Messner & Smith Theme Value Investment Management Ltd. CA Purchases New Stake in Western Digital Corp (WDC)
Messner & Smith Theme Value Investment Management Ltd. CA purchased a new position in shares of Western Digital Corp (NASDAQ:WDC) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 16,990 shares of the data storage provider’s stock, valued at approximately $1,351,000. Western Digital accounts for about 2.2% of Messner & Smith Theme Value Investment Management Ltd. CA’s investment portfolio, making the stock its 17th largest holding.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Iridian Asset Management LLC CT grew its position in Western Digital by 1.2% during the 4th quarter. Iridian Asset Management LLC CT now owns 5,989,267 shares of the data storage provider’s stock worth $476,326,000 after purchasing an additional 68,610 shares during the period. Bank of New York Mellon Corp grew its position in shares of Western Digital by 22.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,281,695 shares of the data storage provider’s stock valued at $283,538,000 after acquiring an additional 598,563 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Western Digital by 2.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 3,086,925 shares of the data storage provider’s stock valued at $266,720,000 after acquiring an additional 83,030 shares during the period. Neuberger Berman Group LLC grew its position in shares of Western Digital by 0.8% during the 3rd quarter. Neuberger Berman Group LLC now owns 2,638,934 shares of the data storage provider’s stock valued at $228,004,000 after acquiring an additional 19,647 shares during the period. Finally, Janus Henderson Group PLC grew its position in shares of Western Digital by 28.9% during the 3rd quarter. Janus Henderson Group PLC now owns 2,570,605 shares of the data storage provider’s stock valued at $222,092,000 after acquiring an additional 575,772 shares during the period. 83.70% of the stock is currently owned by institutional investors.
Western Digital Corp (NASDAQ WDC) opened at $80.59 on Monday. The firm has a market cap of $23,980.38, a PE ratio of 6.95, a P/E/G ratio of 0.34 and a beta of 1.13. Western Digital Corp has a 12 month low of $71.38 and a 12 month high of $95.77. The company has a quick ratio of 2.03, a current ratio of 2.55 and a debt-to-equity ratio of 1.04.
Western Digital declared that its board has authorized a share buyback program on Thursday, November 9th that allows the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization allows the data storage provider to purchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Friday, March 30th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend is Thursday, March 29th. Western Digital’s dividend payout ratio (DPR) is 165.29%.
In other Western Digital news, insider Michael D. Cordano sold 1,401 shares of the firm’s stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $85.00, for a total value of $119,085.00. Following the transaction, the insider now directly owns 70,560 shares of the company’s stock, valued at approximately $5,997,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Stephen D. Milligan sold 90,755 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $88.12, for a total transaction of $7,997,330.60. The disclosure for this sale can be found here. Insiders sold a total of 152,529 shares of company stock worth $13,285,093 over the last three months. Corporate insiders own 0.31% of the company’s stock.
WDC has been the topic of a number of analyst reports. Vetr cut Western Digital from a “strong-buy” rating to a “buy” rating and set a $98.49 target price on the stock. in a research report on Monday, October 30th. Zacks Investment Research upgraded Western Digital from a “sell” rating to a “hold” rating in a research report on Tuesday, October 24th. Guggenheim restated a “buy” rating and set a $125.00 target price on shares of Western Digital in a research report on Thursday, February 1st. Cowen set a $117.00 target price on Western Digital and gave the company an “outperform” rating in a research report on Tuesday, January 23rd. Finally, TheStreet cut Western Digital from a “b” rating to a “c+” rating in a research report on Thursday, January 25th. Thirteen equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and two have assigned a strong buy rating to the company. Western Digital currently has an average rating of “Buy” and a consensus price target of $111.78.
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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).
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