Fifth Third Bancorp Has $538,000 Position in Western Digital Corp (WDC)

Fifth Third Bancorp reduced its stake in Western Digital Corp (NASDAQ:WDC) by 4.3% during the first quarter, Holdings Channel reports. The firm owned 6,514 shares of the data storage provider’s stock after selling 291 shares during the period. Fifth Third Bancorp’s holdings in Western Digital Corp were worth $538,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Chicago Equity Partners LLC boosted its position in shares of Western Digital Corp by 0.7% in the first quarter. Chicago Equity Partners LLC now owns 13,615 shares of the data storage provider’s stock valued at $1,124,000 after buying an additional 95 shares during the period. Strs Ohio boosted its position in shares of Western Digital Corp by 1.1% in the first quarter. Strs Ohio now owns 9,902 shares of the data storage provider’s stock valued at $817,000 after buying an additional 103 shares during the period. Honkamp Krueger Financial Services Inc. boosted its position in shares of Western Digital Corp by 3.0% in the first quarter. Honkamp Krueger Financial Services Inc. now owns 4,546 shares of the data storage provider’s stock valued at $375,000 after buying an additional 132 shares during the period. Wrapmanager Inc. boosted its position in shares of Western Digital Corp by 1.3% in the first quarter. Wrapmanager Inc. now owns 12,665 shares of the data storage provider’s stock valued at $1,045,000 after buying an additional 161 shares during the period. Finally, Greenwich Wealth Management LLC boosted its position in shares of Western Digital Corp by 0.6% in the first quarter. Greenwich Wealth Management LLC now owns 44,547 shares of the data storage provider’s stock valued at $3,676,000 after buying an additional 247 shares during the period. 83.10% of the stock is owned by hedge funds and other institutional investors.

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

Shares of Western Digital Corp (NASDAQ:WDC) traded down 0.34% during mid-day trading on Thursday, reaching $90.72. The company had a trading volume of 677,066 shares. Western Digital Corp has a 52-week low of $41.64 and a 52-week high of $92.50. The company’s market cap is $26.42 billion. The firm’s 50-day moving average price is $88.90 and its 200 day moving average price is $79.46.

Western Digital Corp (NASDAQ:WDC) last released its earnings results on Thursday, April 27th. The data storage provider reported $2.07 EPS for the quarter, topping the consensus estimate of $1.85 by $0.22. Western Digital Corp had a return on equity of 9.14% and a net margin of 5.33%. The business had revenue of $4.65 billion during the quarter, compared to analysts’ expectations of $4.57 billion. During the same quarter last year, the firm posted $1.21 earnings per share. The firm’s revenue was up 64.7% on a year-over-year basis. Equities analysts expect that Western Digital Corp will post $8.89 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 17th. Investors of record on Friday, June 30th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $2.00 annualized dividend and a yield of 2.20%. Western Digital Corp’s dividend payout ratio is currently -202.02%.

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Several brokerages recently commented on WDC. Vetr cut Western Digital Corp from a “hold” rating to a “sell” rating and set a $80.38 target price for the company. in a research report on Monday, April 10th. BMO Capital Markets reaffirmed a “buy” rating and issued a $104.00 target price on shares of Western Digital Corp in a research report on Thursday, April 27th. Susquehanna Bancshares Inc reaffirmed a “positive” rating and issued a $140.00 target price on shares of Western Digital Corp in a research report on Wednesday, May 17th. Guggenheim reaffirmed a “buy” rating and issued a $125.00 target price on shares of Western Digital Corp in a research report on Wednesday, June 14th. Finally, Maxim Group reaffirmed a “buy” rating and issued a $108.00 target price on shares of Western Digital Corp in a research report on Wednesday. Six equities research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $99.37.

In related news, EVP Manish H. Bhatia sold 7,208 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $84.99, for a total transaction of $612,607.92. Following the completion of the sale, the executive vice president now owns 66,922 shares of the company’s stock, valued at $5,687,700.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael D. Cordano sold 11,322 shares of the firm’s stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $85.00, for a total value of $962,370.00. The disclosure for this sale can be found here. Insiders have sold 187,826 shares of company stock valued at $16,390,713 in the last ninety days. 0.46% of the stock is currently owned by insiders.

Western Digital Corp Company Profile

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).

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