Western Digital Co. (NASDAQ:WDC) Stake Cut by Lmcg Investments LLC

Lmcg Investments LLC lessened its holdings in shares of Western Digital Co. (NASDAQ:WDC) by 2.8% during the 4th quarter, HoldingsChannel reports. The fund owned 9,440 shares of the data storage provider’s stock after selling 267 shares during the period. Lmcg Investments LLC’s holdings in Western Digital were worth $563,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in WDC. Federated Hermes Inc. acquired a new position in Western Digital in the 2nd quarter valued at approximately $95,000. Blair William & Co. IL increased its stake in shares of Western Digital by 7.7% in the second quarter. Blair William & Co. IL now owns 19,270 shares of the data storage provider’s stock worth $1,460,000 after acquiring an additional 1,375 shares during the last quarter. Intech Investment Management LLC raised its holdings in shares of Western Digital by 47.6% during the second quarter. Intech Investment Management LLC now owns 9,631 shares of the data storage provider’s stock worth $730,000 after acquiring an additional 3,104 shares in the last quarter. AE Wealth Management LLC boosted its position in Western Digital by 8.6% during the second quarter. AE Wealth Management LLC now owns 4,349 shares of the data storage provider’s stock valued at $330,000 after purchasing an additional 345 shares during the last quarter. Finally, Ensign Peak Advisors Inc grew its stake in Western Digital by 22.1% in the second quarter. Ensign Peak Advisors Inc now owns 136,742 shares of the data storage provider’s stock valued at $10,361,000 after purchasing an additional 24,740 shares in the last quarter. Institutional investors and hedge funds own 92.51% of the company’s stock.

Western Digital Price Performance

Shares of Western Digital stock opened at $67.43 on Wednesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.47 and a quick ratio of 0.91. The company has a market cap of $23.31 billion, a PE ratio of 39.66 and a beta of 1.43. The firm has a fifty day moving average price of $65.45 and a two-hundred day moving average price of $66.07. Western Digital Co. has a fifty-two week low of $52.77 and a fifty-two week high of $81.55.

Western Digital (NASDAQ:WDC) last released its earnings results on Thursday, October 24th. The data storage provider reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.55 by $0.23. The business had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.12 billion. Western Digital had a return on equity of 8.57% and a net margin of 4.81%. The firm’s revenue for the quarter was up 48.9% compared to the same quarter last year. During the same period last year, the business earned ($1.97) earnings per share. Analysts expect that Western Digital Co. will post 6.26 EPS for the current year.

Insider Activity

In other Western Digital news, EVP Robert Soderbery sold 30,767 shares of Western Digital stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $68.01, for a total transaction of $2,092,463.67. Following the sale, the executive vice president now directly owns 135,398 shares of the company’s stock, valued at approximately $9,208,417.98. The trade was a 18.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David Goeckeler sold 75,000 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $72.58, for a total value of $5,443,500.00. Following the completion of the transaction, the chief executive officer now directly owns 821,630 shares of the company’s stock, valued at approximately $59,633,905.40. The trade was a 8.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 109,107 shares of company stock worth $7,768,381. Company insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on WDC shares. Benchmark downgraded Western Digital from a “buy” rating to a “hold” rating and set a $70.00 price target for the company. in a research note on Thursday, December 19th. Morgan Stanley decreased their target price on shares of Western Digital from $100.00 to $93.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. The Goldman Sachs Group cut their price target on shares of Western Digital from $81.00 to $70.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $95.00 price objective on shares of Western Digital in a report on Friday, January 17th. Finally, BNP Paribas cut their target price on Western Digital from $95.00 to $90.00 in a report on Thursday, October 24th. Seven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $85.65.

Western Digital Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.