Reliant Investment Partners LLC Invests $769,000 in Western Digital Corporation $WDC

Reliant Investment Partners LLC bought a new stake in Western Digital Corporation (NASDAQ:WDC) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,204 shares of the data storage provider’s stock, valued at approximately $769,000.

Other hedge funds have also recently added to or reduced their stakes in the company. SGL Investment Advisors Inc. bought a new position in shares of Western Digital in the second quarter worth $697,000. Advisors Capital Management LLC acquired a new stake in Western Digital in the second quarter valued at about $361,000. MJP Associates Inc. ADV acquired a new stake in Western Digital in the second quarter valued at about $667,000. PCM Encore LLC bought a new position in Western Digital in the second quarter valued at about $2,923,000. Finally, Vise Technologies Inc. bought a new position in Western Digital in the second quarter valued at about $8,940,000. Institutional investors own 92.51% of the company’s stock.

Wall Street Analyst Weigh In

WDC has been the subject of a number of research reports. Summit Insights cut shares of Western Digital from a “buy” rating to a “hold” rating in a report on Thursday, August 6th. UBS Group decreased their price target on shares of Western Digital from $560.00 to $525.00 and set a “neutral” rating on the stock in a report on Thursday, August 6th. Robert W. Baird set a $630.00 price objective on shares of Western Digital in a research note on Thursday, August 6th. Melius Research set a $1,050.00 price objective on shares of Western Digital and gave the company a “buy” rating in a research note on Monday, June 29th. Finally, Weiss Ratings cut shares of Western Digital from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $534.56.

Western Digital Trading Up 1.5%

NASDAQ:WDC opened at $469.05 on Friday. The stock’s 50-day moving average is $554.31 and its 200-day moving average is $433.12. Western Digital Corporation has a 1-year low of $74.42 and a 1-year high of $799.87. The stock has a market cap of $161.67 billion, a P/E ratio of 19.37 and a beta of 2.14.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Wednesday, August 5th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.31 by $0.25. Western Digital had a net margin of 72.95% and a return on equity of 48.15%. The business had revenue of $3.75 billion during the quarter, compared to analyst estimates of $3.70 billion. During the same quarter last year, the business earned $1.66 EPS. The firm’s quarterly revenue was up 43.8% on a year-over-year basis. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. As a group, equities analysts forecast that Western Digital Corporation will post 19.65 EPS for the current year.

Western Digital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Tuesday, September 8th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.60 annualized dividend and a dividend yield of 0.1%. Western Digital’s dividend payout ratio (DPR) is presently 2.48%.

Insider Buying and Selling at Western Digital

In other news, insider Cynthia L. Tregillis sold 808 shares of Western Digital stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $529.63, for a total transaction of $427,941.04. Following the transaction, the insider owned 114,539 shares in the company, valued at approximately $60,663,290.57. The trade was a 0.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bruce E. Kiddoo sold 750 shares of the business’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $528.52, for a total transaction of $396,390.00. Following the completion of the sale, the director directly owned 3,903 shares in the company, valued at approximately $2,062,813.56. This represents a 16.12% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 24,679 shares of company stock worth $11,451,605 over the last ninety days. Insiders own 0.18% of the company’s stock.

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.