New Jersey Better Educational Savings Trust Has $709,000 Stake in Western Digital Corporation (WDC)
New Jersey Better Educational Savings Trust boosted its position in Western Digital Corporation (NASDAQ:WDC) by 33.3% during the second quarter, Holdings Channel reports. The firm owned 8,000 shares of the data storage provider’s stock after buying an additional 2,000 shares during the period. New Jersey Better Educational Savings Trust’s holdings in Western Digital Corporation were worth $709,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in WDC. Barometer Capital Management Inc. bought a new position in Western Digital Corporation during the first quarter valued at about $1,329,000. Telemus Capital LLC boosted its position in Western Digital Corporation by 10.5% in the first quarter. Telemus Capital LLC now owns 14,152 shares of the data storage provider’s stock valued at $1,168,000 after buying an additional 1,344 shares in the last quarter. Reilly Financial Advisors LLC boosted its position in Western Digital Corporation by 49.8% in the first quarter. Reilly Financial Advisors LLC now owns 1,383 shares of the data storage provider’s stock valued at $114,000 after buying an additional 460 shares in the last quarter. Regent Investment Management LLC boosted its position in Western Digital Corporation by 34.0% in the first quarter. Regent Investment Management LLC now owns 30,895 shares of the data storage provider’s stock valued at $2,550,000 after buying an additional 7,845 shares in the last quarter. Finally, Cornerstone Financial Partners LLC boosted its position in Western Digital Corporation by 447.8% in the first quarter. Cornerstone Financial Partners LLC now owns 23,681 shares of the data storage provider’s stock valued at $1,963,000 after buying an additional 19,358 shares in the last quarter. Hedge funds and other institutional investors own 82.39% of the company’s stock.
Shares of Western Digital Corporation (WDC) opened at 80.99 on Thursday. The company has a market capitalization of $23.65 billion, a PE ratio of 60.44 and a beta of 1.22. The stock’s 50 day moving average is $89.59 and its 200 day moving average is $84.36. Western Digital Corporation has a 1-year low of $43.29 and a 1-year high of $95.77. Western Digital Corporation also was the target of unusually large options trading activity on Monday. Stock traders purchased 6,330 call options on the company. This represents an increase of 292% compared to the average daily volume of 1,613 call options.
Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.51 by $0.42. The business had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.82 billion. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The firm’s quarterly revenue was up 38.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.79 EPS. On average, equities research analysts anticipate that Western Digital Corporation will post $12.56 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 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 2.47%. The ex-dividend date of this dividend is Thursday, September 28th. Western Digital Corporation’s dividend payout ratio is 156.25%.
WDC has been the topic of several research reports. Susquehanna Bancshares Inc reaffirmed a “positive” rating and issued a $105.00 price target on shares of Western Digital Corporation in a report on Wednesday, April 12th. Mizuho reaffirmed a “buy” rating and issued a $92.00 price target on shares of Western Digital Corporation in a report on Wednesday, April 12th. Vetr raised Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $94.27 price target on the stock in a report on Monday, April 17th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $96.00 price target on shares of Western Digital Corporation in a report on Monday, April 17th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $105.00 price target on shares of Western Digital Corporation in a report on Tuesday, April 18th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $104.93.
In other Western Digital Corporation news, insider Mark P. Long sold 3,034 shares of the company’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $89.54, for a total value of $271,664.36. Following the completion of the transaction, the insider now directly owns 71,342 shares in the company, valued at approximately $6,387,962.68. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Manish H. Bhatia sold 2,762 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $84.79, for a total transaction of $234,189.98. Following the completion of the transaction, the executive vice president now owns 75,467 shares of the company’s stock, valued at $6,398,846.93. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 126,966 shares of company stock valued at $11,263,675. 0.46% of the stock is owned by corporate insiders.
About Western Digital Corporation
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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