Entropy Technologies LP Takes $1.38 Million Position in Western Digital Corporation (NASDAQ:WDC)

Entropy Technologies LP acquired a new stake in shares of Western Digital Corporation (NASDAQ:WDC) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 34,063 shares of the data storage provider’s stock, valued at approximately $1,377,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Franklin Resources Inc. increased its position in Western Digital by 11.1% during the 4th quarter. Franklin Resources Inc. now owns 20,579 shares of the data storage provider’s stock worth $1,227,000 after purchasing an additional 2,052 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Western Digital during the 4th quarter worth approximately $6,365,000. Treasurer of the State of North Carolina increased its position in Western Digital by 6.2% during the 4th quarter. Treasurer of the State of North Carolina now owns 156,001 shares of the data storage provider’s stock worth $9,302,000 after purchasing an additional 9,140 shares in the last quarter. Sterling Capital Management LLC increased its position in Western Digital by 65.0% during the 4th quarter. Sterling Capital Management LLC now owns 20,530 shares of the data storage provider’s stock worth $1,224,000 after purchasing an additional 8,089 shares in the last quarter. Finally, Mariner LLC increased its position in Western Digital by 5.6% during the 4th quarter. Mariner LLC now owns 35,044 shares of the data storage provider’s stock worth $2,090,000 after purchasing an additional 1,855 shares in the last quarter. Institutional investors and hedge funds own 92.51% of the company’s stock.

Insider Transactions at Western Digital

In other Western Digital news, SVP Gene M. Zamiska sold 1,729 shares of the firm’s stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $54.88, for a total value of $94,887.52. Following the sale, the senior vice president directly owned 40,089 shares in the company, valued at approximately $2,200,084.32. This trade represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.30% of the company’s stock.

Western Digital Stock Performance

Shares of WDC opened at $74.64 on Tuesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.08 and a quick ratio of 0.84. The stock has a market capitalization of $26.04 billion, a PE ratio of 14.49, a price-to-earnings-growth ratio of 0.90 and a beta of 1.58. Western Digital Corporation has a 12-month low of $28.83 and a 12-month high of $78.80. The business’s fifty day moving average price is $65.02 and its 200 day moving average price is $54.10.

Western Digital (NASDAQ:WDC) last posted its earnings results on Wednesday, July 30th. The data storage provider reported $1.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.48 by $0.18. The company had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.45 billion. Western Digital had a return on equity of 24.93% and a net margin of 14.13%. The firm’s quarterly revenue was up 30.0% compared to the same quarter last year. During the same period last year, the business posted $1.44 earnings per share. Equities research analysts forecast that Western Digital Corporation will post 4.89 EPS for the current year.

Western Digital announced that its Board of Directors has authorized a share repurchase plan on Tuesday, May 13th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the data storage provider to purchase up to 11.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Western Digital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, September 4th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Thursday, September 4th. Western Digital’s dividend payout ratio (DPR) is presently 7.77%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on WDC. Wells Fargo & Company upped their price target on Western Digital from $80.00 to $95.00 and gave the stock an “overweight” rating in a report on Thursday, July 31st. Mizuho upped their price target on Western Digital from $75.00 to $87.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. Bank of America upped their price target on Western Digital from $62.00 to $71.00 and gave the stock a “buy” rating in a report on Monday, June 9th. UBS Group upped their price target on Western Digital from $45.00 to $75.00 and gave the stock a “neutral” rating in a report on Monday, July 21st. Finally, TD Cowen upped their price target on Western Digital from $58.00 to $90.00 and gave the stock a “buy” rating in a report on Thursday, July 31st. Four investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $78.74.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.