Pinnacle Associates Ltd. decreased its stake in Western Digital Corporation (NASDAQ:WDC) by 17.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 46,240 shares of the data storage provider’s stock after selling 9,550 shares during the period. Pinnacle Associates Ltd.’s holdings in Western Digital Corporation were worth $3,816,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of WDC. OMERS ADMINISTRATION Corp raised its position in Western Digital Corporation by 9.6% in the third quarter. OMERS ADMINISTRATION Corp now owns 274,800 shares of the data storage provider’s stock worth $16,068,000 after buying an additional 24,000 shares during the last quarter. Quentec Asset Management LLC acquired a new position in Western Digital Corporation during the third quarter worth $6,572,000. HighTower Advisors LLC raised its position in Western Digital Corporation by 17.5% in the third quarter. HighTower Advisors LLC now owns 187,275 shares of the data storage provider’s stock worth $10,965,000 after buying an additional 27,881 shares during the last quarter. Dynamic Capital Management Ltd raised its position in Western Digital Corporation by 1,022.3% in the third quarter. Dynamic Capital Management Ltd now owns 134,613 shares of the data storage provider’s stock worth $7,871,000 after buying an additional 122,619 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Western Digital Corporation by 65.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 443,353 shares of the data storage provider’s stock worth $25,923,000 after buying an additional 174,581 shares during the last quarter. 83.10% of the stock is currently owned by hedge funds and other institutional investors.

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

Western Digital Corporation (WDC) opened at 93.34 on Friday. Western Digital Corporation has a one year low of $41.64 and a one year high of $95.00. The stock’s market cap is $27.18 billion. The company’s 50-day moving average price is $88.90 and its 200-day moving average price is $79.46. Western Digital Corporation also was the target of some unusual options trading activity on Friday. Investors acquired 25,040 call options on the company. This represents an increase of 232% compared to the average volume of 7,540 call options.

Western Digital Corporation (NASDAQ:WDC) last released its earnings results on Thursday, April 27th. The data storage provider reported $2.07 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.85 by $0.22. Western Digital Corporation had a negative net margin of 1.32% and a positive return on equity of 16.01%. The company had revenue of $4.65 billion during the quarter, compared to analysts’ expectations of $4.57 billion. During the same quarter last year, the business earned $1.21 EPS. The business’s revenue was up 64.7% on a year-over-year basis. Analysts forecast that Western Digital Corporation will post $8.89 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, July 17th. Stockholders of record on Friday, June 30th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.14%. Western Digital Corporation’s payout ratio is currently -202.02%.

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A number of research analysts recently weighed in on the company. Jefferies Group LLC reissued a “hold” rating and set a $90.00 target price on shares of Western Digital Corporation in a report on Friday, June 2nd. Longbow Research reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Western Digital Corporation in a report on Friday, June 2nd. Guggenheim reaffirmed a “buy” rating and issued a $125.00 price objective on shares of Western Digital Corporation in a report on Wednesday, June 14th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Western Digital Corporation in a report on Sunday, May 28th. Finally, Vetr raised Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $100.10 price objective on the stock in a report on Monday, May 29th. Six investment analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $99.37.

In related news, EVP Srinivasan Sivaram sold 40,182 shares of the firm’s stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $89.18, for a total value of $3,583,430.76. Following the completion of the transaction, the executive vice president now directly owns 102,202 shares of the company’s stock, valued at $9,114,374.36. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Michael D. Cordano sold 27,137 shares of the business’s stock in a transaction dated Monday, April 10th. The stock was sold at an average price of $85.07, for a total value of $2,308,544.59. Following the transaction, the insider now owns 62,878 shares of the company’s stock, valued at $5,349,031.46. The disclosure for this sale can be found here. Insiders sold 187,826 shares of company stock worth $16,390,713 over the last ninety days. 0.46% of the stock is currently owned by corporate insiders.

About Western Digital Corporation

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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