Brookstone Capital Management lowered its holdings in Western Digital Corp (NASDAQ:WDC) by 68.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,720 shares of the data storage provider’s stock after selling 39,091 shares during the quarter. Brookstone Capital Management’s holdings in Western Digital were worth $1,057,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Invesco Ltd. boosted its holdings in Western Digital by 36.5% during the 2nd quarter. Invesco Ltd. now owns 6,340,189 shares of the data storage provider’s stock worth $301,475,000 after acquiring an additional 1,696,513 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in shares of Western Digital by 3,406.5% during the second quarter. Nuveen Asset Management LLC now owns 1,309,208 shares of the data storage provider’s stock valued at $62,253,000 after purchasing an additional 1,271,871 shares during the period. DNB Asset Management AS boosted its stake in shares of Western Digital by 3,652.9% during the second quarter. DNB Asset Management AS now owns 1,288,814 shares of the data storage provider’s stock valued at $61,283,000 after purchasing an additional 1,254,472 shares during the period. Vanguard Group Inc. boosted its stake in shares of Western Digital by 1.7% during the second quarter. Vanguard Group Inc. now owns 32,104,981 shares of the data storage provider’s stock valued at $1,526,591,000 after purchasing an additional 532,800 shares during the period. Finally, First Trust Advisors LP boosted its stake 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 valued at $155,625,000 after purchasing an additional 482,473 shares during the period. 85.93% of the stock is owned by institutional investors and hedge funds.
WDC opened at $58.13 on Monday. The stock has a fifty day simple moving average of $60.01 and a two-hundred day simple moving average of $51.52. The company has a current ratio of 2.22, a quick ratio of 1.36 and a debt-to-equity ratio of 1.03. The company has a market cap of $17.65 billion, a price-to-earnings ratio of 15.26, a price-to-earnings-growth ratio of 16.44 and a beta of 1.85. Western Digital Corp has a 12-month low of $33.83 and a 12-month high of $65.31.
Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Wednesday, July 31st. The data storage provider reported $0.17 earnings per share for the quarter, beating the 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 firm had revenue of $3.63 billion during the quarter, compared to the consensus estimate of $3.67 billion. During the same period last year, the company earned $3.61 earnings per share. The company’s revenue was down 29.0% on a year-over-year basis. On average, analysts predict that Western Digital Corp will post 1.81 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 22nd. Shareholders of record on Friday, October 4th will be given a $0.50 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $2.00 annualized dividend and a yield of 3.44%. Western Digital’s payout ratio is 52.49%.
In other news, EVP Michael Charles Ray sold 87,053 shares of the firm’s 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 transaction, the executive vice president now owns 112,480 shares of the company’s stock, valued at $6,744,300.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lori S. Sundberg sold 3,442 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $56.82, for a total value of $195,574.44. Following the completion of the transaction, the executive vice president now directly owns 29,312 shares in the company, valued at approximately $1,665,507.84. The disclosure for this sale can be found here. Company insiders own 0.44% of the company’s stock.
A number of research firms have recently weighed in on WDC. Cleveland Research reissued a “hold” rating on shares of Western Digital in a research note on Friday, September 6th. Longbow Research reissued a “buy” rating on shares of Western Digital in a research note on Tuesday, October 15th. Cowen reissued a “market perform” rating and set a $45.00 price objective (up previously from $40.00) on shares of Western Digital in a research note on Thursday, August 1st. Deutsche Bank increased their price objective on Western Digital from $55.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Finally, Goldman Sachs Group set a $54.00 price objective on Western Digital and gave the company a “hold” rating in a research note on Sunday, July 21st. Four research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $60.58.
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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