Western Digital Corporation (WDC) Shares Bought by Highstreet Asset Management Inc.
Highstreet Asset Management Inc. increased its position in shares of Western Digital Corporation (NASDAQ:WDC) by 66.4% during the second quarter, Holdings Channel reports. The firm owned 10,198 shares of the data storage provider’s stock after buying an additional 4,071 shares during the period. Highstreet Asset Management Inc.’s holdings in Western Digital Corporation were worth $904,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. American Beacon Advisors Inc. bought a new position in shares of Western Digital Corporation during the first quarter worth $111,000. Acrospire Investment Management LLC bought a new position in shares of Western Digital Corporation during the first quarter worth $112,000. Reilly Financial Advisors LLC increased its position in shares of 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 worth $114,000 after buying an additional 460 shares during the period. Harbour Capital Advisors LLC bought a new position in shares of Western Digital Corporation during the first quarter worth $117,000. Finally, SRS Capital Advisors Inc. increased its position in shares of Western Digital Corporation by 26.7% in the first quarter. SRS Capital Advisors Inc. now owns 1,453 shares of the data storage provider’s stock worth $119,000 after buying an additional 306 shares during the period. Institutional investors own 81.91% of the company’s stock.
Shares of Western Digital Corporation (WDC) opened at 82.48 on Friday. Western Digital Corporation has a 12-month low of $45.25 and a 12-month high of $95.77. The stock has a 50 day moving average of $87.91 and a 200 day moving average of $84.53. The company has a market cap of $24.08 billion, a price-to-earnings ratio of 61.55 and a beta of 1.22.
Western Digital Corporation (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.51 by $0.42. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The firm had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same quarter in the prior year, the firm posted $0.79 earnings per share. Western Digital Corporation’s quarterly revenue was up 38.5% on a year-over-year basis. Equities research analysts predict that Western Digital Corporation will post $12.54 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date is Thursday, September 28th. Western Digital Corporation’s dividend payout ratio is currently 156.25%.
A number of brokerages recently weighed in on WDC. UBS AG restated a “neutral” rating and set a $92.00 price objective (up previously from $90.00) on shares of Western Digital Corporation in a research report on Wednesday, June 28th. BidaskClub downgraded shares of Western Digital Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, August 12th. J P Morgan Chase & Co restated an “overweight” rating on shares of Western Digital Corporation in a research report on Tuesday, August 1st. Stifel Nicolaus restated a “buy” rating and set a $120.00 price objective on shares of Western Digital Corporation in a research report on Monday, August 7th. Finally, Royal Bank Of Canada restated an “outperform” rating on shares of Western Digital Corporation in a research report on Thursday, July 13th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the company. Western Digital Corporation has an average rating of “Buy” and a consensus price target of $104.66.
In related news, EVP Michael Charles Ray sold 524 shares of the company’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $92.30, for a total value of $48,365.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Srinivasan Sivaram sold 16,049 shares of the company’s stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $85.06, for a total transaction of $1,365,127.94. The disclosure for this sale can be found here. Insiders sold 123,644 shares of company stock valued at $10,946,300 in the last three months. 0.46% of the stock is currently owned by 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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