HRT Financial LLC Takes Position in Western Digital Corp (WDC)

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HRT Financial LLC bought a new position in Western Digital Corp (NASDAQ:WDC) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 5,505 shares of the data storage provider’s stock, valued at approximately $426,000.

Several other institutional investors have also recently added to or reduced their stakes in WDC. BlackRock Inc. increased its position in shares of Western Digital by 9.2% in the second quarter. BlackRock Inc. now owns 21,040,844 shares of the data storage provider’s stock worth $1,628,774,000 after acquiring an additional 1,772,435 shares in the last quarter. Morgan Stanley increased its position in shares of Western Digital by 60.5% in the second quarter. Morgan Stanley now owns 2,060,384 shares of the data storage provider’s stock worth $159,493,000 after acquiring an additional 776,556 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD increased its position in shares of Western Digital by 3,351.1% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 710,787 shares of the data storage provider’s stock worth $55,022,000 after acquiring an additional 690,191 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp grew its position in Western Digital by 366.4% during the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 824,100 shares of the data storage provider’s stock valued at $63,794,000 after purchasing an additional 647,400 shares in the last quarter. Finally, Summit Trail Advisors LLC grew its position in Western Digital by 6,026.3% during the first quarter. Summit Trail Advisors LLC now owns 633,763 shares of the data storage provider’s stock valued at $634,000 after purchasing an additional 623,418 shares in the last quarter. 83.12% of the stock is currently owned by institutional investors and hedge funds.

WDC stock opened at $56.96 on Friday. The company has a quick ratio of 1.73, a current ratio of 2.39 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $16.48 billion, a price-to-earnings ratio of 4.22, a price-to-earnings-growth ratio of 0.28 and a beta of 0.89. Western Digital Corp has a 12 month low of $53.61 and a 12 month high of $106.96.

Western Digital (NASDAQ:WDC) last posted its earnings results on Thursday, July 26th. The data storage provider reported $3.61 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.20 by $0.41. The company had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.07 billion. Western Digital had a net margin of 3.27% and a return on equity of 36.35%. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.93 earnings per share. equities research analysts predict that Western Digital Corp will post 10.71 EPS for the current fiscal year.

Western Digital announced that its Board of Directors has authorized a share buyback program on Thursday, July 26th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the data storage provider to repurchase up to 22.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Friday, September 28th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.51%. The ex-dividend date of this dividend is Thursday, September 27th. Western Digital’s dividend payout ratio is 14.80%.

In other news, EVP Michael Charles Ray sold 4,387 shares of the business’s stock in a transaction on Monday, August 6th. The shares were sold at an average price of $67.65, for a total value of $296,780.55. Following the completion of the sale, the executive vice president now directly owns 107,155 shares in the company, valued at $7,249,035.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark P. Long sold 1,214 shares of the business’s stock in a transaction on Monday, August 6th. The stock was sold at an average price of $67.65, for a total transaction of $82,127.10. Following the completion of the sale, the chief financial officer now owns 191,154 shares of the company’s stock, valued at $12,931,568.10. The disclosure for this sale can be found here. Insiders sold 32,772 shares of company stock valued at $2,298,763 over the last three months. Insiders own 0.31% of the company’s stock.

WDC has been the topic of a number of research analyst reports. Longbow Research set a $100.00 price objective on shares of Western Digital and gave the company a “buy” rating in a research report on Thursday, September 6th. BidaskClub downgraded shares of Western Digital from a “hold” rating to a “sell” rating in a research report on Saturday, July 21st. Bank of America lowered their price objective on shares of Western Digital from $120.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, July 27th. Royal Bank of Canada downgraded shares of Western Digital from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from $95.00 to $70.00 in a research report on Tuesday, September 11th. Finally, Goldman Sachs Group downgraded shares of Western Digital to a “hold” rating and set a $63.00 price objective on the stock. in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $100.56.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.

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Institutional Ownership by Quarter for Western Digital (NASDAQ:WDC)

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