Legal & General Group Plc trimmed its position in Western Digital Co. (NASDAQ:WDC - Free Report) by 26.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,507,008 shares of the data storage provider's stock after selling 885,775 shares during the quarter. Legal & General Group Plc owned 0.72% of Western Digital worth $149,493,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank bought a new position in Western Digital in the 4th quarter valued at $352,572,000. AMF Tjanstepension AB bought a new stake in shares of Western Digital during the 4th quarter valued at $94,181,000. Vanguard Group Inc. boosted its stake in shares of Western Digital by 3.5% in 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 purchasing an additional 1,439,149 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of 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 worth $520,450,000 after purchasing an additional 823,656 shares during the last quarter. Finally, Parnassus Investments LLC boosted its position in Western Digital by 24.5% during the fourth quarter. Parnassus Investments LLC now owns 2,980,047 shares of the data storage provider's stock valued at $177,700,000 after acquiring an additional 586,924 shares during the last quarter. Institutional investors own 92.51% of the company's stock.
Western Digital Price Performance
Shares of Western Digital stock traded up $0.31 on Tuesday, hitting $36.13. 1,572,770 shares of the company were exchanged, compared to its average volume of 9,290,174. The company has a 50-day moving average price of $47.86 and a 200 day moving average price of $59.63. The stock has a market capitalization of $12.57 billion, a price-to-earnings ratio of 8.60 and a beta of 1.39. The company has a quick ratio of 1.26, a current ratio of 1.99 and a debt-to-equity ratio of 0.60. Western Digital Co. has a 1-year low of $28.83 and a 1-year high of $61.16.
Western Digital (NASDAQ:WDC - Get Free Report) last announced 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%. As a group, sell-side analysts predict that Western Digital Co. will post 4.89 earnings per share for the current fiscal year.
Analyst Ratings Changes
Several equities analysts have weighed in on the company. Benchmark raised shares of Western Digital from a "hold" rating to a "buy" rating and set a $55.00 price objective on the stock in a report on Thursday, April 10th. Mizuho lowered their price objective on Western Digital from $82.00 to $68.00 and set an "outperform" rating on the stock in a research note on Thursday, April 10th. Citigroup dropped their price objective on Western Digital from $64.00 to $48.00 and set a "buy" rating on the stock in a report on Monday. UBS Group reduced 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 report on Monday, March 17th. Finally, Wedbush reissued an "outperform" rating and issued a $95.00 price target on shares of Western Digital in a research note on Monday, February 10th. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $76.16.
Get Our Latest Report on WDC
Insider Activity
In other news, SVP Gene M. Zamiska sold 1,659 shares of the business's stock in a transaction dated Friday, March 7th. The shares were 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. 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 available through this link. Company insiders own 0.30% of the company's stock.
About Western Digital
(
Free Report)
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.
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