Deroy & Devereaux Private Investment Counsel Inc. grew its stake in Western Digital Corp (NASDAQ:WDC) by 37.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 243,123 shares of the data storage provider’s stock after buying an additional 66,586 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. owned approximately 0.08% of Western Digital worth $14,232,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the business. BlackRock Inc. raised its holdings in Western Digital by 9.2% in the 2nd quarter. BlackRock Inc. now owns 21,040,844 shares of the data storage provider’s stock valued at $1,628,774,000 after acquiring an additional 1,772,435 shares in the last quarter. LSV Asset Management raised its holdings in Western Digital by 4.6% in the 2nd quarter. LSV Asset Management now owns 3,398,246 shares of the data storage provider’s stock valued at $263,058,000 after acquiring an additional 149,934 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Western Digital by 1.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,060,836 shares of the data storage provider’s stock valued at $236,931,000 after acquiring an additional 49,960 shares in the last quarter. Wells Fargo & Company MN raised its holdings in Western Digital by 6.2% in the 2nd quarter. Wells Fargo & Company MN now owns 2,321,676 shares of the data storage provider’s stock valued at $179,720,000 after acquiring an additional 135,550 shares in the last quarter. Finally, TCW Group Inc. raised its holdings in Western Digital by 2.9% in the 2nd quarter. TCW Group Inc. now owns 2,160,384 shares of the data storage provider’s stock valued at $167,236,000 after acquiring an additional 61,116 shares in the last quarter. 83.49% of the stock is owned by institutional investors.
WDC traded down $0.37 during mid-day trading on Tuesday, reaching $41.18. The stock had a trading volume of 1,036,030 shares, compared to its average volume of 5,742,119. The firm has a market capitalization of $12.82 billion, a price-to-earnings ratio of 3.06, a PEG ratio of 0.22 and a beta of 0.90. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.70 and a current ratio of 2.41. Western Digital Corp has a 52 week low of $41.11 and a 52 week high of $106.96.
Western Digital declared that its board has authorized a share buyback plan on Thursday, July 26th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the data storage provider to reacquire up to 22.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
WDC has been the topic of several analyst reports. Standpoint Research upgraded Western Digital from a “hold” rating to a “buy” rating in a research note on Tuesday, July 10th. Zacks Investment Research lowered Western Digital from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 17th. Evercore ISI lowered their price objective on Western Digital from $130.00 to $100.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 17th. Stifel Nicolaus lowered their price objective on Western Digital from $114.00 to $93.00 and set a “buy” rating on the stock in a research note on Friday, July 27th. Finally, Maxim Group reiterated a “buy” rating and issued a $126.00 price objective on shares of Western Digital in a research note on Friday, July 27th. Three research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and thirteen have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $85.25.
In other Western Digital news, CFO Mark P. Long sold 1,214 shares of the stock in a transaction on Monday, August 6th. The stock was sold at an average price of $67.65, for a total value of $82,127.10. Following the transaction, the chief financial officer now directly owns 191,154 shares in the company, valued at approximately $12,931,568.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark P. Long sold 2,233 shares of the stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $68.74, for a total value of $153,496.42. Following the completion of the transaction, the chief financial officer now owns 191,154 shares in the company, valued at $13,139,925.96. The disclosure for this sale can be found here. Insiders sold a total of 7,834 shares of company stock worth $532,404 over the last quarter. Corporate insiders own 0.36% of the company’s stock.
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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