Ameriprise Financial Inc. increased its stake in shares of Western Digital Corporation (NASDAQ:WDC) by 10.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,038,573 shares of the data storage provider’s stock after buying an additional 380,404 shares during the period. Ameriprise Financial Inc. owned approximately 1.40% of Western Digital Corporation worth $333,102,000 as of its most recent filing with the SEC.
Other hedge funds also recently added to or reduced their stakes in the company. Acrospire Investment Management LLC acquired a new position in shares of Western Digital Corporation during the first quarter valued at approximately $112,000. Reilly Financial Advisors LLC increased its position in shares of Western Digital Corporation by 49.8% in the first quarter. Reilly Financial Advisors LLC now owns 1,383 shares of the data storage provider’s stock valued at $114,000 after buying an additional 460 shares during the period. Nikko Asset Management Americas Inc. acquired a new position in shares of Western Digital Corporation during the first quarter valued at approximately $124,000. Coconut Grove Bank increased its position in shares of Western Digital Corporation by 150.0% in the first quarter. Coconut Grove Bank now owns 1,650 shares of the data storage provider’s stock valued at $136,000 after buying an additional 990 shares during the period. Finally, FNY Partners Fund LP acquired a new position in shares of Western Digital Corporation during the fourth quarter valued at approximately $163,000. Institutional investors own 83.08% of the company’s stock.
Shares of Western Digital Corporation (NASDAQ WDC) traded down 0.22% during mid-day trading on Friday, reaching $87.12. The company’s stock had a trading volume of 4,295,000 shares. The company’s market capitalization is $25.37 billion. Western Digital Corporation has a 1-year low of $41.64 and a 1-year high of $92.50. The company’s 50 day moving average price is $88.90 and its 200-day moving average price is $78.85.
Western Digital Corporation (NASDAQ:WDC) last issued its earnings results on Thursday, April 27th. The data storage provider reported $2.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.22. The business had revenue of $4.65 billion during the quarter, compared to the consensus estimate of $4.57 billion. Western Digital Corporation had a positive return on equity of 16.01% and a negative net margin of 1.32%. The company’s revenue for the quarter was up 64.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.21 EPS. Analysts predict 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. Stockholders of record on Friday, June 30th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date is Wednesday, June 28th. Western Digital Corporation’s dividend payout ratio (DPR) is -202.02%.
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Several equities analysts have commented on the company. Evercore ISI initiated coverage on Western Digital Corporation in a research report on Friday. They issued an “outperform” rating and a $130.00 price objective on the stock. Guggenheim reissued a “buy” rating and set a $125.00 price target on shares of Western Digital Corporation in a research report on Wednesday. Aegis initiated coverage on Western Digital Corporation in a research report on Tuesday. They set a “buy” rating and a $130.00 price target on the stock. Vetr downgraded Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $96.66 price target on the stock. in a research report on Tuesday. Finally, Royal Bank of Canada reissued a “buy” rating on shares of Western Digital Corporation in a research report on Monday. Six analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $99.26.
In related news, EVP Srinivasan Sivaram sold 40,182 shares of the company’s stock in a transaction that occurred on Thursday, May 4th. The stock was sold at an average price of $89.18, for a total value of $3,583,430.76. Following the sale, the executive vice president now owns 102,202 shares in the company, valued at approximately $9,114,374.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Manish H. Bhatia sold 7,208 shares of the company’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $84.99, for a total value of $612,607.92. Following the completion of the sale, the executive vice president now owns 66,922 shares in the company, valued at approximately $5,687,700.78. The disclosure for this sale can be found here. Over the last three months, insiders have sold 187,826 shares of company stock valued at $16,390,713. Company insiders own 0.46% of the company’s stock.
Western Digital Corporation Company Profile
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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