First Trust Advisors LP Reduces Stake in Western Digital Corporation (WDC)
First Trust Advisors LP lowered its position in Western Digital Corporation (NASDAQ:WDC) by 3.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 913,753 shares of the data storage provider’s stock after selling 33,254 shares during the period. First Trust Advisors LP’s holdings in Western Digital Corporation were worth $80,959,000 as of its most recent SEC filing.
Several other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Western Digital Corporation by 4.5% in the first quarter. Vanguard Group Inc. now owns 28,741,455 shares of the data storage provider’s stock worth $2,372,032,000 after buying an additional 1,250,528 shares during the last quarter. Iridian Asset Management LLC CT raised its stake in Western Digital Corporation by 244.0% in the first quarter. Iridian Asset Management LLC CT now owns 5,541,511 shares of the data storage provider’s stock worth $457,341,000 after buying an additional 3,930,465 shares during the last quarter. Ameriprise Financial Inc. raised its stake in Western Digital Corporation by 10.4% in the first quarter. Ameriprise Financial Inc. now owns 4,038,573 shares of the data storage provider’s stock worth $333,102,000 after buying an additional 380,404 shares during the last quarter. Geode Capital Management LLC raised its stake in Western Digital Corporation by 9.6% in the first quarter. Geode Capital Management LLC now owns 3,031,364 shares of the data storage provider’s stock worth $249,848,000 after buying an additional 264,706 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Western Digital Corporation by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,978,975 shares of the data storage provider’s stock worth $245,876,000 after buying an additional 7,910 shares during the last quarter. 82.39% of the stock is currently owned by institutional investors.
Western Digital Corporation (WDC) opened at 79.90 on Friday. The stock has a market capitalization of $23.33 billion, a PE ratio of 59.63 and a beta of 1.22. The company’s 50 day moving average price is $88.96 and its 200-day moving average price is $84.38. Western Digital Corporation has a one year low of $44.43 and a one year high of $95.77.
Western Digital Corporation (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, July 27th. The data storage provider reported $2.93 EPS for the quarter, beating analysts’ consensus estimates of $2.51 by $0.42. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The company had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same period in the prior year, the company earned $0.79 earnings per share. The firm’s revenue was up 38.5% on a year-over-year basis. Analysts expect that Western Digital Corporation will post $12.58 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date of this dividend is Thursday, September 28th. Western Digital Corporation’s payout ratio is presently 156.25%.
A number of equities research analysts recently commented on the company. Cowen and Company increased their price target on Western Digital Corporation from $90.00 to $115.00 and gave the company an “outperform” rating in a research report on Friday, April 28th. BidaskClub lowered Western Digital Corporation from a “hold” rating to a “sell” rating in a research report on Saturday. Susquehanna Bancshares Inc reissued a “positive” rating and issued a $140.00 price target on shares of Western Digital Corporation in a research report on Wednesday, May 17th. Jefferies Group LLC reissued a “hold” rating and issued a $90.00 price target on shares of Western Digital Corporation in a research report on Wednesday, June 28th. Finally, Bank of America Corporation raised Western Digital Corporation from a “neutral” rating to a “buy” rating in a research report on Friday, April 28th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-eight have issued a buy rating and two have issued a strong buy rating to the stock. Western Digital Corporation presently has an average rating of “Buy” and an average target price of $104.93.
In other Western Digital Corporation news, EVP Michael Charles Ray sold 1,365 shares of the company’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $89.54, for a total transaction of $122,222.10. Following the sale, the executive vice president now directly owns 42,771 shares in the company, valued at $3,829,715.34. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Michael D. Cordano sold 4,954 shares of the company’s stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $94.98, for a total value of $470,530.92. Following the sale, the chief operating officer now owns 66,092 shares in the company, valued at $6,277,418.16. The disclosure for this sale can be found here. Over the last three months, 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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