Todays Report: Today, Eqis Capital Management Inc. Buys 5,740 Shares of Western Digital Corp. (WDC)

Today, Eqis Capital Management Inc. Buys 5,740  Shares of Western Digital Corp. (WDC)

Eqis Capital Management Inc. acquired a new position in Western Digital Corp. (NASDAQ:WDC) during the third quarter, Holdings Channel reports. The institutional investor acquired 5,740 shares of the data storage provider’s stock, valued at approximately $336,000.

Other institutional investors have also recently made changes to their positions in the company. Checchi Capital Advisers LLC increased its position in shares of Western Digital Corp. by 5.1% in the second quarter. Checchi Capital Advisers LLC now owns 2,197 shares of the data storage provider’s stock worth $104,000 after buying an additional 107 shares in the last quarter. Amica Retiree Medical Trust boosted its stake in shares of Western Digital Corp. by 28.9% in the second quarter. Amica Retiree Medical Trust now owns 2,203 shares of the data storage provider’s stock worth $104,000 after buying an additional 494 shares during the last quarter. Cornerstone Advisors Inc. boosted its stake in shares of Western Digital Corp. by 5.7% in the second quarter. Cornerstone Advisors Inc. now owns 2,245 shares of the data storage provider’s stock worth $106,000 after buying an additional 121 shares during the last quarter. Americafirst Capital Management LLC acquired a new stake in shares of Western Digital Corp. during the second quarter worth approximately $108,000. Finally, Sumitomo Life Insurance Co. acquired a new stake in shares of Western Digital Corp. during the second quarter worth approximately $116,000. Institutional investors own 87.20% of the company’s stock.

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

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

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

Several equities research analysts have issued reports on WDC shares. Cowen and Company raised their price target on shares of Western Digital Corp. from $50.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, July 29th. Robert W. Baird raised shares of Western Digital Corp. from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $50.00 to $65.00 in a research note on Friday, July 29th. Cross Research cut shares of Western Digital Corp. from a “buy” rating to a “hold” rating in a research note on Friday, July 29th. Needham & Company LLC reaffirmed a “strong-buy” rating and set a $67.00 price target on shares of Western Digital Corp. in a research note on Friday, July 29th. Finally, JPMorgan Chase & Co. raised their price target on shares of Western Digital Corp. from $47.00 to $50.00 and gave the stock a “neutral” rating in a research note on Friday, July 29th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the stock. Western Digital Corp. currently has an average rating of “Buy” and an average target price of $68.03.

In related news, insider Michael D. Cordano sold 7,185 shares of the firm’s stock in a transaction dated Wednesday, September 21st. The stock was 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 in the company, valued at $4,522,846. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Michael Charles Ray sold 2,719 shares of the firm’s stock in a transaction dated Tuesday, September 27th. The shares were sold at an average price of $58.63, for a total value of $159,414.97. Following the completion of the transaction, the executive vice president now owns 51,843 shares in the company, valued at approximately $3,039,555.09. The disclosure for this sale can be found here. Insiders own 0.46% of the company’s stock.

About Western Digital Corp.

Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage solutions that enable consumers, businesses, governments and other organizations to create, manage, experience and preserve digital content. The Company’s product portfolio includes hard disk drives (HDDs), solid-state drives, direct attached storage solutions, personal cloud network attached storage solutions, and public and private cloud data center storage solutions.

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