quarter was up 9.9% on a year-over-year basis.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders 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 annualized dividend and a yield of 2.26%. Western Digital Corporation’s dividend payout ratio (DPR) is presently 41.75%.
Several analysts recently commented on WDC shares. Vetr downgraded shares of Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $93.86 price target for the company. in a research report on Tuesday, October 10th. ValuEngine downgraded shares of Western Digital Corporation from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 1st. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and set a $88.00 price objective on shares of Western Digital Corporation in a research report on Tuesday, October 10th. Mizuho restated a “buy” rating and set a $105.00 price objective on shares of Western Digital Corporation in a research report on Tuesday, September 5th. Finally, UBS AG cut their price objective on shares of Western Digital Corporation from $101.00 to $93.00 and set a “neutral” rating for the company in a research report on Thursday, October 12th. Nine investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and three have assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $113.95.
In related news, CFO Mark P. Long sold 1,517 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $80.97, for a total value of $122,831.49. Following the completion of the sale, the chief financial officer now owns 88,207 shares of the company’s stock, valued at approximately $7,142,120.79. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Kathleen A. Cote sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $90.63, for a total value of $181,260.00. Following the completion of the sale, the director now directly owns 16,421 shares of the company’s stock, valued at approximately $1,488,235.23. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 46,879 shares of company stock worth $3,976,090. Company insiders own 0.31% of the company’s stock.
Western Digital Corporation Company Profile
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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