T. Rowe Price Associates, Inc. recently announced the acquisition of new stake in Western Digital Corp. (NASDAQ:WDC). The institutional investor has increased its shareholding in the Technology company by 8.30% to 25.54 million shares with purchase of 1.96 million shares. This fresh investment now brings its stake to 7.88% valued currently at $1.34 billion. In addition, Nomura Securities Co., Ltd. raised its holdings by 0.87 million to 13.36 million shares. And Geode Capital Management LLC has lifted its position by 1.76% or 0.12 million shares – to 7.17 million shares.
Currently, there are 322.00M common shares owned by the public and among those 319.65M shares have been available to trade.
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Insiders at the company have transacted a total of 68 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 21 of these insider trades were purchases, accounting for 496,061 shares. Insider sales of the common stock occurred on 47 occasions, with total insider shares sold totaling 551,373 shares.
The top 3 mutual fund holders in Western Digital Corp. are Vanguard Total Stock Market ETF, T Rowe Price Mid Cap Value Fund, and Vanguard 500 Index Fund. Vanguard Total Stock Market ETF owns 10.23 million shares of the company’s stock, all valued at over $535.68 million. The company bought an additional 0.13 million shares recently to bring their total holdings to about 3.16% of the shares outstanding. T Rowe Price Mid Cap Value Fund sold 21803.0 shares to see its total holdings shrink to 8.34 million shares valued at over $436.92 million and representing 2.57% of the shares outstanding. Vanguard 500 Index Fund bought 0.12 million shares to bring its total holdings to over 7.92 million shares at a value of $414.6 million. Vanguard 500 Index Fund now owns shares totaling to 2.44% of the shares outstanding.
However, the script later moved the day high at 59.40, down -3.48%. The company’s stock has a 5-day price change of 6.32% and 38.05% over the past three months. WDC shares are trading 11.19% year to date (YTD), with the 12-month market performance up to 40.96% higher. It has a 12-month low price of $31.97 and touched a high of $60.55 over the same period. WDC has an average intraday trading volume of 6.56 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 10.32%, 16.15%, and 36.29% respectively.
Institutional ownership of Western Digital Corp. (NASDAQ: WDC) shares accounts for 87.04% of the company’s 322.00M shares outstanding. Mutual fund holders own 45.74%, while other institutional holders and individual stakeholders account for 5.61% and 41.91% respectively.
It has a market capitalization of $18.88B and a beta (3y monthly) value of 1.57. The earnings-per-share (ttm) stands at -$7.13. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.25% over the week and 2.31% over the month.
Analysts forecast that Western Digital Corp. (WDC) will achieve an EPS of -$0.42 for the current quarter, $0.22 for the next quarter and $4.55 for 2025. The lowest estimate earnings-per-share for the quarter is -$1.1 while analysts give the company a high EPS estimate of $0.35. Comparatively, EPS for the current quarter was -$1.37 a year ago. Earnings per share for the fiscal year are expected to increase by 46.03%, and 408.55% over the next financial year.
Looking at the support for the WDC, a number of firms have released research notes about the stock. TD Cowen stated their Outperform rating for the stock in a research note on January 26, 2024, with the firm’s price target at $50-$75.
