Clear Harbor Asset Management LLC Takes Position in Western Digital Corporation $WDC

Clear Harbor Asset Management LLC purchased a new position in Western Digital Corporation (NASDAQ:WDC) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,227 shares of the data storage provider’s stock, valued at approximately $2,061,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Compass Financial Management LLC purchased a new position in shares of Western Digital in the 2nd quarter worth about $756,000. Elevation Point Wealth Partners LLC purchased a new stake in Western Digital in the second quarter worth approximately $27,269,000. Greenland Capital Management LP purchased a new position in shares of Western Digital in the 2nd quarter worth $505,000. Alta Advisers Ltd purchased a new position in Western Digital in the second quarter worth about $11,735,000. Finally, Daiichi Life Insurance Co. Ltd. purchased a new position in shares of Western Digital in the second quarter worth approximately $10,267,000. Institutional investors own 92.51% of the company’s stock.

Western Digital Stock Performance

WDC stock opened at $459.44 on Friday. Western Digital Corporation has a one year low of $74.57 and a one year high of $799.87. The company’s fifty day moving average price is $552.24 and its 200-day moving average price is $433.31. The company has a market capitalization of $158.36 billion, a PE ratio of 18.98 and a beta of 2.14.

Western Digital (NASDAQ:WDC) last posted its earnings results on Wednesday, August 5th. The data storage provider reported $3.56 earnings per share for the quarter, beating the consensus estimate of $3.31 by $0.25. The company had revenue of $3.75 billion during the quarter, compared to analysts’ expectations of $3.70 billion. Western Digital had a net margin of 72.95% and a return on equity of 48.15%. Western Digital’s quarterly revenue was up 43.8% on a year-over-year basis. During the same period last year, the company posted $1.66 earnings per share. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. On average, research analysts predict that Western Digital Corporation will post 19.65 EPS for the current fiscal year.

Western Digital Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on WDC. Wall Street Zen lowered Western Digital from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 16th. JPMorgan Chase & Co. upped their target price on shares of Western Digital from $530.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. Bank of America increased their price target on Western Digital from $610.00 to $732.00 and gave the stock a “buy” rating in a research note on Wednesday, July 1st. Weiss Ratings downgraded Western Digital from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Finally, Zacks Research raised Western Digital from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $534.56.

Insider Transactions at Western Digital

In related news, Director Bruce E. Kiddoo sold 750 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $528.52, for a total value of $396,390.00. Following the sale, the director directly owned 3,903 shares in the company, valued at approximately $2,062,813.56. The trade was a 16.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Cynthia L. Tregillis sold 808 shares of the stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $529.63, for a total value of $427,941.04. Following the transaction, the insider directly owned 114,539 shares of the company’s stock, valued at approximately $60,663,290.57. The trade was a 0.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 24,679 shares of company stock worth $11,451,605. 0.18% of the stock is currently owned by company insiders.

Western Digital Profile

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.