Canal Capital Management Exits Position in Western Digital Corp (WDC)

Western Digital Corp (WDC) : Canal Capital Management has sold out all of its stake in Western Digital Corp during the most recent quarter, according to the disclosure filed by the company on Aug 8, 2016 with the SEC. The investment management company has sold out 16,603 shares of Western Digital Corp which is valued at $728,706.

Other Hedge Funds, Including , Assetmark Inc boosted its stake in WDC in the latest quarter, The investment management firm added 640 additional shares and now holds a total of 862 shares of Western Digital Corp which is valued at $37,833.Thompson Siegel Walmsley reduced its stake in WDC by selling 100,498 shares or 10.26% in the most recent quarter. The Hedge Fund company now holds 878,594 shares of WDC which is valued at $39,905,739. Western Digital Corp makes up approx 0.60% of Thompson Siegel Walmsley’s portfolio.Cable Hill Partners reduced its stake in WDC by selling 278 shares or 56.97% in the most recent quarter. The Hedge Fund company now holds 210 shares of WDC which is valued at $9,538. Western Digital Corp makes up approx 0.01% of Cable Hill Partners’s portfolio.Proficio Capital Partners reduced its stake in WDC by selling 7 shares or 14.58% in the most recent quarter. The Hedge Fund company now holds 41 shares of WDC which is valued at $1,948. Burt Wealth Advisors sold out all of its stake in WDC during the most recent quarter. The investment firm sold 4 shares of WDC which is valued $210.

Western Digital Corp opened for trading at $44.47 and hit $46.25 on the upside on Monday, eventually ending the session at $45.84, with a gain of 3.45% or 1.53 points. The heightened volatility saw the trading volume jump to 43,34,239 shares. Company has a market cap of $10,681 M.

On the company’s financial health, Western Digital Corp reported $0.79 EPS for the quarter, beating the analyst consensus estimate by $ 0.08 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.71. The company had revenue of $3495.00 million for the quarter, compared to analysts expectations of $3446.23 million. The company’s revenue was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.51 EPS.

Investors should note that on Aug 3, 2016, Western Digital Corp announced a cash dividend of $0.5000. The company’s management has announced Sep 28, 2016 as the ex-dividend date and fixed the record date on Sep 30, 2016. The payable date has been fixed on Oct 17, 2016.

Many Wall Street Analysts have commented on Western Digital Corp. Shares were Downgraded by Goldman on Aug 3, 2016 to ” Sell” and Lowered the Price Target to $ 38 from a previous price target of $47 .Company shares were Upgraded by Robert W. Baird on Jul 29, 2016 to ” Outperform”, Firm has raised the Price Target to $ 65 from a previous price target of $50 .Company shares were Reiterated by Cowen on Jul 29, 2016 to “Outperform”, Firm has raised the Price Target to $ 55 from a previous price target of $50 .

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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