Huntington National Bank Purchases 465 Shares of Western Digital Corporation $WDC

Huntington National Bank lifted its position in shares of Western Digital Corporation (NASDAQ:WDC) by 30.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,990 shares of the data storage provider’s stock after purchasing an additional 465 shares during the period. Huntington National Bank’s holdings in Western Digital were worth $127,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of WDC. Corton Capital Inc. acquired a new position in Western Digital during the second quarter worth approximately $645,000. State of Michigan Retirement System increased its holdings in shares of Western Digital by 5.3% during the 2nd quarter. State of Michigan Retirement System now owns 110,757 shares of the data storage provider’s stock worth $7,087,000 after acquiring an additional 5,600 shares during the last quarter. Mountain Hill Investment Partners Corp. raised its stake in Western Digital by 1.1% in the 2nd quarter. Mountain Hill Investment Partners Corp. now owns 83,841 shares of the data storage provider’s stock valued at $5,365,000 after acquiring an additional 900 shares during the period. TIAA Trust National Association lifted its holdings in Western Digital by 2.7% during the 2nd quarter. TIAA Trust National Association now owns 9,984 shares of the data storage provider’s stock valued at $639,000 after purchasing an additional 259 shares during the last quarter. Finally, Kovack Advisors Inc. bought a new position in Western Digital during the second quarter worth $368,000. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Western Digital news, insider Cynthia L. Tregillis sold 14,067 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $74.78, for a total transaction of $1,051,930.26. Following the sale, the insider directly owned 135,351 shares in the company, valued at $10,121,547.78. This represents a 9.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Gene M. Zamiska sold 3,160 shares of the firm’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $75.68, for a total transaction of $239,148.80. Following the completion of the transaction, the senior vice president directly owned 31,560 shares in the company, valued at approximately $2,388,460.80. This represents a 9.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 69,730 shares of company stock worth $6,935,394 over the last three months. Company insiders own 0.18% of the company’s stock.

Western Digital Stock Down 0.4%

Shares of WDC opened at $162.96 on Friday. The company has a current ratio of 1.08, a quick ratio of 0.84 and a debt-to-equity ratio of 0.47. Western Digital Corporation has a 12 month low of $28.83 and a 12 month high of $167.50. The firm’s 50 day moving average is $118.10 and its 200-day moving average is $80.82. The stock has a market capitalization of $55.72 billion, a PE ratio of 31.64, a P/E/G ratio of 1.14 and a beta of 1.81.

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

Western Digital Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 18th. Stockholders of record on Thursday, December 4th will be issued a dividend of $0.125 per share. This is an increase from Western Digital’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Thursday, December 4th. This represents a $0.50 annualized dividend and a dividend yield of 0.3%. Western Digital’s payout ratio is currently 7.28%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on WDC. Citigroup increased their price objective on shares of Western Digital from $135.00 to $180.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Morgan Stanley upped their price target on shares of Western Digital from $92.00 to $99.00 and gave the company an “overweight” rating in a research note on Wednesday, September 3rd. Rosenblatt Securities raised their price objective on shares of Western Digital from $125.00 to $165.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Wedbush boosted their price objective on Western Digital from $90.00 to $135.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. Finally, Wells Fargo & Company upped their target price on Western Digital from $150.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $155.47.

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.