Redwood Investments LLC Raises Position in Western Digital Corporation (WDC)
Redwood Investments LLC increased its stake in shares of Western Digital Corporation (NASDAQ:WDC) by 8.1% during the first quarter, Holdings Channel reports. The institutional investor owned 165,953 shares of the data storage provider’s stock after buying an additional 12,400 shares during the period. Western Digital Corporation makes up approximately 1.4% of Redwood Investments LLC’s holdings, making the stock its 17th largest position. Redwood Investments LLC owned about 0.06% of Western Digital Corporation worth $13,696,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Asset Management One Co. Ltd. increased its stake in shares of Western Digital Corporation by 856.1% in the fourth quarter. Asset Management One Co. Ltd. now owns 540,002 shares of the data storage provider’s stock valued at $36,737,000 after buying an additional 483,522 shares during the period. Aviva PLC increased its stake in shares of Western Digital Corporation by 20.3% in the fourth quarter. Aviva PLC now owns 195,089 shares of the data storage provider’s stock valued at $13,258,000 after buying an additional 32,856 shares during the period. Elkfork Partners LLC purchased a new stake in shares of Western Digital Corporation during the fourth quarter valued at about $2,295,000. Marshall Wace LLP increased its stake in shares of Western Digital Corporation by 2,594.0% in the fourth quarter. Marshall Wace LLP now owns 127,587 shares of the data storage provider’s stock valued at $8,670,000 after buying an additional 122,851 shares during the period. Finally, RidgeWorth Capital Management LLC increased its stake in shares of Western Digital Corporation by 46.9% in the fourth quarter. RidgeWorth Capital Management LLC now owns 620,312 shares of the data storage provider’s stock valued at $42,460,000 after buying an additional 197,975 shares during the period. 83.08% of the stock is currently owned by institutional investors.
Western Digital Corporation (NASDAQ:WDC) traded down 0.22% during mid-day trading on Friday, hitting $87.12. 4,295,000 shares of the stock traded hands. The stock’s market capitalization is $25.37 billion. The company has a 50 day moving average price of $88.90 and a 200-day moving average price of $78.85. Western Digital Corporation has a one year low of $41.64 and a one year high of $92.50.
Western Digital Corporation (NASDAQ:WDC) last posted its earnings results on Thursday, April 27th. The data storage provider reported $2.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.85 by $0.22. Western Digital Corporation had a negative net margin of 1.32% and a positive return on equity of 16.01%. The firm had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.57 billion. During the same period in the previous year, the firm posted $1.21 EPS. The company’s revenue for the quarter was up 64.7% compared to the same quarter last year. Equities analysts anticipate that Western Digital Corporation will post $8.89 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 17th. Shareholders of record on Friday, June 30th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend is Wednesday, June 28th. Western Digital Corporation’s payout ratio is -202.02%.
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WDC has been the topic of several research analyst reports. Royal Bank Of Canada restated an “outperform” rating and set a $96.00 price target on shares of Western Digital Corporation in a report on Monday, April 17th. Mizuho restated a “buy” rating on shares of Western Digital Corporation in a report on Friday, May 19th. Citigroup Inc. restated a “buy” rating and set a $100.00 price target on shares of Western Digital Corporation in a report on Monday, March 6th. Deutsche Bank AG restated a “buy” rating and set a $105.00 price target (up from $88.00) on shares of Western Digital Corporation in a report on Saturday, April 29th. Finally, Vetr cut shares of Western Digital Corporation from a “hold” rating to a “sell” rating and set a $80.38 price target on the stock. in a report on Tuesday, April 4th. Six investment analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $99.37.
In other Western Digital Corporation news, insider Michael D. Cordano sold 27,137 shares of the business’s stock in a transaction that occurred on Monday, April 10th. The shares were sold at an average price of $85.07, for a total transaction of $2,308,544.59. Following the sale, the insider now directly owns 62,878 shares of the company’s stock, valued at approximately $5,349,031.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael D. Cordano sold 11,322 shares of the business’s stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $85.00, for a total transaction of $962,370.00. The disclosure for this sale can be found here. Insiders have sold a total of 187,826 shares of company stock worth $16,390,713 over the last three months. 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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