Trading Report: Today, State Treasurer State of Michigan Reached $5,799,000 position of Western Digital Corp. (WDC)

Today, State Treasurer State of Michigan Reached $5,799,000 position  of Western Digital Corp. (WDC)

State Treasurer State of Michigan increased its position in shares of Western Digital Corp. (NASDAQ:WDC) by 1.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 99,185 shares of the data storage provider’s stock after buying an additional 1,400 shares during the period. State Treasurer State of Michigan’s holdings in Western Digital Corp. were worth $5,799,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Western Digital Corp. by 610.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 268,772 shares of the data storage provider’s stock worth $12,702,000 after buying an additional 230,924 shares during the period. Candriam Luxembourg S.C.A. increased its position in Western Digital Corp. by 18.5% in the second quarter. Candriam Luxembourg S.C.A. now owns 263,529 shares of the data storage provider’s stock worth $12,455,000 after buying an additional 41,155 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its position in Western Digital Corp. by 17.3% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 782,424 shares of the data storage provider’s stock worth $36,977,000 after buying an additional 115,609 shares during the period. Artemis Investment Management LLP bought a new position in Western Digital Corp. during the second quarter worth $64,444,000. Finally, Deprince Race & Zollo Inc. bought a new position in Western Digital Corp. during the second quarter worth $29,717,000. 87.20% of the stock is currently owned by institutional investors.

Western Digital Corp. (NASDAQ:WDC) traded up 0.90% during trading on Friday, reaching $61.59. 1,315,405 shares of the company traded hands. The firm’s 50 day moving average price is $57.25 and its 200 day moving average price is $50.49. The firm’s market capitalization is $17.58 billion. Western Digital Corp. has a 12-month low of $34.99 and a 12-month high of $64.73.

Western Digital Corp. (NASDAQ:WDC) last issued its quarterly earnings results on Wednesday, October 26th. The data storage provider reported $1.18 EPS for the quarter, topping the Zacks’ consensus estimate of $1.05 by $0.13. The firm had revenue of $4.71 billion for the quarter, compared to analyst estimates of $4.51 billion. Western Digital Corp. had a negative net margin of 2.73% and a positive return on equity of 11.74%. The business’s revenue for the quarter was up 40.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.56 EPS. Equities research analysts expect that Western Digital Corp. will post $6.62 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 17th. Stockholders of record on Friday, December 30th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date is Wednesday, December 28th. Western Digital Corp.’s payout ratio is -162.60%.

A number of research firms recently commented on WDC. Longbow Research upgraded shares of Western Digital Corp. from a “neutral” rating to a “buy” rating and set a $70.00 price objective for the company in a research report on Tuesday, September 13th. Susquehanna restated a “buy” rating and issued a $80.00 price objective on shares of Western Digital Corp. in a research report on Friday, October 7th. Vetr upgraded shares of Western Digital Corp. from a “buy” rating to a “strong-buy” rating and set a $73.29 price objective for the company in a research report on Tuesday. Zacks Investment Research upgraded shares of Western Digital Corp. from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a research report on Wednesday, October 19th. Finally, Maxim Group upped their price objective on shares of Western Digital Corp. from $85.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday, October 12th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $68.03.

In other news, insider Michael D. Cordano sold 7,185 shares of the stock in a transaction on Wednesday, September 21st. The shares were sold at an average price of $54.50, for a total value of $391,582.50. Following the transaction, the insider now owns 82,988 shares of the company’s stock, valued at approximately $4,522,846. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael Charles Ray sold 1,000 shares of the stock in a transaction on Monday, November 14th. The stock was sold at an average price of $60.00, for a total transaction of $60,000.00. Following the completion of the transaction, the executive vice president now directly owns 41,405 shares in the company, valued at approximately $2,484,300. The disclosure for this sale can be found here. 0.46% of the stock is currently owned by insiders.

About Western Digital Corp.

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