Abbot Financial Management Inc. acquired a new position in shares of Western Digital Corporation (NASDAQ:WDC) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 13,775 shares of the data storage provider’s stock, valued at approximately $1,220,000.
Several other hedge funds also recently added to or reduced their stakes in WDC. American Beacon Advisors Inc. bought a new position in shares of Western Digital Corporation during the 1st quarter worth about $111,000. Harbour Capital Advisors LLC bought a new position in shares of Western Digital Corporation during the 1st quarter worth about $117,000. SRS Capital Advisors Inc. boosted its position in shares of Western Digital Corporation by 26.7% during the 1st quarter. SRS Capital Advisors Inc. now owns 1,453 shares of the data storage provider’s stock worth $119,000 after purchasing an additional 306 shares in the last quarter. Ruggie Capital Group bought a new position in shares of Western Digital Corporation during the 1st quarter worth about $127,000. Finally, Huntington National Bank boosted its position in shares of Western Digital Corporation by 7.7% during the 2nd quarter. Huntington National Bank now owns 1,965 shares of the data storage provider’s stock worth $174,000 after purchasing an additional 141 shares in the last quarter. 82.42% of the stock is currently owned by institutional investors.
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Shares of Western Digital Corporation (WDC) traded down 1.9393% on Tuesday, reaching $87.4505. 1,832,670 shares of the company’s stock traded hands. The firm’s 50-day moving average is $85.98 and its 200-day moving average is $86.30. The stock has a market cap of $25.79 billion, a price-to-earnings ratio of 65.2616 and a beta of 1.21. Western Digital Corporation has a 52-week low of $52.10 and a 52-week high of $95.77. Western Digital Corporation also was the recipient of unusually large options trading activity on Monday. Investors purchased 6,330 call options on the company. This is an increase of 292% compared to the typical volume of 1,613 call options.
Western Digital Corporation (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.51 by $0.42. The firm had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.82 billion. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The company’s revenue for the quarter was up 38.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.79 earnings per share. Analysts anticipate that Western Digital Corporation will post $12.50 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.24%. Western Digital Corporation’s dividend payout ratio (DPR) is presently 156.25%.
Several equities analysts recently weighed in on the stock. Maxim Group reaffirmed a “buy” rating and issued a $108.00 price target on shares of Western Digital Corporation in a research report on Wednesday, June 21st. UBS AG reaffirmed a “neutral” rating and issued a $92.00 price target (up previously from $90.00) on shares of Western Digital Corporation in a research report on Wednesday, June 28th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Western Digital Corporation in a research report on Monday, June 12th. Guggenheim reaffirmed a “buy” rating and issued a $125.00 price target on shares of Western Digital Corporation in a research report on Wednesday, June 14th. Finally, FBN Securities raised their price target on shares of Western Digital Corporation from $105.00 to $115.00 and gave the company an “outperform” rating in a research report on Friday, June 30th. Eight equities research analysts have rated the stock with a hold rating, twenty-seven have issued 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 price target of $111.34.
In other news, EVP Srinivasan Sivaram sold 16,049 shares of the stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $85.06, for a total value of $1,365,127.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark P. Long sold 1,446 shares of the stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $87.63, for a total transaction of $126,712.98. Following the completion of the sale, the insider now directly owns 86,939 shares of the company’s stock, valued at $7,618,464.57. The disclosure for this sale can be found here. Over the last three months, insiders sold 134,891 shares of company stock valued at $11,854,827. Corporate 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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