S&T Bank PA boosted its stake in shares of Western Digital Corp (NASDAQ:WDC) by 8.2% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 295,331 shares of the data storage provider’s stock after purchasing an additional 22,319 shares during the period. Western Digital makes up approximately 3.1% of S&T Bank PA’s portfolio, making the stock its 2nd biggest holding. S&T Bank PA’s holdings in Western Digital were worth $14,043,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. HighTower Advisors LLC grew its position in Western Digital by 14.5% during the 2nd quarter. HighTower Advisors LLC now owns 309,141 shares of the data storage provider’s stock worth $14,708,000 after purchasing an additional 39,168 shares during the period. Profund Advisors LLC grew its position in Western Digital by 20.3% during the 2nd quarter. Profund Advisors LLC now owns 24,978 shares of the data storage provider’s stock worth $1,188,000 after purchasing an additional 4,214 shares during the period. Bank of Nova Scotia grew its position in Western Digital by 0.8% during the 2nd quarter. Bank of Nova Scotia now owns 358,057 shares of the data storage provider’s stock worth $17,025,000 after purchasing an additional 2,818 shares during the period. Ossiam acquired a new stake in Western Digital during the 2nd quarter worth about $179,000. Finally, Cibc World Markets Corp grew its position in Western Digital by 20.9% during the 2nd quarter. Cibc World Markets Corp now owns 85,218 shares of the data storage provider’s stock worth $4,052,000 after purchasing an additional 14,718 shares during the period. 86.66% of the stock is currently owned by institutional investors.
Western Digital stock traded up $0.40 during midday trading on Thursday, reaching $64.70. The company had a trading volume of 3,337,121 shares, compared to its average volume of 6,381,322. The company has a market capitalization of $19.03 billion, a P/E ratio of 16.98, a P/E/G ratio of 17.30 and a beta of 1.85. Western Digital Corp has a 12-month low of $33.83 and a 12-month high of $65.16. The firm’s fifty day simple moving average is $56.37 and its 200-day simple moving average is $49.50. The company has a debt-to-equity ratio of 1.03, a current ratio of 2.22 and a quick ratio of 1.36.
Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Wednesday, July 31st. The data storage provider reported $0.17 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.22. The firm had revenue of $3.63 billion for the quarter, compared to analyst estimates of $3.67 billion. Western Digital had a negative net margin of 4.55% and a positive return on equity of 10.73%. Western Digital’s quarterly revenue was down 29.0% compared to the same quarter last year. During the same period last year, the company posted $3.61 EPS. On average, analysts expect that Western Digital Corp will post 1.81 EPS for the current fiscal year.
The business 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 3.09%. The ex-dividend date of this dividend is Thursday, October 3rd. Western Digital’s dividend payout ratio is presently 52.49%.
In other Western Digital news, EVP Lori S. Sundberg sold 3,442 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $56.82, for a total value of $195,574.44. Following the transaction, the executive vice president now directly owns 29,312 shares of the company’s stock, valued at approximately $1,665,507.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael Charles Ray sold 87,053 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $59.96, for a total transaction of $5,219,697.88. Following the completion of the transaction, the executive vice president now directly owns 112,480 shares in the company, valued at $6,744,300.80. The disclosure for this sale can be found here. Company insiders own 0.36% of the company’s stock.
A number of equities research analysts have recently commented on the company. Mizuho raised their target price on Western Digital from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Cascend Securities restated a “buy” rating and set a $68.00 target price (up from $58.00) on shares of Western Digital in a research report on Monday, July 29th. Wells Fargo & Co raised their target price on Western Digital from $65.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Cowen restated a “market perform” rating and set a $45.00 target price (up from $40.00) on shares of Western Digital in a research report on Thursday, August 1st. Finally, Loop Capital raised their target price on Western Digital to $50.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Western Digital has an average rating of “Hold” and an average price target of $61.83.
Western Digital Company 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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