Mitsubishi UFJ Asset Management Co. Ltd. Purchases 67,049 Shares of Western Digital Co. (NASDAQ:WDC)

Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Western Digital Co. (NASDAQ:WDC - Free Report) by 14.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 543,701 shares of the data storage provider's stock after buying an additional 67,049 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.16% of Western Digital worth $34,835,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of WDC. Advisors Asset Management Inc. raised its stake in Western Digital by 32.0% during the third quarter. Advisors Asset Management Inc. now owns 1,418 shares of the data storage provider's stock valued at $97,000 after buying an additional 344 shares during the last quarter. D.A. Davidson & CO. grew its position in shares of Western Digital by 19.1% during the third quarter. D.A. Davidson & CO. now owns 6,235 shares of the data storage provider's stock valued at $426,000 after purchasing an additional 1,000 shares in the last quarter. Brooklyn Investment Group bought a new stake in Western Digital in the 3rd quarter worth approximately $45,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Western Digital by 0.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 95,385 shares of the data storage provider's stock worth $6,514,000 after buying an additional 840 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Western Digital by 24.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,711,428 shares of the data storage provider's stock worth $253,453,000 after acquiring an additional 732,344 shares during the last quarter. Hedge funds and other institutional investors own 92.51% of the company's stock.

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Western Digital Stock Performance

WDC traded up $0.46 on Tuesday, reaching $40.89. The company had a trading volume of 5,291,325 shares, compared to its average volume of 6,110,644. The company's fifty day moving average is $55.20 and its 200 day moving average is $62.25. The stock has a market cap of $14.22 billion, a P/E 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 quick ratio of 1.26 and a current ratio of 1.99.

Western Digital (NASDAQ:WDC - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share (EPS) for the quarter, missing the consensus estimate 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, analysts predict that Western Digital Co. will post 4.89 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Western Digital news, SVP Gene M. Zamiska sold 1,659 shares of the business'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 value of $68,616.24. Following the completion of the sale, the senior vice president now owns 43,776 shares in the company, 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 document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on WDC shares. Wells Fargo & Company cut their target price on shares of Western Digital from $85.00 to $75.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 25th. Susquehanna decreased their price objective on Western Digital from $83.00 to $72.00 and set a "neutral" rating on the stock in a report on Thursday, January 30th. Morgan Stanley reduced their price target on Western Digital from $100.00 to $93.00 and set an "overweight" rating on the stock in a research report on Thursday, December 19th. Mizuho lowered their price objective on shares of Western Digital from $90.00 to $82.00 and set an "outperform" rating on the stock in a research report on Friday, January 3rd. Finally, Wedbush reiterated an "outperform" rating and set a $95.00 price target on shares of Western Digital in a research report on Monday, February 10th. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $80.21.

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.