Intrepid Capital Management Inc. Boosts Stake in Western Digital Corp (NASDAQ:WDC)

Intrepid Capital Management Inc. raised its holdings in shares of Western Digital Corp (NASDAQ:WDC) by 294.2% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 26,067 shares of the data storage provider’s stock after acquiring an additional 19,455 shares during the period. Intrepid Capital Management Inc.’s holdings in Western Digital were worth $1,239,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Oregon Public Employees Retirement Fund boosted its holdings in shares of Western Digital by 6.4% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 244,115 shares of the data storage provider’s stock worth $11,608,000 after purchasing an additional 14,760 shares in the last quarter. Barnett & Company Inc. lifted its stake in shares of Western Digital by 269.7% in the 2nd quarter. Barnett & Company Inc. now owns 23,933 shares of the data storage provider’s stock valued at $1,138,000 after acquiring an additional 17,460 shares during the last quarter. Intrust Bank NA bought a new stake in shares of Western Digital in the 1st quarter valued at about $247,000. Norinchukin Bank The lifted its stake in shares of Western Digital by 3.9% in the 1st quarter. Norinchukin Bank The now owns 57,853 shares of the data storage provider’s stock valued at $2,780,000 after acquiring an additional 2,192 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its stake in shares of Western Digital by 51.4% in the 2nd quarter. State of Alaska Department of Revenue now owns 71,007 shares of the data storage provider’s stock valued at $3,375,000 after acquiring an additional 24,122 shares during the last quarter. Institutional investors and hedge funds own 86.66% of the company’s stock.

Shares of NASDAQ:WDC opened at $64.58 on Friday. Western Digital Corp has a 52-week low of $33.83 and a 52-week high of $65.16. The firm has a market capitalization of $18.43 billion, a P/E ratio of 16.95, a P/E/G ratio of 17.17 and a beta of 1.85. The stock has a 50 day moving average price of $56.37 and a 200-day moving average price of $49.50. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.36 and a current ratio of 2.22.

Western Digital (NASDAQ:WDC) last announced its earnings results on Wednesday, July 31st. The data storage provider reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.22. Western Digital had a positive return on equity of 10.73% and a negative net margin of 4.55%. The firm had revenue of $3.63 billion during the quarter, compared to analyst estimates of $3.67 billion. During the same quarter in the prior year, the company earned $3.61 EPS. The business’s revenue was down 29.0% compared to the same quarter last year. On average, equities analysts forecast that Western Digital Corp will post 1.81 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 22nd. Investors of record on Friday, October 4th will be paid a $0.50 dividend. The ex-dividend date is Thursday, October 3rd. This represents a $2.00 annualized dividend and a dividend yield of 3.10%. Western Digital’s payout ratio is currently 52.49%.

In related news, EVP Lori S. Sundberg sold 3,442 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $56.82, for a total value of $195,574.44. Following the sale, the executive vice president now owns 29,312 shares in the company, valued at approximately $1,665,507.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Charles Ray sold 87,053 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $59.96, for a total value of $5,219,697.88. Following the completion of the sale, the executive vice president now owns 112,480 shares in the company, valued at approximately $6,744,300.80. The disclosure for this sale can be found here. Corporate insiders own 0.36% of the company’s stock.

WDC has been the subject of a number of recent research reports. Loop Capital boosted their target price on Western Digital to $50.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. They noted that the move was a valuation call. Craig Hallum boosted their target price on Western Digital from $64.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Deutsche Bank upped their price target on Western Digital from $55.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Benchmark upped their price target on Western Digital from $40.00 to $46.00 and gave the company a “sell” rating in a research report on Friday, September 6th. Finally, UBS Group set a $63.00 price target on Western Digital and gave the company a “hold” rating in a research report on Tuesday. Four analysts have rated the stock with a sell rating, thirteen have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $61.83.

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.

See Also: Hedge Funds – Risk or Reward?

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

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