Foundry Partners LLC acquired a new stake in Western Digital Corp. (NASDAQ:WDC) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 95,400 shares of the data storage provider’s stock, valued at approximately $5,578,000.

A number of other hedge funds also recently made changes to their positions in the company. Checchi Capital Advisers LLC increased its position in Western Digital Corp. by 5.1% in the second quarter. Checchi Capital Advisers LLC now owns 2,197 shares of the data storage provider’s stock valued at $104,000 after buying an additional 107 shares during the last quarter. Amica Retiree Medical Trust increased its position in Western Digital Corp. by 28.9% in the second quarter. Amica Retiree Medical Trust now owns 2,203 shares of the data storage provider’s stock valued at $104,000 after buying an additional 494 shares during the last quarter. Cornerstone Advisors Inc. increased its position in Western Digital Corp. by 5.7% in the second quarter. Cornerstone Advisors Inc. now owns 2,245 shares of the data storage provider’s stock valued at $106,000 after buying an additional 121 shares during the last quarter. Americafirst Capital Management LLC acquired a new position in Western Digital Corp. during the second quarter valued at $108,000. Finally, Sumitomo Life Insurance Co. acquired a new position in Western Digital Corp. during the second quarter valued at $116,000. 87.28% of the stock is currently owned by institutional investors and hedge funds.

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

Western Digital Corp. (NASDAQ:WDC) traded up 3.62% during midday trading on Friday, reaching $60.93. 4,837,313 shares of the company’s stock were exchanged. The firm’s market capitalization is $17393.93 billion. The firm’s 50 day moving average is $56.89 and its 200 day moving average is $49.67. Western Digital Corp. has a 52 week low of $34.99 and a 52 week high of $64.73.

Western Digital Corp. (NASDAQ:WDC) last issued its quarterly earnings results on Wednesday, October 26th. The data storage provider reported $1.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.05 by $0.13. Western Digital Corp. had a positive return on equity of 11.74% and a negative net margin of 2.73%. The business had revenue of $4.71 billion for the quarter, compared to analyst estimates of $4.51 billion. During the same quarter in the previous year, the firm earned $1.56 earnings per share. The company’s revenue was up 40.3% on a year-over-year basis. On average, equities analysts anticipate that Western Digital Corp. will post $6.62 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 17th. Stockholders of record on Friday, December 30th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, December 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.28%. Western Digital Corp.’s payout ratio is -162.60%.

Several equities analysts have recently weighed in on the stock. Maxim Group lifted their target price on shares of Western Digital Corp. from $88.00 to $93.00 and gave the stock a “buy” rating in a research note on Thursday, October 27th. Citigroup Inc. set a $65.00 price objective on shares of Western Digital Corp. and gave the company a “buy” rating in a research note on Wednesday, September 7th. FBN Securities reaffirmed a “sector perform” rating and set a $55.00 price objective (up previously from $50.00) on shares of Western Digital Corp. in a research note on Thursday, September 8th. BTIG Research boosted their price objective on shares of Western Digital Corp. from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, September 7th. Finally, Susquehanna reaffirmed a “positive” rating and set a $88.00 price objective (up previously from $80.00) on shares of Western Digital Corp. in a research note on Thursday, October 27th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $67.70.

In related news, Director Matthew E. Massengill sold 2,187 shares of the company’s stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $57.31, for a total value of $125,336.97. Following the sale, the director now owns 15,579 shares in the company, valued at $892,832.49. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michael D. Cordano sold 18,250 shares of the company’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $59.15, for a total value of $1,079,487.50. Following the completion of the sale, the insider now owns 58,153 shares in the company, valued at approximately $3,439,749.95. The disclosure for this sale can be found here. Insiders own 0.46% of the company’s stock.

About Western Digital Corp.

Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage solutions that enable consumers, businesses, governments and other organizations to create, manage, experience and preserve digital content. The Company’s product portfolio includes hard disk drives (HDDs), solid-state drives, direct attached storage solutions, personal cloud network attached storage solutions, and public and private cloud data center storage solutions.

5 Day Chart for NASDAQ:WDC

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