Empirical Finance LLC decreased its stake in Western Digital Corp (NASDAQ:WDC) by 44.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,622 shares of the data storage provider’s stock after selling 14,373 shares during the period. Empirical Finance LLC’s holdings in Western Digital were worth $1,032,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of WDC. BlackRock Inc. boosted its position in shares of Western Digital by 9.2% in the second quarter. BlackRock Inc. now owns 21,040,844 shares of the data storage provider’s stock worth $1,628,774,000 after buying an additional 1,772,435 shares during the period. Morgan Stanley boosted its position in shares of Western Digital by 60.5% in the second quarter. Morgan Stanley now owns 2,060,384 shares of the data storage provider’s stock worth $159,493,000 after buying an additional 776,556 shares during the period. Sumitomo Mitsui Asset Management Company LTD boosted its position in shares of Western Digital by 3,351.1% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 710,787 shares of the data storage provider’s stock worth $55,022,000 after buying an additional 690,191 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its position in shares of Western Digital by 366.4% in the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 824,100 shares of the data storage provider’s stock worth $63,794,000 after buying an additional 647,400 shares during the period. Finally, Summit Trail Advisors LLC boosted its position in shares of Western Digital by 6,026.3% in the first quarter. Summit Trail Advisors LLC now owns 633,763 shares of the data storage provider’s stock worth $634,000 after buying an additional 623,418 shares during the period. 83.12% of the stock is owned by institutional investors.

NASDAQ:WDC opened at $55.83 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.73 and a current ratio of 2.39. Western Digital Corp has a 52 week low of $53.58 and a 52 week high of $106.96. The company has a market cap of $17.06 billion, a price-to-earnings ratio of 4.13, a PEG ratio of 0.29 and a beta of 0.90.

Western Digital (NASDAQ:WDC) last released its earnings results on Thursday, July 26th. The data storage provider reported $3.61 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $5.07 billion. During the same quarter last year, the business posted $2.93 EPS. Western Digital’s quarterly revenue was up 5.7% compared to the same quarter last year. On average, research analysts forecast that Western Digital Corp will post 10.71 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 28th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date of this dividend was Thursday, September 27th. Western Digital’s dividend payout ratio is presently 14.80%.

Western Digital announced that its Board of Directors has authorized a share repurchase program on Thursday, July 26th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the data storage provider to purchase up to 22.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

WDC has been the subject of several analyst reports. Standpoint Research raised Western Digital from a “hold” rating to a “buy” rating in a research report on Tuesday, July 10th. Evercore ISI reduced their price target on Western Digital from $130.00 to $100.00 and set an “outperform” rating for the company in a report on Tuesday, July 17th. Zacks Investment Research downgraded Western Digital from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 17th. BidaskClub downgraded Western Digital from a “hold” rating to a “sell” rating in a report on Saturday, July 21st. Finally, Maxim Group reissued a “buy” rating and issued a $126.00 price target on shares of Western Digital in a report on Friday, July 27th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seventeen have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $100.83.

In other news, insider Mark P. Long sold 24,938 shares of the stock in a transaction that occurred on Monday, July 30th. The stock was sold at an average price of $70.83, for a total transaction of $1,766,358.54. Following the sale, the insider now directly owns 215,963 shares in the company, valued at approximately $15,296,659.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark P. Long sold 2,233 shares of the stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $68.74, for a total value of $153,496.42. Following the sale, the chief financial officer now owns 191,154 shares in the company, valued at $13,139,925.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,772 shares of company stock worth $2,298,763. 0.31% of the stock is currently owned by company insiders.

About Western Digital

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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Institutional Ownership by Quarter for Western Digital (NASDAQ:WDC)

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