Bank of Nova Scotia increased its holdings in Western Digital Corp (NASDAQ:WDC) by 0.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 358,057 shares of the data storage provider’s stock after acquiring an additional 2,818 shares during the period. Bank of Nova Scotia owned approximately 0.12% of Western Digital worth $17,025,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. BlackRock Inc. boosted its position in shares of Western Digital by 17.6% during the first quarter. BlackRock Inc. now owns 28,802,905 shares of the data storage provider’s stock worth $1,384,267,000 after buying an additional 4,308,455 shares during the period. Clearbridge Investments LLC boosted its position in shares of Western Digital by 14.1% during the first quarter. Clearbridge Investments LLC now owns 9,884,919 shares of the data storage provider’s stock worth $475,069,000 after buying an additional 1,224,950 shares during the period. Geode Capital Management LLC boosted its position in shares of Western Digital by 4.0% during the fourth quarter. Geode Capital Management LLC now owns 4,730,731 shares of the data storage provider’s stock worth $174,707,000 after buying an additional 179,818 shares during the period. Northern Trust Corp boosted its position in shares of Western Digital by 6.8% during the second quarter. Northern Trust Corp now owns 3,522,915 shares of the data storage provider’s stock worth $167,515,000 after buying an additional 224,272 shares during the period. Finally, First Trust Advisors LP boosted its position in shares of Western Digital by 17.3% during the second quarter. First Trust Advisors LP now owns 3,272,870 shares of the data storage provider’s stock worth $155,625,000 after buying an additional 482,473 shares during the period. Institutional investors own 86.66% of the company’s stock.
Western Digital stock opened at $64.70 on Friday. Western Digital Corp has a 1-year low of $33.83 and a 1-year high of $65.16. The company has a debt-to-equity ratio of 1.03, a current ratio of 2.22 and a quick ratio of 1.36. The stock has a market cap of $19.15 billion, a PE ratio of 16.98, a P/E/G ratio of 17.30 and a beta of 1.85. The stock’s fifty day moving average is $56.37 and its two-hundred day moving average is $49.50.
Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Wednesday, July 31st. The data storage provider reported $0.17 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.22. Western Digital had a positive return on equity of 10.73% and a negative net margin of 4.55%. The company had revenue of $3.63 billion for the quarter, compared to analysts’ expectations of $3.67 billion. During the same period last year, the firm earned $3.61 earnings per share. Western Digital’s quarterly revenue was down 29.0% on a year-over-year basis. On average, research analysts expect that Western Digital Corp will post 1.81 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 22nd. Shareholders of record on Friday, October 4th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date is Thursday, October 3rd. Western Digital’s dividend payout ratio is presently 52.49%.
In other news, EVP Lori S. Sundberg sold 3,442 shares of Western Digital stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $56.82, for a total transaction of $195,574.44. Following the sale, the executive vice president now owns 29,312 shares in the company, valued at $1,665,507.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Charles Ray sold 87,053 shares of Western Digital stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $59.96, for a total value of $5,219,697.88. Following the sale, the executive vice president now owns 112,480 shares in the company, valued at approximately $6,744,300.80. The disclosure for this sale can be found here. 0.36% of the stock is owned by company insiders.
A number of research analysts recently issued reports on WDC shares. Benchmark lifted their target price on Western Digital from $40.00 to $46.00 and gave the company a “sell” rating in a report on Friday, September 6th. Cowen reiterated a “market perform” rating and issued a $45.00 target price (up from $40.00) on shares of Western Digital in a report on Thursday, August 1st. Longbow Research lifted their target price on Western Digital from $70.00 to $76.00 and gave the company a “buy” rating in a report on Wednesday. Barclays started coverage on Western Digital in a report on Wednesday, August 7th. They issued an “equal weight” rating and a $53.00 target price for the company. Finally, Cleveland Research reiterated a “hold” rating on shares of Western Digital in a report on Friday, September 6th. Four research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Western Digital presently has a consensus rating of “Hold” and an average price target of $61.83.
About Western Digital
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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