Alken Asset Management Ltd. Lowers stake in Western Digital Corp (WDC)

Western Digital Corp (WDC) : Alken Asset Management Ltd. reduced its stake in Western Digital Corp by 66.51% during the most recent quarter end. The investment management company now holds a total of 1,726,608 shares of Western Digital Corp which is valued at $61.2 Million after selling 3,429,186 shares in Western Digital Corp , the firm said in a disclosure report filed with the SEC on May 11, 2016.Western Digital Corp makes up approximately 6.10% of Alken Asset Management Ltd.’s portfolio.

Other Hedge Funds, Including , Pictet North America Advisors Sa boosted its stake in WDC in the latest quarter, The investment management firm added 14,661 additional shares and now holds a total of 28,019 shares of Western Digital Corp which is valued at $992,993. Western Digital Corp makes up approx 0.21% of Pictet North America Advisors Sa’s portfolio.Ayalon Holdings Ltd. reduced its stake in WDC by selling 2,550 shares or 44.35% in the most recent quarter. The Hedge Fund company now holds 3,200 shares of WDC which is valued at $119,264. Western Digital Corp makes up approx 0.10% of Ayalon Holdings Ltd.’s portfolio. Checchi Capital Advisers added WDC to its portfolio by purchasing 2,090 company shares during the most recent quarter which is valued at $77,894. Western Digital Corp makes up approx 0.02% of Checchi Capital Advisers’s portfolio.

Western Digital Corp opened for trading at $35.43 and hit $35.85 on the upside on Monday, eventually ending the session at $35.57, with a gain of 0.37% or 0.13 points. The heightened volatility saw the trading volume jump to 66,21,623 shares. Company has a market cap of $8,288 M.

On the company’s financial health, Western Digital Corp reported $1.21 EPS for the quarter, missing the analyst consensus estimate by $ -0.08 based on the information available during the earnings call on Apr 28, 2016. Analyst had a consensus of $1.29. The company had revenue of $2822.00 million for the quarter, compared to analysts expectations of $2879.53 million. The company’s revenue was down -20.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.87 EPS.

Investors should note that on May 4, 2016, Western Digital Corp announced a cash dividend of $0.5000. The company’s management has announced Jun 29, 2016 as the ex-dividend date and fixed the record date on Jul 1, 2016. The payable date has been fixed on Jul 15, 2016.

Many Wall Street Analysts have commented on Western Digital Corp. Shares were Reiterated by Mizuho on May 18, 2016 to “Neutral” and Lowered the Price Target to $ 40 from a previous price target of $47 .Western Digital Corp was Downgraded by BofA/Merrill to ” Underperform” on May 13, 2016. Shares were Downgraded by Robert W. Baird on Apr 29, 2016 to ” Neutral” and Lowered the Price Target to $ 50 from a previous price target of $55 .

Western Digital Corporation is a data storage solutions company. The Company is a developer manufacturer and provider of data storage solutions that enable consumers businesses governments and other organizations to create manage experience and preserve digital content. The Company’s Technology product includes: Hard Disk Drives and Solid-State Drives. Hard Disk Drives provide non-volatile data storage. Solid-State Drives are semiconductor and non-volatile media. The Company offers solutions including: Enterprise Storage Solutions Client Desktop and Notebook PCs Branded Product Solutions Consumer Electronics Solutions. The Company’s products are marketed under the HGST WD and G-Technology brand names.

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