NINE MASTS CAPITAL Ltd Invests $205,000 in Western Digital Corp (WDC) Stock

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NINE MASTS CAPITAL Ltd acquired a new position in shares of Western Digital Corp (NASDAQ:WDC) in the third quarter, HoldingsChannel reports. The firm acquired 3,500 shares of the data storage provider’s stock, valued at approximately $205,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. TD Asset Management Inc. grew its stake in shares of Western Digital by 0.8% in the second quarter. TD Asset Management Inc. now owns 101,239 shares of the data storage provider’s stock worth $7,837,000 after purchasing an additional 838 shares in the last quarter. Alps Advisors Inc. grew its stake in shares of Western Digital by 5.1% in the second quarter. Alps Advisors Inc. now owns 17,596 shares of the data storage provider’s stock worth $1,362,000 after purchasing an additional 861 shares in the last quarter. State Treasurer State of Michigan grew its stake in shares of Western Digital by 1.0% in the second quarter. State Treasurer State of Michigan now owns 88,549 shares of the data storage provider’s stock worth $6,855,000 after purchasing an additional 900 shares in the last quarter. Verition Fund Management LLC grew its stake in shares of Western Digital by 6.6% in the second quarter. Verition Fund Management LLC now owns 15,451 shares of the data storage provider’s stock worth $1,196,000 after purchasing an additional 957 shares in the last quarter. Finally, New Jersey Better Educational Savings Trust grew its stake in shares of Western Digital by 11.1% in the third quarter. New Jersey Better Educational Savings Trust now owns 10,000 shares of the data storage provider’s stock worth $585,000 after purchasing an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 83.64% of the company’s stock.

In other news, Director Matthew E. Massengill sold 1,681 shares of the company’s stock in a transaction on Monday, November 5th. The stock was sold at an average price of $47.68, for a total transaction of $80,150.08. Following the completion of the sale, the director now directly owns 17,848 shares of the company’s stock, valued at $850,992.64. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.36% of the company’s stock.

Several research analysts have recently issued reports on the company. Loop Capital cut Western Digital from a “buy” rating to a “hold” rating and decreased their price target for the stock from $80.00 to $42.00 in a research note on Monday, October 29th. Royal Bank of Canada cut Western Digital from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from $95.00 to $70.00 in a research note on Tuesday, September 11th. Benchmark reissued a “hold” rating on shares of Western Digital in a research note on Friday, October 26th. Longbow Research set a $100.00 price target on Western Digital and gave the stock a “buy” rating in a research note on Thursday, September 6th. Finally, Macquarie set a $50.00 price target on Western Digital and gave the stock a “hold” rating in a research note on Friday, October 26th. Four equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and thirteen have given a buy rating to the company’s stock. Western Digital currently has an average rating of “Hold” and an average target price of $79.80.

Shares of Western Digital stock opened at $42.03 on Friday. The company has a quick ratio of 1.70, a current ratio of 2.41 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $12.62 billion, a PE ratio of 3.31, a PEG ratio of 0.37 and a beta of 1.15. Western Digital Corp has a fifty-two week low of $40.58 and a fifty-two week high of $106.96.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, October 25th. The data storage provider reported $2.78 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.70 by $0.08. The business had revenue of $5.03 billion during the quarter, compared to analyst estimates of $5.14 billion. Western Digital had a return on equity of 35.37% and a net margin of 2.46%. Equities analysts anticipate that Western Digital Corp will post 6.19 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, January 14th. Stockholders of record on Friday, December 28th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.76%. The ex-dividend date of this dividend is Thursday, December 27th. Western Digital’s dividend payout ratio is 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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