Western Digital Corporation (NASDAQ:WDC) Stake Cut by Amerigo Asset Management

Amerigo Asset Management decreased its stake in Western Digital Corporation (NASDAQ:WDC) by 43.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,337,159 shares of the data storage provider’s stock after selling 1,034,242 shares during the period. Western Digital Corporation comprises about 13.3% of Amerigo Asset Management’s portfolio, making the stock its 4th largest position. Amerigo Asset Management owned approximately 0.46% of Western Digital Corporation worth $118,472,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of WDC. Highbridge Capital Management LLC boosted its position in shares of Western Digital Corporation by 230.3% in the fourth quarter. Highbridge Capital Management LLC now owns 4,561 shares of the data storage provider’s stock valued at $310,000 after buying an additional 8,061 shares during the last quarter. CENTRAL TRUST Co boosted its position in shares of Western Digital Corporation by 1,399.1% in the first quarter. CENTRAL TRUST Co now owns 3,463 shares of the data storage provider’s stock valued at $285,000 after buying an additional 3,232 shares during the last quarter. Manning & Napier Advisors LLC boosted its position in shares of Western Digital Corporation by 3.8% in the first quarter. Manning & Napier Advisors LLC now owns 11,050 shares of the data storage provider’s stock valued at $911,000 after buying an additional 408 shares during the last quarter. Gulf International Bank UK Ltd boosted its position in shares of Western Digital Corporation by 5.9% in the first quarter. Gulf International Bank UK Ltd now owns 90,141 shares of the data storage provider’s stock valued at $7,439,000 after buying an additional 5,000 shares during the last quarter. Finally, E&G Advisors LP boosted its position in shares of Western Digital Corporation by 11.9% in the first quarter. E&G Advisors LP now owns 3,960 shares of the data storage provider’s stock valued at $327,000 after buying an additional 420 shares during the last quarter. Institutional investors and hedge funds own 81.91% of the company’s stock.

Shares of Western Digital Corporation (NASDAQ:WDC) traded up 0.87% during midday trading on Friday, reaching $83.20. 3,002,888 shares of the company were exchanged. The company has a 50 day moving average price of $87.67 and a 200-day moving average price of $84.55. Western Digital Corporation has a 12-month low of $45.25 and a 12-month high of $95.77. The stock has a market capitalization of $24.29 billion, a P/E ratio of 62.09 and a beta of 1.22.

Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings results on Thursday, July 27th. The data storage provider reported $2.93 EPS for the quarter, beating analysts’ consensus estimates of $2.51 by $0.42. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The company had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.82 billion. During the same period last year, the business posted $0.79 earnings per share. The firm’s revenue was up 38.5% compared to the same quarter last year. On average, analysts forecast that Western Digital Corporation will post $12.54 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.40%. The ex-dividend date is Thursday, September 28th. Western Digital Corporation’s payout ratio is 156.25%.

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Several brokerages recently issued reports on WDC. Cowen and Company lifted their price target on shares of Western Digital Corporation from $90.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, April 28th. BidaskClub lowered shares of Western Digital Corporation from a “hold” rating to a “sell” rating in a report on Saturday, August 12th. Susquehanna Bancshares Inc reaffirmed a “positive” rating and set a $140.00 price target on shares of Western Digital Corporation in a report on Wednesday, May 17th. Jefferies Group LLC reaffirmed a “hold” rating and set a $90.00 price target on shares of Western Digital Corporation in a report on Wednesday, June 28th. Finally, Bank of America Corporation raised shares of Western Digital Corporation from a “neutral” rating to a “buy” rating in a report on Friday, April 28th. Eight research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the company. Western Digital Corporation presently has a consensus rating of “Buy” and a consensus target price of $104.66.

In related news, CFO Mark P. Long sold 17,028 shares of Western Digital Corporation stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $93.84, for a total transaction of $1,597,907.52. Following the completion of the transaction, the chief financial officer now directly owns 53,551 shares in the company, valued at $5,025,225.84. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Jacqueline Demaria sold 14,358 shares of Western Digital Corporation stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $84.53, for a total value of $1,213,681.74. Following the transaction, the executive vice president now owns 75,772 shares of the company’s stock, valued at $6,405,007.16. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 123,644 shares of company stock valued at $10,946,300. Company insiders own 0.46% of the company’s stock.

About Western Digital Corporation

Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).

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

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