Lmcg Investments LLC Trims Stake in Western Digital Corporation $WDC

Lmcg Investments LLC reduced its holdings in shares of Western Digital Corporation (NASDAQ:WDC) by 29.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,663 shares of the data storage provider’s stock after selling 1,963 shares during the period. Lmcg Investments LLC’s holdings in Western Digital were worth $298,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. IFP Advisors Inc boosted its position in shares of Western Digital by 981.9% in the second quarter. IFP Advisors Inc now owns 21,821 shares of the data storage provider’s stock worth $1,401,000 after purchasing an additional 19,804 shares during the period. Callan Family Office LLC bought a new position in shares of Western Digital in the second quarter worth approximately $919,000. US Bancorp DE boosted its position in shares of Western Digital by 4.3% in the second quarter. US Bancorp DE now owns 73,177 shares of the data storage provider’s stock worth $4,683,000 after purchasing an additional 2,988 shares during the period. Trust Asset Management LLC bought a new position in shares of Western Digital in the second quarter worth approximately $252,000. Finally, KLP Kapitalforvaltning AS boosted its position in shares of Western Digital by 1.7% in the second quarter. KLP Kapitalforvaltning AS now owns 128,423 shares of the data storage provider’s stock worth $8,218,000 after purchasing an additional 2,200 shares during the period. 92.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Western Digital

In other news, insider Cynthia L. Tregillis sold 14,067 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $74.78, for a total value of $1,051,930.26. Following the sale, the insider owned 135,351 shares of the company’s stock, valued at approximately $10,121,547.78. This represents a 9.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Gene M. Zamiska sold 353 shares of the stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $80.90, for a total transaction of $28,557.70. Following the completion of the sale, the senior vice president directly owned 27,425 shares in the company, valued at approximately $2,218,682.50. This represents a 1.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold 49,730 shares of company stock worth $3,921,594 in the last ninety days. Company insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

WDC has been the subject of a number of recent analyst reports. Barclays upped their price target on shares of Western Digital from $80.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, September 11th. The Goldman Sachs Group upped their price target on shares of Western Digital from $78.00 to $130.00 and gave the stock a “neutral” rating in a research report on Wednesday. UBS Group upped their target price on shares of Western Digital from $45.00 to $75.00 and gave the stock a “neutral” rating in a research report on Monday, July 21st. Rosenblatt Securities upped their target price on shares of Western Digital from $90.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, September 29th. Finally, Benchmark upped their target price on shares of Western Digital from $85.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. Seventeen investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Western Digital currently has an average rating of “Moderate Buy” and an average target price of $94.63.

Western Digital Price Performance

Western Digital stock opened at $115.42 on Friday. The company has a market cap of $39.57 billion, a price-to-earnings ratio of 22.41, a PEG ratio of 0.97 and a beta of 1.77. The firm’s fifty day moving average is $94.78 and its 200 day moving average is $67.08. The company has a quick ratio of 0.84, a current ratio of 1.08 and a debt-to-equity ratio of 0.47. Western Digital Corporation has a 52-week low of $28.83 and a 52-week high of $137.40.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Monday, April 7th. The data storage provider reported $1.78 earnings per share (EPS) for the quarter. The company had revenue of $4.10 billion for the quarter. Western Digital had a net margin of 14.13% and a return on equity of 24.93%. Sell-side analysts forecast that Western Digital Corporation will post 4.89 EPS for the current fiscal year.

Western Digital Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Thursday, September 4th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, September 4th. This represents a $0.40 dividend on an annualized basis and a yield of 0.3%. Western Digital’s dividend payout ratio is presently 7.77%.

Western Digital 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.