Greenland Capital Management LP Makes New Investment in Western Digital Co. (NASDAQ:WDC)

Greenland Capital Management LP bought a new stake in Western Digital Co. (NASDAQ:WDC - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 95,162 shares of the data storage provider's stock, valued at approximately $5,675,000.

A number of other large investors also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Western Digital by 32.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 45,131 shares of the data storage provider's stock valued at $2,691,000 after purchasing an additional 11,013 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in Western Digital by 6.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 841,700 shares of the data storage provider's stock valued at $50,191,000 after buying an additional 50,188 shares during the period. Principal Financial Group Inc. grew its position in Western Digital by 4.0% during the fourth quarter. Principal Financial Group Inc. now owns 390,826 shares of the data storage provider's stock valued at $23,305,000 after buying an additional 15,189 shares during the period. Ieq Capital LLC increased its holdings in Western Digital by 83.9% during the fourth quarter. Ieq Capital LLC now owns 31,634 shares of the data storage provider's stock worth $1,886,000 after buying an additional 14,432 shares during the last quarter. Finally, Handelsbanken Fonder AB raised its position in Western Digital by 53.3% in the fourth quarter. Handelsbanken Fonder AB now owns 99,444 shares of the data storage provider's stock worth $5,930,000 after acquiring an additional 34,579 shares during the period. 92.51% of the stock is owned by institutional investors.

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Western Digital Price Performance

NASDAQ WDC traded down $0.47 during trading hours on Friday, reaching $34.40. 8,653,199 shares of the stock traded hands, compared to its average volume of 6,329,214. The stock has a 50 day simple moving average of $48.44 and a two-hundred day simple moving average of $59.87. Western Digital Co. has a 1 year low of $28.83 and a 1 year high of $81.55. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.99 and a quick ratio of 1.26. The company has a market cap 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 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 return on equity of 15.68% and a net margin of 9.95%. On average, analysts predict that Western Digital Co. will post 4.89 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Gene M. Zamiska sold 1,659 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $41.36, for a total transaction of $68,616.24. Following the transaction, the senior vice president now directly owns 43,776 shares in the company, valued at $1,810,575.36. This trade represents a 3.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on WDC shares. Benchmark upgraded shares of Western Digital from a "hold" rating to a "buy" rating and set a $55.00 price target for the company in a research note on Thursday. Rosenblatt Securities decreased their target price on Western Digital from $115.00 to $95.00 and set a "buy" rating for the company in a research report on Wednesday, January 29th. Robert W. Baird lowered their target price on Western Digital from $100.00 to $80.00 and set an "outperform" rating on the stock in a research note on Thursday, January 30th. UBS Group cut their price target on Western Digital from $74.00 to $50.00 and set a "neutral" rating for the company in a research note on Monday, March 17th. Finally, Susquehanna lowered their price objective on Western Digital from $72.00 to $40.00 and set a "neutral" rating on the stock in a research note on Friday. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $77.00.

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.