Korea Investment CORP Sells 350,871 Shares of Western Digital Co. (NASDAQ:WDC)

Korea Investment CORP reduced its position in shares of Western Digital Co. (NASDAQ:WDC - Free Report) by 59.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 243,676 shares of the data storage provider's stock after selling 350,871 shares during the quarter. Korea Investment CORP owned about 0.07% of Western Digital worth $14,530,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. D.A. Davidson & CO. raised its position in shares of Western Digital by 19.1% in the 3rd quarter. D.A. Davidson & CO. now owns 6,235 shares of the data storage provider's stock valued at $426,000 after acquiring an additional 1,000 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Western Digital by 0.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 95,385 shares of the data storage provider's stock worth $6,514,000 after purchasing an additional 840 shares in the last quarter. Public Sector Pension Investment Board raised its holdings in Western Digital by 12.7% during the 3rd quarter. Public Sector Pension Investment Board now owns 14,210 shares of the data storage provider's stock worth $970,000 after buying an additional 1,600 shares during the period. Captrust Financial Advisors boosted its holdings in shares of Western Digital by 21.8% in the third quarter. Captrust Financial Advisors now owns 11,177 shares of the data storage provider's stock valued at $763,000 after buying an additional 1,998 shares during the period. Finally, Circle Wealth Management LLC bought a new stake in shares of Western Digital during the third quarter worth $734,000. Institutional investors own 92.51% of the company's stock.

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Western Digital Trading Up 1.1 %

Shares of Western Digital stock traded up $0.46 during midday trading on Tuesday, reaching $40.89. The company had a trading volume of 5,291,325 shares, compared to its average volume of 6,085,185. The firm has a market cap of $14.22 billion, a PE ratio of 9.74 and a beta of 1.42. Western Digital Co. has a fifty-two week low of $39.10 and a fifty-two week 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 stock has a fifty day moving average price of $54.67 and a 200 day moving average price of $62.08.

Western Digital (NASDAQ:WDC - Get Free Report) last announced 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, equities analysts anticipate that Western Digital Co. will post 4.89 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently issued reports on WDC shares. Citigroup lifted their target price on Western Digital from $60.45 to $64.00 and gave the company a "buy" rating in a research report on Tuesday, February 25th. StockNews.com cut Western Digital from a "buy" rating to a "hold" rating in a research note on Monday, March 24th. Bank of America lowered their target price on shares of Western Digital from $89.00 to $80.00 and set a "buy" rating on the stock in a report on Thursday, January 16th. UBS Group cut their price target on shares of 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, Barclays cut their price objective on Western Digital from $90.00 to $80.00 and set an "overweight" rating for the company in a research report on Friday, January 17th. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat, Western Digital currently has a consensus rating of "Moderate Buy" and a consensus price target of $80.21.

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 shares were sold at an average price of $41.36, for a total value of $68,616.24. Following 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.30% of the company's stock.

Western Digital Company 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.