Western Digital Corp (WDC) Position Lowered by Hosking Partners LLP
Hosking Partners LLP decreased its holdings in Western Digital Corp (NASDAQ:WDC) by 0.5% during the 1st quarter, HoldingsChannel reports. The fund owned 131,542 shares of the data storage provider’s stock after selling 678 shares during the quarter. Hosking Partners LLP’s holdings in Western Digital were worth $6,322,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the stock. Legal & General Group Plc increased its holdings in Western Digital by 3.3% in the third quarter. Legal & General Group Plc now owns 1,355,074 shares of the data storage provider’s stock valued at $79,326,000 after buying an additional 43,281 shares during the last quarter. Morgan Stanley grew its holdings in shares of Western Digital by 75.0% during the third quarter. Morgan Stanley now owns 3,605,774 shares of the data storage provider’s stock valued at $211,082,000 after purchasing an additional 1,545,390 shares during the last quarter. Virtu Financial LLC bought a new position in shares of Western Digital during the fourth quarter valued at approximately $396,000. Nisa Investment Advisors LLC grew its holdings in shares of Western Digital by 3.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 144,180 shares of the data storage provider’s stock valued at $5,330,000 after purchasing an additional 4,803 shares during the last quarter. Finally, NuWave Investment Management LLC grew its holdings in shares of Western Digital by 4,323.7% during the fourth quarter. NuWave Investment Management LLC now owns 7,830 shares of the data storage provider’s stock valued at $290,000 after purchasing an additional 7,653 shares during the last quarter. Institutional investors and hedge funds own 83.93% of the company’s stock.
In other news, insider Mark P. Long sold 17,623 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $50.00, for a total value of $881,150.00. Following the completion of the sale, the insider now owns 158,744 shares in the company, valued at $7,937,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.36% of the stock is owned by corporate insiders.
Western Digital (NASDAQ:WDC) last released its earnings results on Monday, April 29th. The data storage provider reported $0.17 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.46 by ($0.29). The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.68 billion. Western Digital had a net margin of 1.10% and a return on equity of 19.87%. Western Digital’s revenue for the quarter was down 26.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.63 EPS. Sell-side analysts anticipate that Western Digital Corp will post 4.07 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.77%. Western Digital’s payout ratio is currently 14.80%.
A number of brokerages recently issued reports on WDC. ValuEngine raised Western Digital from a “sell” rating to a “hold” rating in a report on Wednesday, January 30th. Craig Hallum lowered Western Digital from a “buy” rating to a “hold” rating and set a $49.00 price objective for the company. in a report on Tuesday, April 30th. Royal Bank of Canada reissued an “outperform” rating and issued a $55.00 price objective on shares of Western Digital in a report on Thursday, March 28th. Robert W. Baird downgraded Western Digital from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $50.00 to $40.00 in a research report on Friday, April 26th. Finally, Summit Insights upgraded Western Digital from a “hold” rating to a “buy” rating in a research report on Friday, January 25th. Five equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have issued a buy rating to the company. Western Digital presently has a consensus rating of “Hold” and a consensus target price of $60.42.
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About Western Digital
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.
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