Foundry Partners LLC Buys 30,680 Shares of Western Digital Corp (WDC)

Foundry Partners LLC grew its stake in Western Digital Corp (NASDAQ:WDC) by 18.4% during the 3rd quarter, HoldingsChannel reports. The firm owned 197,655 shares of the data storage provider’s stock after buying an additional 30,680 shares during the quarter. Foundry Partners LLC’s holdings in Western Digital were worth $11,571,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in WDC. Financial Gravity Wealth Inc. acquired a new position in shares of Western Digital during the 1st quarter worth approximately $145,000. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Western Digital by 19.4% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 21,998 shares of the data storage provider’s stock worth $2,020,000 after buying an additional 3,573 shares during the period. Mariner LLC acquired a new position in shares of Western Digital during the 1st quarter worth approximately $243,000. Assetmark Inc. raised its stake in shares of Western Digital by 437.9% during the 1st quarter. Assetmark Inc. now owns 1,673 shares of the data storage provider’s stock worth $154,000 after buying an additional 1,362 shares during the period. Finally, Private Capital Group LLC raised its stake in shares of Western Digital by 1,981.0% during the 1st quarter. Private Capital Group LLC now owns 2,081 shares of the data storage provider’s stock worth $193,000 after buying an additional 1,981 shares during the period. Institutional investors and hedge funds own 83.12% of the company’s stock.

In other Western Digital news, EVP Michael Charles Ray sold 4,387 shares of the firm’s stock in a transaction on Monday, August 6th. The stock was sold at an average price of $67.65, for a total value of $296,780.55. Following the completion of the sale, the executive vice president now directly owns 107,155 shares of the company’s stock, valued at approximately $7,249,035.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark P. Long sold 24,938 shares of the firm’s stock in a transaction on Monday, July 30th. The stock was sold at an average price of $70.83, for a total value of $1,766,358.54. Following the completion of the sale, the insider now directly owns 215,963 shares of the company’s stock, valued at $15,296,659.29. The disclosure for this sale can be found here. Insiders sold a total of 32,772 shares of company stock valued at $2,298,763 over the last ninety days. Corporate insiders own 0.31% of the company’s stock.

Several research analysts have recently weighed in on the company. TheStreet downgraded Western Digital from a “b-” rating to a “c+” rating in a research note on Friday, October 12th. Stifel Nicolaus reduced their target price on Western Digital from $114.00 to $93.00 and set a “buy” rating for the company in a research note on Friday, July 27th. Cross Research downgraded Western Digital from a “buy” rating to a “hold” rating in a research note on Friday, July 27th. Maxim Group reaffirmed a “buy” rating and set a $126.00 target price on shares of Western Digital in a research note on Friday, July 27th. Finally, BMO Capital Markets reduced their target price on Western Digital from $90.00 to $74.00 and set a “market perform” rating for the company in a research note on Friday, July 27th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and seventeen have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $100.83.

NASDAQ WDC opened at $55.76 on Thursday. Western Digital Corp has a one year low of $53.58 and a one year high of $106.96. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.39 and a quick ratio of 1.73. The firm has a market capitalization of $17.06 billion, a P/E ratio of 4.13, a PEG ratio of 0.29 and a beta of 0.90.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings data on Thursday, July 26th. The data storage provider reported $3.61 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.20 by $0.41. Western Digital had a return on equity of 36.35% and a net margin of 3.27%. The firm had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.07 billion. During the same period in the prior year, the company earned $2.93 EPS. The firm’s revenue was up 5.7% compared to the same quarter last year. On average, sell-side analysts forecast that Western Digital Corp will post 10.71 earnings per share for the current year.

Western Digital announced that its Board of Directors has initiated a share repurchase program on Thursday, July 26th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the data storage provider to repurchase up to 22.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

The business also recently announced a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 28th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date of this dividend was Thursday, September 27th. Western Digital’s dividend payout ratio (DPR) is presently 14.80%.

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.

Further Reading: How is an ETF different from a mutual fund?

Want to see what other hedge funds are holding WDC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Western Digital Corp (NASDAQ:WDC).

Institutional Ownership by Quarter for Western Digital (NASDAQ:WDC)

Receive News & Ratings for Western Digital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western Digital and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply