Hawk Ridge Capital Management LP cut its position in Western Digital Corporation (NASDAQ:WDC – Free Report) by 35.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 209,400 shares of the data storage provider’s stock after selling 116,300 shares during the quarter. Western Digital comprises 2.1% of Hawk Ridge Capital Management LP’s investment portfolio, making the stock its 19th biggest position. Hawk Ridge Capital Management LP owned about 0.06% of Western Digital worth $56,641,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Western Digital by 7.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,988 shares of the data storage provider’s stock valued at $1,698,000 after purchasing an additional 3,019 shares in the last quarter. Geneos Wealth Management Inc. raised its position in shares of Western Digital by 229.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,388 shares of the data storage provider’s stock worth $56,000 after buying an additional 967 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in Western Digital during the second quarter valued at $307,000. Cresset Asset Management LLC bought a new stake in Western Digital during the second quarter valued at $292,000. Finally, Federated Hermes Inc. grew its position in Western Digital by 55.3% during the second quarter. Federated Hermes Inc. now owns 2,374 shares of the data storage provider’s stock worth $152,000 after buying an additional 845 shares in the last quarter. 92.51% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
WDC has been the topic of a number of research analyst reports. Cantor Fitzgerald upped their target price on Western Digital from $660.00 to $900.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Wells Fargo & Company lifted their price target on Western Digital from $575.00 to $730.00 and gave the company an “overweight” rating in a research report on Friday, July 10th. Bank of America boosted their price objective on Western Digital from $610.00 to $732.00 and gave the stock a “buy” rating in a report on Wednesday, July 1st. Melius Research set a $1,050.00 price objective on shares of Western Digital and gave the stock a “buy” rating in a research report on Monday, June 29th. Finally, Robert W. Baird lifted their target price on shares of Western Digital from $310.00 to $450.00 and gave the company an “outperform” rating in a research report on Monday, May 4th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $520.32.
Western Digital Trading Down 4.2%
WDC opened at $497.92 on Tuesday. The stock has a market capitalization of $171.62 billion, a P/E ratio of 29.73 and a beta of 2.11. The stock has a 50-day moving average price of $565.69 and a 200-day moving average price of $400.49. Western Digital Corporation has a 12-month low of $68.67 and a 12-month high of $799.87.
Western Digital (NASDAQ:WDC – Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The data storage provider reported $2.72 earnings per share for the quarter, beating analysts’ consensus estimates of $2.39 by $0.33. The company had revenue of $3.34 billion for the quarter, compared to analysts’ expectations of $3.25 billion. Western Digital had a return on equity of 42.95% and a net margin of 55.29%.Western Digital’s revenue for the quarter was up 45.5% compared to the same quarter last year. During the same period last year, the firm posted $1.36 EPS. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. On average, equities research analysts predict that Western Digital Corporation will post 9.61 EPS for the current year.
Western Digital Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, June 5th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.1%. This is a boost from Western Digital’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Friday, June 5th. Western Digital’s payout ratio is 3.58%.
Insider Buying and Selling at Western Digital
In related news, Director Bruce E. Kiddoo sold 750 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $528.52, for a total transaction of $396,390.00. Following the transaction, the director owned 3,903 shares of the company’s stock, valued at approximately $2,062,813.56. This trade represents a 16.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Irving Tan sold 20,000 shares of Western Digital stock in a transaction on Friday, May 1st. The stock was sold at an average price of $411.84, for a total transaction of $8,236,800.00. Following the completion of the transaction, the chief executive officer owned 598,150 shares in the company, valued at approximately $246,342,096. The trade was a 3.24% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 28,959 shares of company stock valued at $12,631,666. 0.18% of the stock is owned by insiders.
Western Digital Company Profile
Western Digital Corporation is a global data storage company that designs, manufactures and sells a broad range of storage devices and systems for personal, enterprise and cloud applications. Headquartered in San Jose, California, the company develops hard disk drives (HDDs), solid-state drives (SSDs), NAND flash components and finished storage products used in PCs, external storage, servers, network-attached storage (NAS) and embedded systems.
Its product portfolio spans consumer and commercial markets, including internal and external HDDs and SSDs, removable flash memory products and storage platforms for data center and enterprise environments.
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