Regent Investment Management LLC reduced its stake in Western Digital Corp (NASDAQ:WDC) by 13.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,990 shares of the data storage provider’s stock after selling 4,465 shares during the period. Regent Investment Management LLC’s holdings in Western Digital were worth $1,109,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. increased its holdings in Western Digital by 22.3% in the third quarter. BlackRock Inc. now owns 25,731,691 shares of the data storage provider’s stock valued at $1,506,333,000 after buying an additional 4,690,847 shares during the last quarter. Clearbridge Investments LLC increased its holdings in Western Digital by 13.2% in the third quarter. Clearbridge Investments LLC now owns 8,932,221 shares of the data storage provider’s stock valued at $522,892,000 after buying an additional 1,041,135 shares during the last quarter. Neuberger Berman Group LLC increased its holdings in Western Digital by 12.2% in the third quarter. Neuberger Berman Group LLC now owns 4,075,231 shares of the data storage provider’s stock valued at $238,564,000 after buying an additional 442,323 shares during the last quarter. Lyrical Asset Management LP increased its holdings in Western Digital by 7.6% in the third quarter. Lyrical Asset Management LP now owns 3,974,958 shares of the data storage provider’s stock valued at $232,694,000 after buying an additional 280,704 shares during the last quarter. Finally, Franklin Resources Inc. increased its holdings in Western Digital by 3,492.6% in the third quarter. Franklin Resources Inc. now owns 3,858,781 shares of the data storage provider’s stock valued at $225,893,000 after buying an additional 3,751,373 shares during the last quarter. Institutional investors and hedge funds own 84.22% of the company’s stock.

In other news, Director Matthew E. Massengill sold 1,681 shares of Western Digital stock in a transaction that occurred on Monday, November 5th. The shares were 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 in the company, valued at approximately $850,992.64. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.36% of the stock is currently owned by company insiders.

NASDAQ:WDC traded down $1.43 during mid-day trading on Tuesday, reaching $37.77. The stock had a trading volume of 58,465 shares, compared to its average volume of 6,259,505. 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 company has a market cap of $11.35 billion, a P/E ratio of 2.79, a PEG ratio of 0.35 and a beta of 1.22. Western Digital Corp has a twelve month low of $33.83 and a twelve month 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 EPS for the quarter, beating the Zacks’ consensus estimate of $2.70 by $0.08. The firm had revenue of $5.03 billion during the quarter, compared to the consensus estimate of $5.14 billion. Western Digital had a net margin of 2.46% and a return on equity of 35.37%. Analysts expect that Western Digital Corp will post 5.94 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 14th. Investors of record on Friday, December 28th were given a $0.50 dividend. The ex-dividend date of this dividend was Thursday, December 27th. This represents a $2.00 dividend on an annualized basis and a yield of 5.30%. Western Digital’s payout ratio is currently 14.80%.

Several equities analysts recently commented on WDC shares. Mizuho lowered Western Digital from a “buy” rating to a “neutral” rating in a report on Monday, October 1st. TheStreet lowered Western Digital from a “b-” rating to a “c+” rating in a report on Friday, October 12th. BidaskClub raised Western Digital from a “strong sell” rating to a “sell” rating in a report on Saturday, November 3rd. Deutsche Bank initiated coverage on Western Digital in a report on Thursday, December 13th. They set a “hold” rating on the stock. Finally, Wells Fargo & Co dropped their price objective on Western Digital from $115.00 to $75.00 and set an “outperform” rating on the stock in a report on Friday, October 26th. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and twelve have given a buy rating to the stock. Western Digital presently has a consensus rating of “Hold” and a consensus price target of $75.92.

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Western Digital Company Profile

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.

Further Reading: Hedge Funds

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

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