Lingohr & Partner Asset Management GmbH Acquires Shares of 17,766 Western Digital Corp (WDC)
Lingohr & Partner Asset Management GmbH acquired a new stake in Western Digital Corp (NASDAQ:WDC) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 17,766 shares of the data storage provider’s stock, valued at approximately $1,375,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WDC. BlackRock Inc. lifted its holdings in Western Digital by 9.2% during the 2nd quarter. BlackRock Inc. now owns 21,040,844 shares of the data storage provider’s stock valued at $1,628,774,000 after purchasing an additional 1,772,435 shares during the last quarter. LSV Asset Management lifted its holdings in Western Digital by 4.6% during the 2nd quarter. LSV Asset Management now owns 3,398,246 shares of the data storage provider’s stock valued at $263,058,000 after purchasing an additional 149,934 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Western Digital by 1.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,060,836 shares of the data storage provider’s stock valued at $236,931,000 after purchasing an additional 49,960 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in Western Digital by 6.2% during the 2nd quarter. Wells Fargo & Company MN now owns 2,321,676 shares of the data storage provider’s stock valued at $179,720,000 after purchasing an additional 135,550 shares during the last quarter. Finally, TCW Group Inc. lifted its holdings in Western Digital by 2.9% during the 2nd quarter. TCW Group Inc. now owns 2,160,384 shares of the data storage provider’s stock valued at $167,236,000 after purchasing an additional 61,116 shares during the last quarter. 83.12% of the stock is owned by institutional investors.
In related news, insider Mark P. Long sold 24,938 shares of the firm’s stock in a transaction on Monday, July 30th. The stock was sold at an average price of $70.83, for a total value of $1,766,358.54. Following the transaction, the insider now owns 215,963 shares in the company, valued at $15,296,659.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark P. Long sold 1,214 shares of Western Digital stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $67.65, for a total value of $82,127.10. Following the completion of the transaction, the chief financial officer now owns 191,154 shares in the company, valued at approximately $12,931,568.10. The disclosure for this sale can be found here. Insiders sold 32,772 shares of company stock worth $2,298,763 in the last 90 days. 0.31% of the stock is owned by company insiders.
Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, July 26th. The data storage provider reported $3.61 EPS for the quarter, topping the Zacks’ consensus estimate of $3.20 by $0.41. Western Digital had a return on equity of 36.35% and a net margin of 3.27%. The company had revenue of $5.12 billion for the quarter, compared to analysts’ expectations of $5.07 billion. During the same quarter last year, the business earned $2.93 earnings per share. Western Digital’s revenue was up 5.7% on a year-over-year basis. equities analysts anticipate that Western Digital Corp will post 10.71 EPS for the current year.
Western Digital declared that its board has initiated a share buyback plan on Thursday, July 26th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the data storage provider to reacquire up to 22.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Friday, September 28th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date of this dividend is Thursday, September 27th. Western Digital’s payout ratio is currently 14.80%.
WDC has been the subject of several research reports. Cowen raised their price target on Western Digital from $100.00 to $105.00 and gave the company an “outperform” rating in a report on Wednesday, June 6th. ValuEngine downgraded Western Digital from a “sell” rating to a “strong sell” rating in a report on Friday, June 8th. BidaskClub downgraded Western Digital from a “buy” rating to a “hold” rating in a report on Friday, June 8th. Standpoint Research upgraded Western Digital from a “hold” rating to a “buy” rating in a research report on Tuesday, July 10th. Finally, Evercore ISI lowered their price objective on Western Digital from $130.00 to $100.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 17th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eighteen have assigned a buy rating to the company. Western Digital has a consensus rating of “Buy” and a consensus price target of $100.56.
Western Digital Profile
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.
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