Today: UBS Asset Management Americas Inc. Reduces Stake in Western Digital Corp. (WDC)

Today: UBS Asset Management Americas Inc. Reduces Stake in Western Digital Corp. (WDC)

UBS Asset Management Americas Inc. lowered its position in Western Digital Corp. (NASDAQ:WDC) by 2.0% during the third quarter, Holdings Channel reports. The firm owned 1,714,726 shares of the data storage provider’s stock after selling 35,537 shares during the period. UBS Asset Management Americas Inc.’s holdings in Western Digital Corp. were worth $100,260,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Western Digital Corp. by 24.7% in the second quarter. Vanguard Group Inc. now owns 24,858,936 shares of the data storage provider’s stock worth $1,174,834,000 after buying an additional 4,925,997 shares during the period. State Street Corp raised its stake in shares of Western Digital Corp. by 7.7% in the second quarter. State Street Corp now owns 10,767,538 shares of the data storage provider’s stock worth $508,875,000 after buying an additional 772,439 shares during the period. American International Group Inc. raised its stake in shares of Western Digital Corp. by 8,124.5% in the second quarter. American International Group Inc. now owns 9,620,001 shares of the data storage provider’s stock worth $454,641,000 after buying an additional 9,503,034 shares during the period. BlackRock Institutional Trust Company N.A. raised its stake in shares of Western Digital Corp. by 9.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 7,225,832 shares of the data storage provider’s stock worth $341,493,000 after buying an additional 646,379 shares during the period. Finally, BlackRock Fund Advisors raised its stake in shares of Western Digital Corp. by 25.1% in the second quarter. BlackRock Fund Advisors now owns 4,625,720 shares of the data storage provider’s stock worth $218,612,000 after buying an additional 929,412 shares during the period. 86.44% of the stock is currently owned by institutional investors.

Shares of Western Digital Corp. (NASDAQ:WDC) traded up 2.03% during mid-day trading on Monday, reaching $62.84. The company had a trading volume of 2,429,008 shares. The stock has a 50 day moving average of $57.25 and a 200-day moving average of $50.49. Western Digital Corp. has a one year low of $34.99 and a one year high of $64.73. The firm’s market capitalization is $17.94 billion.

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

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

WDC has been the topic of a number of recent analyst reports. Barclays PLC boosted their target price on Western Digital Corp. from $60.00 to $61.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 16th. Stifel Nicolaus reiterated a “buy” rating and set a $75.00 price target on shares of Western Digital Corp. in a report on Sunday, July 31st. Argus reiterated a “buy” rating and set a $60.00 price target on shares of Western Digital Corp. in a report on Saturday, September 10th. FBR & Co lifted their price target on Western Digital Corp. from $50.00 to $55.00 and gave the company a “sector perform” rating in a report on Wednesday, September 7th. Finally, Robert W. Baird lifted their price target on Western Digital Corp. from $65.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday, September 7th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. Western Digital Corp. presently has an average rating of “Buy” and an average target price of $68.03.

In other Western Digital Corp. news, insider Michael D. Cordano sold 7,185 shares of the business’s stock in a transaction on Wednesday, September 21st. The shares were sold at an average price of $54.50, for a total transaction of $391,582.50. Following the sale, the insider now owns 82,988 shares of the company’s stock, valued at $4,522,846. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Matthew E. Massengill sold 2,187 shares of the business’s stock in a transaction on Monday, November 7th. The stock was sold at an average price of $57.31, for a total transaction of $125,336.97. Following the sale, the director now directly owns 15,579 shares in the company, valued at approximately $892,832.49. The disclosure for this sale can be found here. Company insiders own 0.46% of the company’s stock.

Western Digital Corp. Company Profile

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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