Western Digital Corp (WDC) Stake Lessened by Moors & Cabot Inc.

Moors & Cabot Inc. cut its holdings in Western Digital Corp (NASDAQ:WDC) by 25.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,818 shares of the data storage provider’s stock after selling 2,359 shares during the period. Moors & Cabot Inc.’s holdings in Western Digital were worth $328,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. First Interstate Bank grew its holdings in Western Digital by 159.2% during the first quarter. First Interstate Bank now owns 578 shares of the data storage provider’s stock valued at $28,000 after purchasing an additional 355 shares during the period. Ropes Wealth Advisors LLC grew its holdings in Western Digital by 706.0% during the fourth quarter. Ropes Wealth Advisors LLC now owns 806 shares of the data storage provider’s stock valued at $30,000 after purchasing an additional 706 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its holdings in Western Digital by 57.0% during the first quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 650 shares of the data storage provider’s stock valued at $31,000 after purchasing an additional 236 shares during the period. Investors Research Corp bought a new position in Western Digital during the first quarter valued at $36,000. Finally, Semmax Financial Advisors Inc. bought a new position in Western Digital during the fourth quarter valued at $38,000. 83.93% of the stock is owned by institutional investors.

NASDAQ:WDC opened at $43.45 on Wednesday. The firm has a market cap of $12.87 billion, a price-to-earnings ratio of 3.22 and a beta of 1.49. Western Digital Corp has a 1 year low of $33.83 and a 1 year high of $88.62. The company has a current ratio of 2.11, a quick ratio of 1.30 and a debt-to-equity ratio of 1.01.

Western Digital (NASDAQ:WDC) last posted its earnings results on Monday, April 29th. The data storage provider reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.29). The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.68 billion. Western Digital had a return on equity of 19.87% and a net margin of 1.10%. The company’s revenue was down 26.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.63 EPS. On average, analysts predict that Western Digital Corp will post 4.07 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a $0.50 dividend. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.60%. Western Digital’s dividend payout ratio (DPR) is presently 14.80%.

In related news, insider Mark P. Long sold 17,623 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $50.00, for a total value of $881,150.00. Following the sale, the insider now owns 158,744 shares in the company, valued at $7,937,200. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.36% of the company’s stock.

Several equities analysts have weighed in on WDC shares. ValuEngine raised Western Digital from a “sell” rating to a “hold” rating in a report on Wednesday, January 30th. Craig Hallum lowered Western Digital from a “buy” rating to a “hold” rating and set a $49.00 price objective for the company. in a report on Tuesday, April 30th. Royal Bank of Canada reissued an “outperform” rating and set a $55.00 price objective on shares of Western Digital in a report on Thursday, March 28th. Robert W. Baird lowered Western Digital from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $50.00 to $40.00 in a report on Friday, April 26th. Finally, Summit Insights raised Western Digital from a “hold” rating to a “buy” rating in a report on Friday, January 25th. Five research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have given a buy rating to the stock. Western Digital currently has an average rating of “Hold” and a consensus target price of $60.42.

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Western Digital Company Profile

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: Balanced Fund

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

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