Arthur M. Cohen & Associates LLC Purchases Shares of 7,750 Western Digital Corp (WDC)

Arthur M. Cohen & Associates LLC purchased a new position in shares of Western Digital Corp (NASDAQ:WDC) during the 1st quarter, HoldingsChannel.com reports. The fund purchased 7,750 shares of the data storage provider’s stock, valued at approximately $372,000.

Other hedge funds have also bought and sold shares of the company. Alpha Omega Wealth Management LLC increased its stake in shares of Western Digital by 4,440.0% in the fourth quarter. Alpha Omega Wealth Management LLC now owns 681 shares of the data storage provider’s stock worth $25,000 after buying an additional 666 shares during the period. First Interstate Bank increased its stake in shares of Western Digital by 159.2% in the first quarter. First Interstate Bank now owns 578 shares of the data storage provider’s stock worth $28,000 after buying an additional 355 shares during the period. Ropes Wealth Advisors LLC increased its stake in shares of Western Digital by 706.0% in the fourth quarter. Ropes Wealth Advisors LLC now owns 806 shares of the data storage provider’s stock worth $30,000 after buying an additional 706 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its stake in shares of Western Digital by 57.0% in the first quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 650 shares of the data storage provider’s stock worth $31,000 after buying an additional 236 shares during the period. Finally, Investors Research Corp purchased a new position in shares of Western Digital in the first quarter worth $36,000. 83.93% of the stock is currently owned by hedge funds and other institutional investors.

In other news, insider Mark P. Long sold 17,623 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $50.00, for a total transaction of $881,150.00. Following the sale, the insider now owns 158,744 shares in the company, valued at approximately $7,937,200. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.36% of the company’s stock.

Several research analysts recently commented on the stock. ValuEngine raised shares of Western Digital from a “sell” rating to a “hold” rating in a research note on Wednesday, May 1st. Mizuho reaffirmed a “hold” rating and issued a $47.00 target price on shares of Western Digital in a research note on Wednesday, May 1st. BidaskClub downgraded shares of Western Digital from a “hold” rating to a “sell” rating in a research note on Thursday, May 9th. Zacks Investment Research downgraded shares of Western Digital from a “hold” rating to a “sell” rating in a research note on Saturday, January 26th. Finally, Loop Capital decreased their target price on shares of Western Digital to $45.00 and set a “hold” rating on the stock in a research note on Tuesday, April 30th. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twelve have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $60.42.

NASDAQ:WDC opened at $45.49 on Thursday. The firm has a market capitalization of $12.90 billion, a P/E ratio of 3.37 and a beta of 1.49. Western Digital Corp has a twelve month low of $33.83 and a twelve month 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 released its quarterly earnings results on Monday, April 29th. The data storage provider reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.29). The company had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.68 billion. Western Digital had a net margin of 1.10% and a return on equity of 19.87%. The business’s revenue was down 26.7% on a year-over-year basis. During the same quarter last year, the firm earned $3.63 EPS. As a group, analysts predict that Western Digital Corp will post 4.07 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.40%. The ex-dividend date of this dividend is Thursday, June 27th. Western Digital’s dividend payout ratio (DPR) is currently 14.80%.

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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.

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

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