TTP Investments Inc. Purchases Shares of 32,500 Western Digital Corporation $WDC

TTP Investments Inc. purchased a new stake in shares of Western Digital Corporation (NASDAQ:WDC) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 32,500 shares of the data storage provider’s stock, valued at approximately $4,266,000. Western Digital comprises about 1.2% of TTP Investments Inc.’s investment portfolio, making the stock its 17th largest holding.

A number of other institutional investors have also added to or reduced their stakes in WDC. Dynamic Advisor Solutions LLC lifted its stake in Western Digital by 3.0% in the third quarter. Dynamic Advisor Solutions LLC now owns 3,871 shares of the data storage provider’s stock valued at $465,000 after acquiring an additional 114 shares during the last quarter. CVA Family Office LLC lifted its stake in Western Digital by 23.7% in the 2nd quarter. CVA Family Office LLC now owns 904 shares of the data storage provider’s stock valued at $58,000 after purchasing an additional 173 shares during the last quarter. Manchester Capital Management LLC grew its holdings in Western Digital by 47.2% during the second quarter. Manchester Capital Management LLC now owns 577 shares of the data storage provider’s stock worth $37,000 after purchasing an additional 185 shares during the period. Forum Financial Management LP increased its position in Western Digital by 3.4% during the second quarter. Forum Financial Management LP now owns 5,895 shares of the data storage provider’s stock worth $377,000 after buying an additional 193 shares during the last quarter. Finally, UMB Bank n.a. raised its stake in Western Digital by 6.2% in the second quarter. UMB Bank n.a. now owns 3,465 shares of the data storage provider’s stock valued at $222,000 after buying an additional 202 shares during the period. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Loop Capital lifted their target price on Western Digital to $250.00 and gave the stock a “buy” rating in a research note on Monday, November 10th. China Renaissance initiated coverage on shares of Western Digital in a report on Friday, December 5th. They issued a “buy” rating and a $193.00 price objective on the stock. Cowen reissued a “buy” rating on shares of Western Digital in a research report on Friday, October 31st. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $148.00 target price on shares of Western Digital in a report on Friday, October 31st. Finally, Barclays upped their price target on shares of Western Digital from $105.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Western Digital presently has a consensus rating of “Moderate Buy” and a consensus target price of $173.65.

Insider Activity

In other news, Director Roxanne Oulman sold 1,800 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $154.42, for a total transaction of $277,956.00. Following the completion of the sale, the director owned 3,863 shares of the company’s stock, valued at approximately $596,524.46. This represents a 31.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Kimberly Alexy sold 1,768 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $154.00, for a total transaction of $272,272.00. Following the transaction, the director owned 3,585 shares of the company’s stock, valued at approximately $552,090. This represents a 33.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 26,369 shares of company stock valued at $4,013,785 over the last quarter. 0.18% of the stock is owned by corporate insiders.

Western Digital Stock Performance

Shares of NASDAQ:WDC opened at $181.08 on Monday. Western Digital Corporation has a 12-month low of $28.83 and a 12-month high of $188.77. The company’s 50 day moving average price is $152.47 and its two-hundred day moving average price is $106.02. The firm has a market cap of $61.91 billion, a PE ratio of 26.36, a PEG ratio of 1.12 and a beta of 1.82. The company has a quick ratio of 0.94, a current ratio of 1.21 and a debt-to-equity ratio of 0.42.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Monday, April 7th. The data storage provider reported $1.78 earnings per share (EPS) for the quarter. The business had revenue of $4.10 billion for the quarter. Western Digital had a return on equity of 30.89% and a net margin of 21.37%. Equities research analysts predict that Western Digital Corporation will post 4.89 earnings per share for the current year.

Western Digital Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 18th. Shareholders of record on Thursday, December 4th were issued a $0.125 dividend. The ex-dividend date of this dividend was Thursday, December 4th. This represents a $0.50 annualized dividend and a yield of 0.3%. This is an increase from Western Digital’s previous quarterly dividend of $0.10. Western Digital’s payout ratio is 7.28%.

About Western Digital

Western Digital Corporation is a global data storage company that designs, manufactures and sells a broad range of storage devices and systems for personal, enterprise and cloud applications. Headquartered in San Jose, California, the company develops hard disk drives (HDDs), solid-state drives (SSDs), NAND flash components and finished storage products used in PCs, external storage, servers, network-attached storage (NAS) and embedded systems.

Its product portfolio spans consumer and commercial markets, including internal and external HDDs and SSDs, removable flash memory products and storage platforms for data center and enterprise environments.