Texas Permanent School Fund cut its position in Western Digital Corp (NASDAQ:WDC) by 2.8% during the first quarter, Holdings Channel reports. The fund owned 56,584 shares of the data storage provider’s stock after selling 1,630 shares during the period. Texas Permanent School Fund’s holdings in Western Digital were worth $2,719,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of the company. Newport Trust Co boosted its stake in Western Digital by 3.5% during the first quarter. Newport Trust Co now owns 900,307 shares of the data storage provider’s stock worth $43,269,000 after buying an additional 30,777 shares during the last quarter. Lenox Wealth Management Inc. lifted its stake in shares of Western Digital by 18.4% in the 1st quarter. Lenox Wealth Management Inc. now owns 13,560 shares of the data storage provider’s stock valued at $658,000 after purchasing an additional 2,110 shares during the last quarter. First Interstate Bank lifted its stake in shares of Western Digital by 159.2% in the 1st quarter. First Interstate Bank now owns 578 shares of the data storage provider’s stock valued at $28,000 after purchasing an additional 355 shares during the last quarter. Comerica Bank lifted its stake in shares of Western Digital by 2.4% in the 1st quarter. Comerica Bank now owns 63,219 shares of the data storage provider’s stock valued at $3,205,000 after purchasing an additional 1,507 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its stake in shares of Western Digital by 17.5% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 761,925 shares of the data storage provider’s stock valued at $36,619,000 after purchasing an additional 113,398 shares during the last quarter. 83.93% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ WDC opened at $45.09 on Friday. The company has a current ratio of 2.11, a quick ratio of 1.30 and a debt-to-equity ratio of 1.01. Western Digital Corp has a 1-year low of $33.83 and a 1-year high of $88.62. The stock has a market cap of $13.33 billion, a price-to-earnings ratio of 3.34 and a beta of 1.49.
Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Monday, April 29th. The data storage provider reported $0.17 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.46 by ($0.29). Western Digital had a return on equity of 19.87% and a net margin of 1.10%. The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.68 billion. During the same quarter last year, the company earned $3.63 EPS. Western Digital’s revenue for the quarter was down 26.7% compared to the same quarter last year. On average, research analysts expect that Western Digital Corp will post 4.07 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $2.00 annualized dividend and a yield of 4.44%. Western Digital’s dividend payout ratio (DPR) is 14.80%.
In other Western Digital news, insider Mark P. Long sold 17,623 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $50.00, for a total transaction of $881,150.00. Following the sale, the insider now owns 158,744 shares in the company, valued at approximately $7,937,200. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.36% of the stock is owned by corporate insiders.
WDC has been the topic of several recent analyst reports. ValuEngine raised Western Digital from a “sell” rating to a “hold” rating in a research note on Wednesday, January 30th. Craig Hallum lowered Western Digital from a “buy” rating to a “hold” rating and set a $49.00 price target on the stock. in a research note on Tuesday, April 30th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $55.00 price target on shares of Western Digital in a research note on Thursday, March 28th. Robert W. Baird lowered Western Digital from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $50.00 to $40.00 in a research note on Friday, April 26th. Finally, Summit Insights raised Western Digital from a “hold” rating to a “buy” rating in a research note on Friday, January 25th. Four equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twelve have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $60.42.
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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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