TCW Group Inc. Boosts Stake in Western Digital Corporation (WDC)
TCW Group Inc. increased its position in Western Digital Corporation (NASDAQ:WDC) by 2.1% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 1,782,318 shares of the data storage provider’s stock after purchasing an additional 36,688 shares during the period. Western Digital Corporation accounts for about 1.2% of TCW Group Inc.’s holdings, making the stock its 29th biggest holding. TCW Group Inc. owned 0.60% of Western Digital Corporation worth $153,993,000 at the end of the most recent reporting period.
Several other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Western Digital Corporation 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 acquiring an additional 1,201,394 shares during the period. Capital World Investors acquired a new position in Western Digital Corporation in the 2nd quarter valued at about $1,019,202,000. Iridian Asset Management LLC CT increased its position in Western Digital Corporation by 1.8% in the 2nd quarter. Iridian Asset Management LLC CT now owns 5,641,706 shares of the data storage provider’s stock valued at $499,855,000 after acquiring an additional 100,195 shares during the period. Ameriprise Financial Inc. increased its position in Western Digital Corporation by 10.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 4,443,866 shares of the data storage provider’s stock valued at $393,778,000 after acquiring an additional 405,293 shares during the period. Finally, Northern Trust Corp increased its position in Western Digital Corporation by 0.5% in the 2nd quarter. Northern Trust Corp now owns 3,191,625 shares of the data storage provider’s stock valued at $282,778,000 after acquiring an additional 16,436 shares during the period. 81.77% of the stock is owned by institutional investors and hedge funds.
Several brokerages recently issued reports on WDC. Vetr cut Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $97.62 price target on the stock. in a research report on Monday. Zacks Investment Research upgraded Western Digital Corporation from a “hold” rating to a “strong-buy” rating and set a $103.00 price target on the stock in a research report on Wednesday, November 1st. UBS AG boosted their price target on Western Digital Corporation from $93.00 to $97.00 and gave the company a “neutral” rating in a research report on Friday, October 27th. Barclays PLC boosted their price target on Western Digital Corporation from $131.00 to $133.00 and gave the company an “overweight” rating in a research report on Friday, October 27th. Finally, Maxim Group restated a “buy” rating and issued a $124.00 price target on shares of Western Digital Corporation in a research report on Friday, October 27th. Nine investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and three have assigned a strong buy rating to the stock. Western Digital Corporation presently has a consensus rating of “Buy” and an average price target of $113.92.
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In related news, CFO Mark P. Long sold 4,467 shares of the stock in a transaction on Monday, November 13th. The stock was sold at an average price of $88.13, for a total value of $393,676.71. Following the completion of the sale, the chief financial officer now directly owns 88,384 shares in the company, valued at approximately $7,789,281.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Manish H. Bhatia sold 20,130 shares of the stock in a transaction on Friday, August 18th. The shares were sold at an average price of $82.38, for a total value of $1,658,309.40. Following the completion of the sale, the executive vice president now owns 82,614 shares of the company’s stock, valued at $6,805,741.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,233 shares of company stock valued at $4,298,735. Insiders own 0.31% of the company’s stock.
Western Digital Corporation (NASDAQ WDC) traded up $3.19 during mid-day trading on Tuesday, hitting $91.63. The stock had a trading volume of 2,949,602 shares, compared to its average volume of 4,144,036. The firm has a market cap of $26,301.34, a P/E ratio of 8.93 and a beta of 1.17. The company has a current ratio of 2.64, a quick ratio of 2.13 and a debt-to-equity ratio of 1.07. Western Digital Corporation has a 1-year low of $57.62 and a 1-year high of $95.77.
Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings data on Thursday, October 26th. The data storage provider reported $3.56 EPS for the quarter, topping analysts’ consensus estimates of $3.01 by $0.55. The business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.13 billion. Western Digital Corporation had a return on equity of 26.48% and a net margin of 7.38%. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.18 EPS. equities analysts forecast that Western Digital Corporation will post 11.93 earnings per share for the current year.
Western Digital Corporation announced that its Board of Directors has initiated a stock 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 generally an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, December 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.18%. Western Digital Corporation’s payout ratio is 41.75%.
Western Digital Corporation 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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