S&T Bank PA Acquires 125,771 Shares of Western Digital Corp (WDC)

S&T Bank PA lifted its holdings in shares of Western Digital Corp (NASDAQ:WDC) by 80.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 282,868 shares of the data storage provider’s stock after purchasing an additional 125,771 shares during the quarter. Western Digital comprises approximately 3.1% of S&T Bank PA’s investment portfolio, making the stock its 2nd biggest position. S&T Bank PA’s holdings in Western Digital were worth $16,559,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. lifted its stake in Western Digital by 22.3% during the 3rd quarter. BlackRock Inc. now owns 25,731,691 shares of the data storage provider’s stock worth $1,506,333,000 after acquiring an additional 4,690,847 shares in the last quarter. Franklin Resources Inc. lifted its stake in Western Digital by 3,492.6% during the 3rd quarter. Franklin Resources Inc. now owns 3,858,781 shares of the data storage provider’s stock worth $225,893,000 after acquiring an additional 3,751,373 shares in the last quarter. LSV Asset Management lifted its stake in Western Digital by 8.9% during the 3rd quarter. LSV Asset Management now owns 3,699,443 shares of the data storage provider’s stock worth $216,565,000 after acquiring an additional 301,197 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Western Digital by 1.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,060,836 shares of the data storage provider’s stock worth $236,931,000 after acquiring an additional 49,960 shares in the last quarter. Finally, FMR LLC lifted its stake in Western Digital by 177.7% during the 3rd quarter. FMR LLC now owns 3,035,818 shares of the data storage provider’s stock worth $177,716,000 after acquiring an additional 1,942,543 shares in the last quarter. Institutional investors and hedge funds own 86.20% of the company’s stock.

Shares of NASDAQ WDC traded down $0.78 during midday trading on Friday, hitting $44.74. 117,860 shares of the company’s stock were exchanged, compared to its average volume of 5,304,938. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.70 and a current ratio of 2.41. Western Digital Corp has a twelve month low of $40.58 and a twelve month high of $106.96. The firm has a market capitalization of $13.94 billion, a PE ratio of 3.27, a price-to-earnings-growth ratio of 0.41 and a beta of 1.17.

Western Digital (NASDAQ:WDC) last issued its earnings results on Thursday, October 25th. The data storage provider reported $2.78 earnings per share for the quarter, topping the consensus estimate of $2.70 by $0.08. Western Digital had a return on equity of 35.37% and a net margin of 2.46%. The business had revenue of $5.03 billion for the quarter, compared to analyst estimates of $5.14 billion. On average, sell-side analysts forecast that Western Digital Corp will post 6.19 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 14th. Stockholders of record on Friday, December 28th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.47%. The ex-dividend date of this dividend is Thursday, December 27th. Western Digital’s dividend payout ratio (DPR) is presently 14.80%.

In other news, Director Matthew E. Massengill sold 1,681 shares of the firm’s stock in a transaction dated Monday, November 5th. The stock was sold at an average price of $47.68, for a total transaction of $80,150.08. Following the sale, the director now owns 17,848 shares of the company’s stock, valued at approximately $850,992.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.36% of the stock is currently owned by company insiders.

WDC has been the topic of several research reports. Loop Capital decreased their target price on Western Digital to $80.00 and set an “average” rating on the stock in a research note on Friday, October 26th. Benchmark reduced their price target on Western Digital from $120.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, September 21st. Guggenheim reaffirmed a “buy” rating and issued a $125.00 price target on shares of Western Digital in a research report on Monday, September 17th. Longbow Research set a $100.00 price target on Western Digital and gave the company a “buy” rating in a research report on Thursday, September 6th. Finally, Citigroup reduced their price target on Western Digital from $106.00 to $75.00 and set a “buy” rating on the stock in a research report on Monday, October 29th. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and twelve have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $82.00.

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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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