Circle Wealth Management LLC Has $1 Million Position in Western Digital Co. (NASDAQ:WDC)

Circle Wealth Management LLC increased its position in shares of Western Digital Co. (NASDAQ:WDC) by 56.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,809 shares of the data storage provider’s stock after buying an additional 6,060 shares during the quarter. Circle Wealth Management LLC’s holdings in Western Digital were worth $1,002,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Deutsche Bank AG boosted its position in shares of Western Digital by 27.1% during the 4th quarter. Deutsche Bank AG now owns 1,626,850 shares of the data storage provider’s stock valued at $97,009,000 after acquiring an additional 346,476 shares in the last quarter. Duquesne Family Office LLC grew its stake in shares of Western Digital by 484.2% in the 4th quarter. Duquesne Family Office LLC now owns 417,160 shares of the data storage provider’s stock valued at $24,875,000 after purchasing an additional 345,755 shares during the period. Collar Capital Management LLC acquired a new position in shares of Western Digital in the 4th quarter worth approximately $1,510,000. Cetera Investment Advisers lifted its position in shares of Western Digital by 2.7% during the 4th quarter. Cetera Investment Advisers now owns 28,431 shares of the data storage provider’s stock worth $1,695,000 after buying an additional 756 shares during the period. Finally, Broad Bay Capital Management LP boosted its stake in Western Digital by 9.1% in the 4th quarter. Broad Bay Capital Management LP now owns 386,000 shares of the data storage provider’s stock valued at $23,017,000 after buying an additional 32,300 shares in the last quarter. 92.51% of the stock is currently owned by institutional investors.

Western Digital Trading Up 0.0 %

NASDAQ:WDC opened at $44.30 on Thursday. The business’s 50-day simple moving average is $40.18 and its 200-day simple moving average is $56.65. Western Digital Co. has a fifty-two week low of $28.83 and a fifty-two week high of $81.55. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.99 and a quick ratio of 1.26. The stock has a market capitalization of $15.41 billion, a PE ratio of 10.55 and a beta of 1.42.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Wednesday, April 30th. The data storage provider reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.30. The business had revenue of ($1,465.00) million for the quarter, compared to analyst estimates of $2.70 billion. Western Digital had a net margin of 9.95% and a return on equity of 15.68%. The firm’s quarterly revenue was down 33.6% on a year-over-year basis. During the same period last year, the business posted $0.63 earnings per share. Sell-side analysts expect that Western Digital Co. will post 4.89 earnings per share for the current fiscal year.

Western Digital Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be paid a $0.10 dividend. The ex-dividend date is Wednesday, June 4th. This represents a $0.40 dividend on an annualized basis and a yield of 0.90%. Western Digital’s dividend payout ratio is 7.58%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on WDC shares. Wells Fargo & Company cut their price objective on Western Digital from $75.00 to $65.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. Morgan Stanley boosted their price target on shares of Western Digital from $46.00 to $54.00 and gave the company an “overweight” rating in a research report on Thursday, May 1st. TD Securities dropped their price objective on shares of Western Digital from $80.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Susquehanna reduced their target price on Western Digital from $72.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, April 11th. Finally, Citigroup dropped their price target on Western Digital from $64.00 to $48.00 and set a “buy” rating for the company in a report on Monday, April 14th. Four investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $64.15.

Insider Transactions at Western Digital

In related news, SVP Gene M. Zamiska sold 1,659 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $41.36, for a total transaction of $68,616.24. Following the sale, the senior vice president now owns 43,776 shares of the company’s stock, valued at $1,810,575.36. This represents a 3.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.30% of the company’s stock.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.