Renaissance Group LLC Decreases Holdings in Western Digital Corp (WDC)
Renaissance Group LLC reduced its stake in Western Digital Corp (NASDAQ:WDC) by 3.4% in the fourth quarter, HoldingsChannel.com reports. The fund owned 381,633 shares of the data storage provider’s stock after selling 13,483 shares during the quarter. Renaissance Group LLC’s holdings in Western Digital were worth $30,351,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently modified their holdings of WDC. Renaissance Technologies LLC acquired a new stake in Western Digital in the second quarter worth approximately $12,329,000. Macquarie Group Ltd. lifted its position in Western Digital by 13.0% in the second quarter. Macquarie Group Ltd. now owns 178,755 shares of the data storage provider’s stock worth $15,837,000 after purchasing an additional 20,621 shares during the period. The Manufacturers Life Insurance Company lifted its position in Western Digital by 1.6% in the second quarter. The Manufacturers Life Insurance Company now owns 349,146 shares of the data storage provider’s stock worth $30,934,000 after purchasing an additional 5,331 shares during the period. Raymond James Financial Services Advisors Inc. lifted its position in Western Digital by 31.0% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 32,454 shares of the data storage provider’s stock worth $2,876,000 after purchasing an additional 7,688 shares during the period. Finally, Sterling Capital Management LLC lifted its position in Western Digital by 9.3% in the second quarter. Sterling Capital Management LLC now owns 37,509 shares of the data storage provider’s stock worth $3,323,000 after purchasing an additional 3,197 shares during the period. Institutional investors own 84.52% of the company’s stock.
Several research analysts have issued reports on WDC shares. Zacks Investment Research cut Western Digital from a “buy” rating to a “hold” rating in a report on Monday. Mizuho reaffirmed a “buy” rating and issued a $110.00 price target (up previously from $105.00) on shares of Western Digital in a report on Friday, February 2nd. Guggenheim reaffirmed a “buy” rating and issued a $125.00 price target on shares of Western Digital in a report on Thursday, February 1st. TheStreet cut Western Digital from a “b” rating to a “c+” rating in a report on Thursday, January 25th. Finally, Craig Hallum dropped their price target on Western Digital from $142.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, January 26th. Thirteen research analysts have rated the stock with a hold rating, twenty-two 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 a consensus target price of $111.78.
Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, January 25th. The data storage provider reported $3.95 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.51 by $0.44. The firm had revenue of $5.34 billion during the quarter, compared to analysts’ expectations of $5.31 billion. Western Digital had a net margin of 1.93% and a return on equity of 30.78%. Western Digital’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same period in the prior year, the company posted $2.30 earnings per share. research analysts predict that Western Digital Corp will post 12.62 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Friday, March 30th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date of this dividend is Thursday, March 29th. Western Digital’s dividend payout ratio is presently 165.29%.
Western Digital declared that its Board of Directors has approved a share buyback plan on Thursday, November 9th that authorizes the company to buyback $2.10 billion in shares. This buyback authorization authorizes the data storage provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.
In other news, EVP Michael Charles Ray sold 4,387 shares of the company’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $84.20, for a total transaction of $369,385.40. Following the completion of the transaction, the executive vice president now owns 43,323 shares of the company’s stock, valued at $3,647,796.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael D. Cordano sold 1,397 shares of the company’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $88.13, for a total transaction of $123,117.61. Following the transaction, the insider now directly owns 70,556 shares of the company’s stock, valued at approximately $6,218,100.28. The disclosure for this sale can be found here. Insiders sold 158,393 shares of company stock valued at $13,801,887 over the last quarter. 0.31% of the stock is currently owned by corporate insiders.
Western Digital Profile
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).
Want to see what other hedge funds are holding WDC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Western Digital Corp (NASDAQ:WDC).
Receive News & Ratings for Western Digital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western Digital and related companies with MarketBeat.com's FREE daily email newsletter.