Public Employees Retirement System of Ohio Reduces Position in Western Digital Corporation (WDC)
Public Employees Retirement System of Ohio lessened its holdings in shares of Western Digital Corporation (NASDAQ:WDC) by 7.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 154,430 shares of the data storage provider’s stock after selling 12,364 shares during the period. Public Employees Retirement System of Ohio owned 0.05% of Western Digital worth $13,343,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Western Digital by 4.2% in the 2nd quarter. Vanguard Group Inc. now owns 29,942,849 shares of the data storage provider’s stock valued at $2,652,936,000 after buying an additional 1,201,394 shares during the period. Capital World Investors purchased a new position in shares of Western Digital during the 2nd quarter worth approximately $1,019,202,000. Iridian Asset Management LLC CT boosted its position in shares of Western Digital by 4.9% during the 3rd quarter. Iridian Asset Management LLC CT now owns 5,920,657 shares of the data storage provider’s stock worth $511,545,000 after purchasing an additional 278,951 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Western Digital by 10.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 4,443,866 shares of the data storage provider’s stock worth $393,778,000 after purchasing an additional 405,293 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Western Digital by 22.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,281,695 shares of the data storage provider’s stock worth $283,538,000 after purchasing an additional 598,563 shares during the period. 83.99% of the stock is owned by institutional investors.
In other news, Director Henry T. Denero sold 4,097 shares of the business’s stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $85.97, for a total value of $352,219.09. Following the completion of the transaction, the director now owns 10,834 shares of the company’s stock, valued at $931,398.98. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Michael D. Cordano sold 1,397 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $88.13, for a total transaction of $123,117.61. Following the completion of the transaction, the insider now directly owns 70,556 shares of the company’s stock, valued at approximately $6,218,100.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,638 shares of company stock valued at $1,281,914. 0.31% of the stock is currently owned by company insiders.
WDC has been the subject of a number of research analyst reports. UBS reaffirmed an “add” rating on shares of Western Digital in a research report on Wednesday, September 20th. Benchmark reiterated a “buy” rating and set a $135.00 target price on shares of Western Digital in a report on Thursday, September 7th. Mizuho reiterated a “buy” rating and set a $105.00 target price on shares of Western Digital in a report on Tuesday, September 5th. ValuEngine lowered shares of Western Digital from a “strong-buy” rating to a “buy” rating in a report on Friday, September 1st. Finally, BidaskClub upgraded shares of Western Digital from a “hold” rating to a “buy” rating in a report on Friday, August 25th. Nine research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $113.10.
Shares of Western Digital Corporation (WDC) opened at $83.62 on Tuesday. The company has a quick ratio of 2.13, a current ratio of 2.64 and a debt-to-equity ratio of 1.07. Western Digital Corporation has a 52 week low of $67.02 and a 52 week high of $95.77. The company has a market cap of $24,680.00, a PE ratio of 8.19, a P/E/G ratio of 0.21 and a beta of 1.10.
Western Digital (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, October 26th. The data storage provider reported $3.56 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.01 by $0.55. The firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.13 billion. Western Digital had a net margin of 7.38% and a return on equity of 26.48%. The business’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.18 earnings per share. research analysts forecast that Western Digital Corporation will post 12.21 EPS for the current fiscal year.
Western Digital announced that its board has initiated a share repurchase plan on Thursday, November 9th that authorizes the company to repurchase $2.10 billion in shares. This repurchase authorization authorizes the data storage provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
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 given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date is Thursday, December 28th. Western Digital’s payout ratio is currently 41.75%.
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Western Digital 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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