Western Digital Co. (WDC) Position Reduced by Deprince Race & Zollo Inc.
Deprince Race & Zollo Inc. lessened its position in Western Digital Co. (NASDAQ:WDC) by 94.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,150 shares of the data storage provider’s stock after selling 208,934 shares during the quarter. Deprince Race & Zollo Inc.’s holdings in Western Digital were worth $1,050,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Quantbot Technologies LP acquired a new stake in Western Digital in the 2nd quarter worth $135,000. Huntington National Bank grew its position in Western Digital by 7.7% in the 2nd quarter. Huntington National Bank now owns 1,965 shares of the data storage provider’s stock worth $174,000 after purchasing an additional 141 shares during the last quarter. Sun Life Financial INC grew its position in Western Digital by 16,215.4% in the 2nd quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock worth $188,000 after purchasing an additional 2,108 shares during the last quarter. Grove Bank & Trust grew its position in Western Digital by 33.3% in the 2nd quarter. Grove Bank & Trust now owns 2,199 shares of the data storage provider’s stock worth $195,000 after purchasing an additional 549 shares during the last quarter. Finally, Seven Bridges Advisors LLC grew its position in Western Digital by 71.0% in the 2nd quarter. Seven Bridges Advisors LLC now owns 2,243 shares of the data storage provider’s stock worth $199,000 after purchasing an additional 931 shares during the last quarter. Hedge funds and other institutional investors own 81.77% of the company’s stock.
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Several analysts have issued reports on the stock. Wells Fargo & Company assumed coverage on shares of Western Digital in a research report on Tuesday, November 14th. They issued an “outperform” rating and a $115.00 price target on the stock. Vetr lowered shares of Western Digital 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, November 13th. Zacks Investment Research upgraded shares of Western Digital from a “hold” rating to a “strong-buy” rating and set a $103.00 target price on the stock in a research report on Wednesday, November 1st. UBS AG lifted their target price on shares of Western Digital from $93.00 to $97.00 and gave the company a “neutral” rating in a research report on Friday, October 27th. Finally, Barclays PLC lifted their target price on shares of Western Digital from $131.00 to $133.00 and gave the company an “overweight” rating in a research report on Friday, October 27th. Eight analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have given a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $114.59.
In other news, insider Mark P. Long sold 1,446 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $87.63, for a total value of $126,712.98. Following the completion of the transaction, the insider now owns 86,939 shares in the company, valued at $7,618,464.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael D. Cordano sold 1,397 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $88.13, for a total transaction of $123,117.61. Following the completion of the transaction, the insider now owns 70,556 shares of the company’s stock, valued at approximately $6,218,100.28. The disclosure for this sale can be found here. Insiders sold 27,005 shares of company stock valued at $2,377,095 in the last quarter. Corporate insiders own 0.31% of the company’s stock.
Western Digital Co. (WDC) opened at $91.30 on Friday. The stock has a market cap of $27,005.35, a P/E ratio of 9.17 and a beta of 1.17. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.13 and a current ratio of 2.64. Western Digital Co. has a 1-year low of $58.30 and a 1-year high of $95.77.
Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.01 by $0.55. The firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.13 billion. Western Digital had a net margin of 13.14% and a return on equity of 23.27%. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.18 earnings per share. equities analysts forecast that Western Digital Co. will post 12.01 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend is Thursday, December 28th. Western Digital’s dividend payout ratio (DPR) is presently 41.75%.
Western Digital declared that its board has authorized a stock buyback 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 buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
Western Digital Company 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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