Assenagon Asset Management S.A. increased its position in Western Digital Corp (NASDAQ:WDC) by 20.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 30,800 shares of the data storage provider’s stock after buying an additional 5,200 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Western Digital were worth $1,837,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Private Ocean LLC purchased a new position in Western Digital during the 2nd quarter valued at $25,000. Huntington National Bank increased its position in Western Digital by 9,483.3% during the 2nd quarter. Huntington National Bank now owns 575 shares of the data storage provider’s stock valued at $27,000 after purchasing an additional 569 shares during the period. Steward Partners Investment Advisory LLC purchased a new position in Western Digital during the 2nd quarter valued at $34,000. Coastal Investment Advisors Inc. increased its position in Western Digital by 294.0% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 792 shares of the data storage provider’s stock valued at $38,000 after purchasing an additional 591 shares during the period. Finally, Citizens Financial Group Inc RI increased its position in Western Digital by 56.3% during the 2nd quarter. Citizens Financial Group Inc RI now owns 833 shares of the data storage provider’s stock valued at $40,000 after purchasing an additional 300 shares during the period. 85.93% of the stock is currently owned by institutional investors.
A number of research analysts have issued reports on WDC shares. Wells Fargo & Co boosted their price objective on shares of Western Digital from $65.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Benchmark reissued a “sell” rating and set a $46.00 price objective on shares of Western Digital in a research report on Friday, September 27th. Loop Capital raised shares of Western Digital from a “hold” rating to a “buy” rating and boosted their price objective for the company from $50.00 to $75.00 in a research report on Monday, October 14th. Cowen reissued a “market perform” rating and set a $45.00 price objective (up from $40.00) on shares of Western Digital in a research report on Thursday, August 1st. Finally, Cascend Securities boosted their price objective on shares of Western Digital from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Four equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Western Digital has a consensus rating of “Hold” and a consensus target price of $60.58.
Shares of WDC stock opened at $58.13 on Friday. Western Digital Corp has a 12 month low of $33.83 and a 12 month high of $65.31. The stock has a market cap of $17.65 billion, a PE ratio of 15.26, a price-to-earnings-growth ratio of 16.44 and a beta of 1.85. 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’s fifty day moving average price is $60.01 and its 200-day moving average price is $51.52.
Western Digital (NASDAQ:WDC) last announced its earnings results on Wednesday, July 31st. The data storage provider reported $0.17 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.22. Western Digital had a negative net margin of 4.55% and a positive return on equity of 10.73%. The firm had revenue of $3.63 billion for the quarter, compared to analysts’ expectations of $3.67 billion. During the same quarter in the previous year, the business posted $3.61 EPS. The company’s quarterly revenue was down 29.0% on a year-over-year basis. On average, sell-side analysts forecast that Western Digital Corp will post 1.81 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 22nd. Investors of record on Friday, October 4th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date is Thursday, October 3rd. Western Digital’s payout ratio is 52.49%.
Western Digital Profile
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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