Polymer Capital Management US LLC Purchases New Position in Western Digital Co. (NASDAQ:WDC)

Polymer Capital Management US LLC acquired a new stake in Western Digital Co. (NASDAQ:WDC - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 95,777 shares of the data storage provider's stock, valued at approximately $5,711,000. Western Digital makes up 1.5% of Polymer Capital Management US LLC's portfolio, making the stock its 12th largest position.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Western Digital by 3.5% during the 4th quarter. Vanguard Group Inc. now owns 42,459,767 shares of the data storage provider's stock valued at $2,531,876,000 after acquiring an additional 1,439,149 shares during the last quarter. State Street Corp raised its stake in Western Digital by 3.2% during the third quarter. State Street Corp now owns 13,572,686 shares of the data storage provider's stock valued at $926,879,000 after purchasing an additional 423,651 shares in the last quarter. Geode Capital Management LLC lifted its position in Western Digital by 10.4% during the fourth quarter. Geode Capital Management LLC now owns 8,745,264 shares of the data storage provider's stock valued at $520,450,000 after purchasing an additional 823,656 shares during the last quarter. Norges Bank bought a new stake in shares of Western Digital in the 4th quarter worth about $352,572,000. Finally, Parnassus Investments LLC raised its position in shares of Western Digital by 24.5% during the 4th quarter. Parnassus Investments LLC now owns 2,980,047 shares of the data storage provider's stock valued at $177,700,000 after buying an additional 586,924 shares in the last quarter. Institutional investors own 92.51% of the company's stock.

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Insiders Place Their Bets

In other Western Digital news, SVP Gene M. Zamiska sold 1,659 shares of Western Digital stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $41.36, for a total transaction of $68,616.24. Following the completion of the sale, the senior vice president now owns 43,776 shares of the company's stock, valued at approximately $1,810,575.36. The trade was a 3.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.30% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on WDC shares. Wedbush reissued an "outperform" rating and set a $95.00 target price on shares of Western Digital in a research report on Monday, February 10th. Citigroup boosted their price objective on shares of Western Digital from $60.45 to $64.00 and gave the company a "buy" rating in a research report on Tuesday, February 25th. Morgan Stanley lowered their target price on shares of Western Digital from $100.00 to $93.00 and set an "overweight" rating for the company in a report on Thursday, December 19th. Benchmark upgraded shares of Western Digital from a "hold" rating to a "buy" rating and set a $55.00 price target on the stock in a report on Thursday. Finally, Susquehanna reduced their price objective on shares of Western Digital from $72.00 to $40.00 and set a "neutral" rating on the stock in a research report on Friday. Six equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, Western Digital has an average rating of "Moderate Buy" and an average target price of $77.00.

Western Digital Stock Down 1.3 %

WDC stock traded down $0.47 during trading on Friday, reaching $34.40. 8,653,199 shares of the company traded hands, compared to its average volume of 6,325,228. The business has a 50 day simple moving average of $48.44 and a 200 day simple moving average of $59.94. Western Digital Co. has a 12 month low of $28.83 and a 12 month high of $81.55. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.26 and a current ratio of 1.99. The company has a market capitalization of $11.97 billion, a price-to-earnings ratio of 8.19 and a beta of 1.39.

Western Digital (NASDAQ:WDC - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share for the quarter, missing analysts' consensus estimates of $1.91 by ($0.36). Western Digital had a net margin of 9.95% and a return on equity of 15.68%. On average, equities research analysts anticipate that Western Digital Co. will post 4.89 earnings per share for the current fiscal year.

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.