Renaissance Group LLC Lowers Stake in Western Digital Corporation (WDC)
Renaissance Group LLC reduced its stake in Western Digital Corporation (NASDAQ:WDC) by 3.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 386,967 shares of the data storage provider’s stock after selling 15,843 shares during the period. Western Digital Corporation accounts for approximately 1.3% of Renaissance Group LLC’s portfolio, making the stock its 12th largest position. Renaissance Group LLC owned approximately 0.13% of Western Digital Corporation worth $34,285,000 as of its most recent filing with the SEC.
Other institutional investors have also bought and sold shares of the company. State of Alaska Department of Revenue purchased a new position in shares of Western Digital Corporation during the first quarter worth approximately $178,000. Candriam Luxembourg S.C.A. increased its position in shares of Western Digital Corporation by 38.1% in the first quarter. Candriam Luxembourg S.C.A. now owns 19,549 shares of the data storage provider’s stock worth $1,613,000 after buying an additional 5,398 shares during the period. BTIM Corp. purchased a new position in shares of Western Digital Corporation during the first quarter worth approximately $1,383,000. Sigma Planning Corp increased its position in shares of Western Digital Corporation by 11.8% in the first quarter. Sigma Planning Corp now owns 3,314 shares of the data storage provider’s stock worth $274,000 after buying an additional 350 shares during the period. Finally, First Mercantile Trust Co. increased its position in shares of 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. 83.44% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Western Digital Corporation (NASDAQ:WDC) opened at 90.25 on Monday. 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 P/E ratio of 67.35 and a beta of 1.22. The company has a 50-day moving average of $87.79 and a 200 day moving average of $84.86.
Western Digital Corporation (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share for the quarter, beating analysts’ consensus estimates of $2.51 by $0.42. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The firm had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same period in the prior year, the business posted $0.79 earnings per share. The business’s revenue was up 38.5% compared to the same quarter last year. Equities research analysts forecast that Western Digital Corporation will post $12.54 EPS for the current fiscal year.
The firm also recently disclosed 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. This represents a $2.00 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Thursday, September 28th. Western Digital Corporation’s dividend payout ratio is currently 156.25%.
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WDC has been the topic of a number of analyst reports. Mizuho reaffirmed a “buy” rating on shares of Western Digital Corporation in a research note on Friday, May 19th. Wells Fargo & Company reaffirmed a “market perform” rating and set a $95.00 target price on shares of Western Digital Corporation in a research note on Monday, May 15th. Vetr raised shares of Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $104.96 target price on the stock in a research note on Wednesday, July 26th. Cowen and Company lifted their target price on shares of Western Digital Corporation from $115.00 to $117.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 27th. Finally, Zacks Investment Research downgraded shares of Western Digital Corporation from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 4th. Seven research analysts have rated the stock with a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Western Digital Corporation has an average rating of “Buy” and an average target price of $104.51.
In other Western Digital Corporation news, insider Michael D. Cordano sold 11,322 shares of the business’s stock in a transaction on Monday, June 12th. The stock was sold at an average price of $85.00, for a total value of $962,370.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Michael D. Cordano sold 4,954 shares of the business’s stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $94.98, for a total value of $470,530.92. Following the completion of the transaction, the chief operating officer now directly owns 66,092 shares in the company, valued at approximately $6,277,418.16. The disclosure for this sale can be found here. In the last three months, insiders sold 145,291 shares of company stock worth $12,738,849. 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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