Redwood Investments LLC Has $12.58 Million Position in Western Digital Corporation (WDC)
Redwood Investments LLC reduced its position in shares of Western Digital Corporation (NASDAQ:WDC) by 14.4% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 142,007 shares of the data storage provider’s stock after selling 23,946 shares during the period. Western Digital Corporation comprises 1.3% of Redwood Investments LLC’s holdings, making the stock its 18th largest position. Redwood Investments LLC’s holdings in Western Digital Corporation were worth $12,582,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of WDC. First Mercantile Trust Co. boosted its stake in Western Digital Corporation by 12.0% in the first quarter. First Mercantile Trust Co. now owns 7,700 shares of the data storage provider’s stock worth $635,000 after buying an additional 825 shares during the period. Glen Harbor Capital Management LLC boosted its stake in Western Digital Corporation by 40.1% in the first quarter. Glen Harbor Capital Management LLC now owns 73,134 shares of the data storage provider’s stock worth $6,036,000 after buying an additional 20,944 shares during the period. Howard Hughes Medical Institute boosted its stake in Western Digital Corporation by 55.5% in the first quarter. Howard Hughes Medical Institute now owns 6,152 shares of the data storage provider’s stock worth $508,000 after buying an additional 2,195 shares during the period. Northpointe Capital LLC acquired a new stake in Western Digital Corporation during the first quarter worth about $3,938,000. Finally, Profund Advisors LLC boosted its stake in shares of Western Digital Corporation by 5.8% in the first quarter. Profund Advisors LLC now owns 23,048 shares of the data storage provider’s stock worth $1,902,000 after buying an additional 1,255 shares during the last quarter. Hedge funds and other institutional investors own 81.91% of the company’s stock.
Western Digital Corporation (NASDAQ:WDC) opened at 83.20 on Monday. The firm has a market cap of $24.29 billion, a P/E ratio of 62.09 and a beta of 1.22. Western Digital Corporation has a 12 month low of $45.25 and a 12 month high of $95.77. The company’s 50-day moving average is $87.67 and its 200 day moving average is $84.55.
Western Digital Corporation (NASDAQ:WDC) last announced its earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share for the quarter, topping analysts’ consensus estimates of $2.51 by $0.42. The business had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.82 billion. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The company’s quarterly revenue was up 38.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.79 EPS. Equities research analysts expect that Western Digital Corporation will post $12.54 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be paid a $0.50 dividend. The ex-dividend date is Thursday, September 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.40%. Western Digital Corporation’s dividend payout ratio is currently 156.25%.
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A number of analysts have recently weighed in on the stock. BidaskClub upgraded shares of Western Digital Corporation from a “sell” rating to a “hold” rating in a research note on Friday. Jefferies Group LLC restated a “hold” rating and issued a $90.00 price objective on shares of Western Digital Corporation in a research note on Friday. Vetr cut shares of Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $95.94 price objective for the company. in a research note on Wednesday, August 16th. Stifel Nicolaus restated a “buy” rating and issued a $120.00 price objective on shares of Western Digital Corporation in a research note on Monday, August 7th. Finally, Zacks Investment Research upgraded shares of Western Digital Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. Eight analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $104.66.
In other Western Digital Corporation news, CFO Mark P. Long sold 1,517 shares of the company’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $80.97, for a total value of $122,831.49. Following the transaction, the chief financial officer now directly owns 88,207 shares in the company, valued at approximately $7,142,120.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael D. Cordano sold 11,322 shares of the company’s stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $85.00, for a total value of $962,370.00. The disclosure for this sale can be found here. Insiders sold a total of 123,644 shares of company stock worth $10,946,300 over the last 90 days. Corporate insiders own 0.46% of the company’s stock.
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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