Pinnbrook Capital Management LP Buys Shares of 19,280 Western Digital Corporation $WDC

Pinnbrook Capital Management LP bought a new stake in Western Digital Corporation (NASDAQ:WDC) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 19,280 shares of the data storage provider’s stock, valued at approximately $12,315,000. Western Digital accounts for approximately 1.3% of Pinnbrook Capital Management LP’s investment portfolio, making the stock its 22nd largest holding.

Other large investors have also modified their holdings of the company. Rakuten Securities Inc. grew its position in Western Digital by 4,070.0% in the 2nd quarter. Rakuten Securities Inc. now owns 417 shares of the data storage provider’s stock valued at $27,000 after buying an additional 407 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC purchased a new position in Western Digital during the 2nd quarter worth $28,000. Dunhill Financial LLC purchased a new position in Western Digital during the 2nd quarter worth $29,000. Valley Wealth Managers Inc. acquired a new stake in shares of Western Digital in the 1st quarter worth $32,000. Finally, Gables Capital Management Inc. acquired a new stake in shares of Western Digital in the 2nd quarter worth $32,000. Hedge funds and other institutional investors own 92.51% of the company’s stock.

Insider Transactions at Western Digital

In related news, Director Bruce E. Kiddoo sold 750 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $528.52, for a total value of $396,390.00. Following the sale, the director directly owned 3,903 shares of the company’s stock, valued at approximately $2,062,813.56. This represents a 16.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Vidyadhara K. Gubbi sold 2,475 shares of the firm’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $556.24, for a total transaction of $1,376,694.00. Following the transaction, the insider owned 85,154 shares of the company’s stock, valued at $47,366,060.96. This trade represents a 2.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 24,679 shares of company stock worth $11,451,605. Corporate insiders own 0.18% of the company’s stock.

Western Digital Price Performance

Shares of NASDAQ:WDC opened at $459.44 on Friday. The firm has a market capitalization of $158.36 billion, a price-to-earnings ratio of 18.98 and a beta of 2.14. The business’s 50 day simple moving average is $552.24 and its 200-day simple moving average is $433.31. Western Digital Corporation has a 12 month low of $74.57 and a 12 month high of $799.87.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Wednesday, August 5th. The data storage provider reported $3.56 earnings per share for the quarter, beating the consensus estimate of $3.31 by $0.25. The firm had revenue of $3.75 billion during the quarter, compared to the consensus estimate of $3.70 billion. Western Digital had a return on equity of 48.15% and a net margin of 72.95%.Western Digital’s quarterly revenue was up 43.8% on a year-over-year basis. During the same period last year, the business posted $1.66 EPS. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. On average, equities analysts anticipate that Western Digital Corporation will post 19.65 earnings per share for the current year.

Western Digital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Tuesday, September 8th will be given a $0.15 dividend. The ex-dividend date is Tuesday, September 8th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.1%. Western Digital’s dividend payout ratio (DPR) is currently 2.48%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on WDC. Zacks Research upgraded shares of Western Digital from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 6th. Weiss Ratings downgraded shares of Western Digital from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Susquehanna lifted their price objective on Western Digital from $360.00 to $500.00 and gave the company a “neutral” rating in a report on Wednesday, July 8th. Fox Advisors cut Western Digital from an “overweight” rating to an “equal weight” rating in a research report on Monday, June 22nd. Finally, JPMorgan Chase & Co. increased their target price on Western Digital from $530.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $534.56.

Western Digital Company Profile

Western Digital Corporation is a global data storage company that designs, manufactures and sells a broad range of storage devices and systems for personal, enterprise and cloud applications. Headquartered in San Jose, California, the company develops hard disk drives (HDDs), solid-state drives (SSDs), NAND flash components and finished storage products used in PCs, external storage, servers, network-attached storage (NAS) and embedded systems.

Its product portfolio spans consumer and commercial markets, including internal and external HDDs and SSDs, removable flash memory products and storage platforms for data center and enterprise environments.