Winslow Evans & Crocker Inc. raised its position in shares of Western Digital Corporation (NASDAQ:WDC) by 9.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,258 shares of the data storage provider’s stock after acquiring an additional 940 shares during the period. Winslow Evans & Crocker Inc.’s holdings in Western Digital were worth $895,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also recently bought and sold shares of WDC. Acadian Asset Management LLC bought a new position in Western Digital during the fourth quarter valued at $132,000. Quantbot Technologies LP bought a new position in Western Digital during the second quarter valued at $135,000. Sun Life Financial INC increased its position in Western Digital by 16,215.4% during the second quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock valued at $188,000 after acquiring an additional 2,108 shares during the last quarter. Adviser Investments LLC bought a new position in Western Digital during the third quarter valued at $204,000. Finally, Rational Advisors LLC bought a new position in Western Digital during the third quarter valued at $207,000. Institutional investors and hedge funds own 83.86% of the company’s stock.
A number of research firms have weighed in on WDC. Royal Bank of Canada reiterated a “buy” rating on shares of Western Digital in a research report on Friday, December 22nd. BidaskClub cut shares of Western Digital from a “hold” rating to a “sell” rating in a report on Thursday, January 11th. Macquarie began coverage on shares of Western Digital in a report on Friday. They issued a “neutral” rating and a $90.00 price target on the stock. Evercore ISI restated a “buy” rating and issued a $130.00 price target on shares of Western Digital in a report on Wednesday, December 13th. Finally, Deutsche Bank cut shares of Western Digital from a “buy” rating to a “hold” rating and cut their price target for the stock from $105.00 to $80.00 in a report on Wednesday, October 4th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-three have assigned a buy rating and three have assigned a strong buy rating to the company. Western Digital presently has an average rating of “Buy” and an average price target of $111.39.
Shares of Western Digital Corporation (WDC) traded down $0.80 during trading on Friday, reaching $85.60. 3,940,000 shares of the company’s stock traded hands, compared to its average volume of 3,970,000. The company has a current ratio of 2.64, a quick ratio of 2.13 and a debt-to-equity ratio of 1.07. Western Digital Corporation has a one year low of $71.10 and a one year high of $95.77. The company has a market cap of $25,270.00, a PE ratio of 17.87, a price-to-earnings-growth ratio of 0.28 and a beta of 1.12.
Western Digital (NASDAQ:WDC) last issued its earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.01 by $0.55. Western Digital had a net margin of 7.38% and a return on equity of 26.48%. The company had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.13 billion. During the same period in the prior year, the business earned $1.18 EPS. The firm’s quarterly revenue was up 9.9% on a year-over-year basis. research analysts predict that Western Digital Corporation will post 12.21 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.34%. The ex-dividend date was Thursday, December 28th. Western Digital’s payout ratio is 41.75%.
Western Digital announced that its board has approved a stock buyback plan on Thursday, November 9th that permits the company to buyback $2.10 billion in shares. This buyback authorization permits the data storage provider to purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.
About Western Digital
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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