Tocqueville Asset Management L.P. Lowers Position in Western Digital Corporation (WDC)
Tocqueville Asset Management L.P. reduced its stake in shares of Western Digital Corporation (NASDAQ:WDC) by 39.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,619 shares of the data storage provider’s stock after selling 17,280 shares during the period. Tocqueville Asset Management L.P.’s holdings in Western Digital Corporation were worth $2,358,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. First Midwest Bank Trust Division purchased a new stake in Western Digital Corporation during the first quarter valued at $1,047,000. Financial Architects Inc increased its stake in Western Digital Corporation by 78.3% in the first quarter. Financial Architects Inc now owns 3,047 shares of the data storage provider’s stock valued at $252,000 after buying an additional 1,338 shares during the last quarter. State of New Jersey Common Pension Fund D increased its stake in Western Digital Corporation by 11.5% in the first quarter. State of New Jersey Common Pension Fund D now owns 1,018,209 shares of the data storage provider’s stock valued at $84,033,000 after buying an additional 105,000 shares during the last quarter. Nikko Asset Management Americas Inc. purchased a new stake in Western Digital Corporation during the first quarter valued at $124,000. Finally, Strs Ohio increased its stake in Western Digital Corporation by 1.1% in the first quarter. Strs Ohio now owns 9,902 shares of the data storage provider’s stock valued at $817,000 after buying an additional 103 shares during the last quarter. 81.91% of the stock is owned by institutional investors and hedge funds.
Western Digital Corporation (NASDAQ:WDC) opened at 90.25 on Friday. Western Digital Corporation has a 52 week low of $45.70 and a 52 week high of $95.77. The stock has a market cap of $26.35 billion, a price-to-earnings ratio of 67.35 and a beta of 1.22. The firm’s 50 day moving average price is $87.79 and its 200-day moving average price is $84.86.
Western Digital Corporation (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.51 by $0.42. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The company had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter in the prior year, the firm earned $0.79 earnings per share. The firm’s revenue was up 38.5% compared to the same quarter last year. Analysts expect that Western Digital Corporation will post $12.54 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.22%. The ex-dividend date is Thursday, September 28th. Western Digital Corporation’s dividend payout ratio is 156.25%.
Several research firms have recently weighed in on WDC. Summit Redstone reissued a “buy” rating on shares of Western Digital Corporation in a report on Saturday, July 22nd. Loop Capital assumed coverage on Western Digital Corporation in a research report on Monday, July 24th. They issued a “buy” rating and a $140.00 price target on the stock. BTIG Research restated a “buy” rating and issued a $120.00 price target on shares of Western Digital Corporation in a research report on Friday, July 14th. Mizuho restated a “buy” rating and issued a $105.00 price target on shares of Western Digital Corporation in a research report on Monday, July 17th. Finally, Vetr cut Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $102.77 price target on the stock. in a research report on Wednesday, July 12th. Seven analysts have rated the stock with a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $104.51.
In other news, EVP Michael Charles Ray sold 524 shares of the stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $92.30, for a total transaction of $48,365.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Jacqueline Demaria sold 14,358 shares of the stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $84.53, for a total transaction of $1,213,681.74. Following the sale, the executive vice president now directly owns 75,772 shares of the company’s stock, valued at approximately $6,405,007.16. The disclosure for this sale can be found here. Insiders have sold 145,291 shares of company stock valued at $12,738,849 in the last three months. 0.46% of the stock is owned by 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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